<SEC-DOCUMENT>0000894189-20-009205.txt : 20210113
<SEC-HEADER>0000894189-20-009205.hdr.sgml : 20210113

<ACCEPTANCE-DATETIME>20201123170501

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0000894189-20-009205

CONFORMED SUBMISSION TYPE:	N-2/A

PUBLIC DOCUMENT COUNT:		20

FILED AS OF DATE:		20201123

DATE AS OF CHANGE:		20201214


FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			HIGH INCOME SECURITIES FUND

		CENTRAL INDEX KEY:			0000810943

		IRS NUMBER:				046562068

		STATE OF INCORPORATION:			MA

		FISCAL YEAR END:			0831



	FILING VALUES:

		FORM TYPE:		N-2/A

		SEC ACT:		1933 Act

		SEC FILE NUMBER:	333-248509

		FILM NUMBER:		201338728



	BUSINESS ADDRESS:	

		STREET 1:		ONE POST OFFICE SQ

		STREET 2:		MAILSTOP A 14

		CITY:			BOSTON

		STATE:			MA

		ZIP:			02109

		BUSINESS PHONE:		414-765-6318



	MAIL ADDRESS:	

		STREET 1:		US BANCORP FUND SERVICES LLC

		STREET 2:		615 EAST MICHIGAN STREET

		CITY:			MILWAUKEE

		STATE:			WI

		ZIP:			53202



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	PUTNAM HIGH INCOME SECURITIES FUND

		DATE OF NAME CHANGE:	20050930



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	PUTNAM HIGH INCOME BOND FUND

		DATE OF NAME CHANGE:	20030408



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	PUTNAM HIGH BOND FUND

		DATE OF NAME CHANGE:	20021107




FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			HIGH INCOME SECURITIES FUND

		CENTRAL INDEX KEY:			0000810943

		IRS NUMBER:				046562068

		STATE OF INCORPORATION:			MA

		FISCAL YEAR END:			0831



	FILING VALUES:

		FORM TYPE:		N-2/A

		SEC ACT:		1940 Act

		SEC FILE NUMBER:	811-05133

		FILM NUMBER:		201338729



	BUSINESS ADDRESS:	

		STREET 1:		ONE POST OFFICE SQ

		STREET 2:		MAILSTOP A 14

		CITY:			BOSTON

		STATE:			MA

		ZIP:			02109

		BUSINESS PHONE:		414-765-6318



	MAIL ADDRESS:	

		STREET 1:		US BANCORP FUND SERVICES LLC

		STREET 2:		615 EAST MICHIGAN STREET

		CITY:			MILWAUKEE

		STATE:			WI

		ZIP:			53202



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	PUTNAM HIGH INCOME SECURITIES FUND

		DATE OF NAME CHANGE:	20050930



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	PUTNAM HIGH INCOME BOND FUND

		DATE OF NAME CHANGE:	20030408



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	PUTNAM HIGH BOND FUND

		DATE OF NAME CHANGE:	20021107



<IS-FILER-A-NEW-REGISTRANT>N

<IS-FILER-A-WELL-KNOWN-SEASONED-ISSUER>N

<FILED-PURSUANT-TO-GENERAL-INSTRUCTION-A2>N

<IS-FUND-24F2-ELIGIBLE>N

</SEC-HEADER>

<DOCUMENT>
<TYPE>N-2/A
<SEQUENCE>1
<FILENAME>highinc-n2a.htm
<DESCRIPTION>AMENDED INITIAL REGISTRATION FOR CLOSED-END INVESTMENT COMPANIES
<TEXT>
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      <div style="text-align: center; color: #000000;">As filed with the Securities and Exchange Commission on November 23, 2020</div>
      <div><br>
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              <div style="text-align: right; margin-right: 4.5pt; color: #000000;">1933 Act File No.</div>
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              <div style="color: #000000;">333-248509</div>
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            <td style="width: 24.86%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
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              <div style="color: #000000;">&#160;</div>
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              <div style="text-align: right; margin-right: 4.5pt; color: #000000;">1940 Act File No.</div>
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              <div style="color: #000000;">811-05133</div>
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            <td style="width: 24.86%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
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            <td style="width: 24.38%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
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          <tr>
            <td style="width: 18.31%; vertical-align: top;">&#160;</td>
            <td style="width: 32.46%; vertical-align: middle;">&#160;</td>
            <td style="width: 24.86%; vertical-align: top;">&#160;</td>
            <td style="width: 24.38%; vertical-align: top;">&#160;</td>
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      <div style="text-align: center; color: #000000; font-weight: bold;">UNITED STATES</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">Washington, D.C. 20549</div>
      <div><br>
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      <div style="text-align: center; color: #000000; font-weight: bold;">FORM N-2</div>
      <div style="color: #000000; font-weight: bold;">Check appropriate box or boxes</div>
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          <tr>
            <td style="width: 15%; vertical-align: bottom;">
              <div style="color: #000000;">[X]</div>
            </td>
            <td style="width: 85%; vertical-align: bottom;">
              <div style="color: #000000;">REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</div>
            </td>
          </tr>
          <tr>
            <td style="width: 15%; vertical-align: middle;">
              <div style="color: #000000;">[ ]</div>
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            <td style="width: 85%; vertical-align: middle; border-bottom: 2px solid black;">
              <div style="text-indent: 45pt; color: #000000;">Pre-Effective Amendment No.&#160; &#160; &#160; 1</div>
            </td>
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            <td style="width: 15%; vertical-align: middle;">
              <div style="color: #000000;">[ ]</div>
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              <div style="text-indent: 45pt; color: #000000;">Post-Effective Amendment No. ___</div>
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          <tr>
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              <div style="text-align: center; color: #000000;">and/or</div>
            </td>
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          <tr>
            <td style="width: 15%; vertical-align: bottom;">
              <div style="color: #000000;">[X]</div>
            </td>
            <td style="width: 85%; vertical-align: bottom;">
              <div style="color: #000000;">REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940</div>
            </td>
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          <tr>
            <td style="width: 15%; vertical-align: middle;">
              <div style="color: #000000;">[ ]</div>
            </td>
            <td style="width: 85%; vertical-align: middle; border-bottom: 2px solid black;">
              <div style="text-indent: 45pt; color: #000000;">Amendment No.&#160; &#160; &#160; 1</div>
            </td>
          </tr>

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      <div style="text-align: center; color: #000000;">High Income Securities Fund
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      <div style="text-align: center; color: #000000;">Registrant Exact Name as Specified in Charter</div>
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      <div>&#160;</div>
      <div style="text-align: center; color: #000000;">615 East Michigan Street Milwaukee, WI 53202
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      <div style="text-align: center; color: #000000;">Address of Principal Executive Offices (Number, Street, City, State, Zip Code)</div>
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      <div><br>
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      <div style="text-align: center; color: #000000;">Registrant&#8217;s Telephone Number, including Area Code</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">High Income Securities Fund c/o US Bancorp Fund Services, LLC</div>
      <div style="text-align: center; color: #000000;">615 East Michigan Street Milwaukee, WI 53202
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      <div style="text-align: center; color: #000000;">Name and Address (Number, Street, City, State, Zip Code) of Agent for Service</div>
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      <div style="text-align: center; color: #000000; font-style: italic;">Copies of Communications to:</div>
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      <div style="text-align: center; color: #000000;">Thomas R. Westle, Esquire</div>
      <div style="text-align: center; color: #000000;">Blank Rome LLP</div>
      <div style="text-align: center; color: #000000;">1271 Avenue of the Americas</div>
      <div style="text-align: center; color: #000000;">New York, New York 10020
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      <div style="color: #000000;"><font style="font-weight: bold;">Approximate Date of Commencement of Proposed Public Offering: </font>As soon as practicable after the effective date of this Registration Statement</div>
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            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans.</div>
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      <div>&#160;</div>
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            <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">[&#160; ]</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">Check box if any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 (&#8220;Securities Act&#8221;), other than securities offered
                in connection with a dividend reinvestment plan.</div>
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      <div>&#160;</div>
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            <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">[&#160; ]</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto.</div>
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      <div>&#160;</div>
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            <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">[&#160; ]</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under
                the Securities Act.</div>
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      <div>&#160;</div>
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            <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">[&#160; ]</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule
                413(b) under the Securities Act.</div>
            </td>
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      <div><br>
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      <div style="color: #000000; font-weight: bold;">It is proposed that this filing will become effective (check appropriate box)</div>
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            <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">[X]</td>
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              <div style="color: #000000;">when declared effective pursuant to section 8(c) of the Securities Act</div>
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      <div style="color: #000000; font-weight: bold;">If appropriate, check the following box:</div>
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            <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">[&#160;&#160; ]</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">This [post-effective] amendment designates a new effective date for a previously filed [post-effective amendment] [registration statement].</div>
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      <div>&#160;</div>
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            <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">[&#160;&#160; ]</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration
                statement for the same offering is: __________.</div>
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      <div>&#160;</div>
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            <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">[&#160;&#160; ]</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same
                offering is: __________.</div>
            </td>
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      <div>&#160;</div>
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            <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">[&#160;&#160; ]</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same
                offering is: __________.</div>
            </td>
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      <div><br>
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      <div style="color: #000000; font-weight: bold;">Check each box that appropriately characterizes the Registrant:</div>
      <div>&#160;</div>
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            <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">[X]</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 (&#8220;Investment Company Act&#8221;)).</div>
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      <div>&#160;</div>
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            <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">[&#160;&#160; ]</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act).</div>
            </td>
          </tr>

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      <div>&#160;</div>
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          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">[&#160;&#160; ]</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act).</div>
            </td>
          </tr>

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      <div>&#160;</div>
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          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">[X]</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form).</div>
            </td>
          </tr>

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      <div>&#160;</div>
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            <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">[&#160;&#160; ]</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act).</div>
            </td>
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            <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">[&#160;&#160; ]</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 (&#8220;Exchange Act&#8221;)).</div>
            </td>
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      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z34dc3f8e8c044566a23bd4d6564620ad">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">[&#160;&#160; ]</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
                to Section 7(a)(2)(B) of Securities Act.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z12af80c5f52f442b9acafaf0e6105e21">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000;">[&#160;&#160; ]</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing).</div>
            </td>
          </tr>

      </table>
      <div>&#160;
        <hr noshade="noshade" align="left" style="height: 1.0pt; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;"></div>
      <div>&#160; <br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES ACT OF 1933</div>
      <div>&#160;</div>
      <div>&#160; <br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z9c3c730729e2485dbad8a1c8b54e5dc3">

          <tr>
            <td style="width: 20%; vertical-align: bottom; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">Title of Securities</div>
              <div style="text-align: center; color: #000000;">Being Registered</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">Amount Being</div>
              <div style="text-align: center; color: #000000;">Registered</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">Proposed Maximum</div>
              <div style="text-align: center; color: #000000;">Offering Price Per Unit</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">Proposed Maximum</div>
              <div style="text-align: center; color: #000000;">Aggregate Offering Price<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            </td>
            <td style="width: 20%; vertical-align: bottom; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">Amount of</div>
              <div style="text-align: center; color: #000000;">Registration Fee<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
            </td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: bottom; background-color: #D9D9D9; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">Common Shares of Beneficial Interest, without par value</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; background-color: #D9D9D9; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">&#160;5,565,006</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; background-color: #D9D9D9; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">$7.91</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; background-color: #D9D9D9; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">43,924,375</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; background-color: #D9D9D9; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">$5,703</div>
            </td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: bottom; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">&#160;Rights to purchase</div>
              <div style="text-align: center; color: #000000;">common shares<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
            </td>
            <td style="width: 20%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">5,565,006</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">&#160;&#8212;</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">&#160;&#8212;</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">&#160;&#8212;</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zfb6186c52db041e79846d14d7f92c452">

          <tr>
            <td style="width: 2.98%; vertical-align: top;">
              <div style="color: #000000;">(1)</div>
            </td>
            <td style="width: 97.02%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">Estimated solely for the purpose of calculating fee as required by Rule 457(o) under the Securities Act of 1933 based upon the closing price reported on the New York Stock Exchange
                consolidated reporting system of $8.33 on &#160;September 30, 2020.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2.98%; vertical-align: top;">
              <div style="color: #000000;">(2)</div>
            </td>
            <td style="width: 97.02%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">Evidencing the rights to subscribe for shares of beneficial interest of the Registrant being registered herewith. Pursuant to Rule 457(g) of the Securities Act of 1933, no separate
                registration fee is required for the rights because the rights are being registered on the same registration statement as the shares of beneficial interest of the Registrant underlying the rights.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2.98%; vertical-align: top;">
              <div style="color: #000000;">(3)</div>
            </td>
            <td style="width: 97.02%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">Includes $5,375 the Registrant previously paid in connection with the initial filing of this Registration Statement.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">&#160;Pursuant to Rule 473 under the Securities Act of 1933, as amended, the Registrant hereby amends the Registration Statement to delay its effective date until the Registrant shall
        file a further amendment that specifically states that the Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, or until the Registration Statement shall become effective on such
        date as the Commission, acting pursuant to Section 8(a), may determine.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: center; color: #000000; font-size: 18pt; font-weight: bold;">High Income Securities Fund</div>
      <div style="text-align: center; color: #000000;">[&#9679;] <font style="font-weight: bold;">Rights for </font>[&#9679;]<font style="font-weight: bold;"> Shares of Beneficial Interest</font>
        <hr noshade="noshade" align="left" style="height: 1.0pt; width: 100%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"></div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">High Income Securities Fund (the &#8220;Fund&#8221;) is issuing non-transferable rights (&#8220;Rights&#8221;) to its holders of record of shares of beneficial interest (&#8220;Shares&#8221;) (such holders hereinafter referred to as
        &#8220;Shareholders&#8221;), which Rights will allow Shareholders to subscribe for new Shares (the &#8220;Offering&#8221;). For each (1) Right a Shareholder receives, such Shareholder will be entitled to buy one (1) new Share. Each Shareholder will receive one Right for
        each Share it owns on [&#9679;], 2020 (the &#8220;Record Date&#8221;). Fractional Rights will not be issued and the number of Rights to be issued to a Shareholder on the Record Date (a &#8220;Rights Holder&#8221;) will be rounded up to the nearest whole number of Rights. Each
        Rights Holder may purchase Shares not acquired by other Rights Holders in this Rights Offering, subject to certain limitations discussed in this Prospectus. Additionally, if there are not enough unsubscribed Shares to honor all additional
        subscription requests, the Fund may, in its sole discretion, issue additional Shares up to 100% of the Shares available in the Offering to honor additional subscription requests. See &#8220;The Offering&#8221; below.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Rights are non-transferable and may not be purchased or sold. Rights will expire without residual value at the Expiration Date (defined below). The Shares to be issued pursuant to the Offering
        will be listed for trading on the NYSE, subject to the NYSE being officially notified of the issuance of those Shares. On September 30, 2020, the last reported net asset value (&#8220;NAV&#8221;) per Share was $8.62 and the last reported sales price per Share
        on the NYSE was $8.33, which represents a&#160;3.36% discount to the Fund&#8217;s NAV per Share. The subscription price per Share (the &#8220;Subscription Price&#8221;) will be 95% of the volume weighted average market price (&#8220;VWAP&#8221;) per Share for the three consecutive
        trading days ending on the trading day after the Expiration Date (defined below), provided, however that such amount shall not be less than 85% of NAV per Share as calculated at the close on the trading day after the Expiration Date.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">The Offering:</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcf631af1904a422c8b30cad2a7fd99a7">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt; color: #000000; font-weight: bold;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; color: #000000; font-weight: bold;">may substantially dilute the NAV of Shares owned by Shareholders who do not fully exercise their rights and purchase additional Shares;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za2f81b692a724d1695bbc010ae4d368d">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt; color: #000000; font-weight: bold;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; color: #000000; font-weight: bold;">may substantially dilute the voting power of Shareholders who do not fully exercise their Rights since they will own a smaller proportionate interest in the Fund upon
                  completion of the offering;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf13af61e467a420e9793eb24c912627a">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt; color: #000000; font-weight: bold;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; color: #000000; font-weight: bold;">may increase the discount at which the Shares trade to NAV if the Subscription Price is set at a time when Shares are trading at a discount to NAV; and</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z818bf4c5909d4c61b3ec0ed0c1352e03">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt; color: #000000;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; color: #000000; font-weight: bold;">may cause the discount below NAV at which the Fund&#8217;s shares are currently trading to increase, especially if Rights Holders exercising the Rights attempt to sell sizeable
                  numbers of Shares immediately after such issuance.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">RIGHTS HOLDERS WHO CHOOSE TO EXERCISE THEIR RIGHTS WILL NOT KNOW THE PRECISE SUBSCRIPTION PRICE PER SHARE AT THE TIME THEY EXERCISE SUCH RIGHTS BECAUSE THE OFFERING WILL EXPIRE
        (I.E., CLOSE) PRIOR TO THE AVAILABILITY OF THE FUND&#8217;S NAV AND, DEPENDING ON WHEN SUCH EXERCISE OCCURS, THE VWAP FOR THE THREE CONSECUTIVE TRADING DAYS ENDING ON THE TRADING DAY AFTER THE EXPIRATION DATE. ONCE A RIGHTS HOLDER EXERCISES RIGHTS TO
        PURCHASE SHARES AND THE FUND RECEIVES PAYMENT, SUCH RIGHTS HOLDER WILL NOT BE ABLE TO CHANGE HIS, HER OR ITS DECISION. THE OFFERING WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON [&#9679;], 2020 (THE &#8220;EXPIRATION DATE&#8221;), UNLESS EXTENDED, AS DISCUSSED IN
        THIS PROSPECTUS.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; color: #000000;">For information regarding delivery of Shares to Shareholders who exercise their Rights, see &#8220;The Offering &#8211; Delivery of the Shares&#8221; below.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Fund is an internally managed, diversified, closed-end management investment company. The Fund&#8217;s investment objective is to seek to provide high current income as a primary objective and capital
        appreciation as a secondary objective. There can be no assurance that the Fund&#8217;s investment objective will be achieved or that it will not be modified in the future.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Pursuant to its current distribution policy, the Fund makes monthly distributions at an annual rate of at least 10% per annum (or 0.8333% per month).&#160; As of the date of this prospectus, the Fund
        expects that a significant portion of its distributions for 2020 will be comprised of return of capital. See &#8220;Distribution Policy.&#8221;</div>
      <div><br>
      </div>
      <div style="color: #000000;">For more information, please call InvestorCom (the &#8220;Information Agent&#8221;) toll free at (877) 972-0090.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="color: #000000; font-weight: bold;">Investing in the Fund involves risks. See &#8220;Risk Factors&#8221; on page&#160;22 of this prospectus.</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zfcd15cbadc3b4eddb21c11243290e066">

          <tr>
            <td style="width: 54.93%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">&#160;</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">&#160;</div>
            </td>
            <td colspan="2" style="width: 13.13%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Estimated Subscription</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Price<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            </td>
            <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">&#160;</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">&#160;</div>
            </td>
            <td colspan="2" style="width: 12.91%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Estimated</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Sales Load</div>
            </td>
            <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">&#160;</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">&#160;</div>
            </td>
            <td colspan="2" style="width: 13.31%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Estimated Proceeds to</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">the Fund<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
            </td>
            <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.93%; vertical-align: top; background-color: #DCDCDC;">
              <div style="color: #000000;">Per Share</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: #DCDCDC;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.19%; vertical-align: bottom; background-color: #DCDCDC;">
              <div style="color: #000000;">$</div>
            </td>
            <td style="width: 11.94%; vertical-align: bottom; background-color: #DCDCDC;">
              <div style="text-align: right; color: #000000;">7.91</div>
            </td>
            <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: #DCDCDC;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: #DCDCDC;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: #DCDCDC;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 11.94%; vertical-align: bottom; background-color: #DCDCDC;">
              <div style="text-align: center; color: #000000;">None</div>
            </td>
            <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: #DCDCDC;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: #DCDCDC;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: bottom; background-color: #DCDCDC;">
              <div style="color: #000000;">$</div>
            </td>
            <td style="width: 12.14%; vertical-align: bottom; background-color: #DCDCDC;">
              <div style="text-align: right; color: #000000;">43,924,375</div>
            </td>
            <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #DCDCDC;">
              <div style="color: #000000;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 54.93%; vertical-align: top;">
              <div style="color: #000000;">Total</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.19%; vertical-align: bottom;">
              <div style="color: #000000;">$</div>
            </td>
            <td style="width: 11.94%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">7.91</div>
            </td>
            <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 11.94%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">None</div>
            </td>
            <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: bottom;">
              <div style="color: #000000;">$</div>
            </td>
            <td style="width: 12.14%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">43,924,375</div>
            </td>
            <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
          </tr>

      </table>
      <div style="color: #000000;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z72f3782cd0b44ad2b88ed0e1b0da5e20">

          <tr>
            <td style="width: 5.77%; vertical-align: top;">
              <div style="color: #000000;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            </td>
            <td style="width: 94.23%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">Because the Subscription Price will not be determined until after printing and distribution of this prospectus, the &#8220;Estimated Subscription Price&#8221; above is an estimate of the subscription
                price based on the Fund&#8217;s per-Share NAV and market price at the close of trading on September 30, 2020. See &#8220;The Offering - Subscription Price&#8221; and &#8220;The Offering - Payment for Shares.&#8221;</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
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          <tr>
            <td style="width: 5.77%; vertical-align: top;">
              <div style="color: #000000;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
            </td>
            <td style="width: 94.23%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">Proceeds to the Fund are estimated to be approximately $43,924,375 or approximately $7.91 per Share, if fully subscribed. Proceeds to the Fund are before deduction of fees and expenses
                incurred by the Fund in connection with the Offering, which are estimated to be approximately $117,303 or approximately $0.02 per Share, if fully subscribed. The calculation of the per Share amount does not take into account the
                Over-Subscription Shares (as defined below). Funds received prior to the final due date of this Offering will be deposited in a segregated account pending allocation and distribution of Shares. Interest, if any, on subscription monies will
                be paid to the Fund regardless of whether Shares are issued by the Fund; interest will not be used as credit toward the purchase of Shares.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">Neither the United States Securities and Exchange Commission nor any state securities commission has approved or disapproved these securities or determined if this prospectus is
        truthful or complete. Any representation to the contrary is a criminal offense.</div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">&#160;</div>
      <div style="text-align: center; color: #000000;">The date of this prospectus is [&#9679;], 2020.</div>
      <div><br>
      </div>
      <div style="color: #000000;">The Fund&#8217;s Shares are listed on the NYSE under the ticker symbol &#8220;PCF.&#8221;</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Fund is internally managed. In April 2019, the Board of Trustees determined to implement an investment strategy to invest, within the parameters of the Fund&#8217;s existing investment policies and
        restrictions, in securities that are likely to generate income.&#160; The Investment Committee of the Board is responsible for implementing the Fund&#8217;s investment strategy.</div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="color: #000000;">This prospectus sets forth concisely the information about the Fund that you should know before deciding whether to invest in the Fund and should be retained for future reference. A
          Statement of Additional Information, dated </font><font style="color: #000000;">[&#9679;]</font><font style="color: #000000;">, 2020 (the &#8220;Statement of Additional Information&#8221;), and other materials, containing additional information about the Fund,
          have been filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;). The Statement of Additional Information is incorporated by reference in its entirety into this prospectus, which means it is considered to be part of this prospectus. You
          may obtain a free copy of the Statement of Additional Information, the table of contents of which is on page&#160;40 of this prospectus, and other information filed with the SEC, or make any other shareholder inquiries, by calling toll free
          1-888-898-4107 or by visiting the Fund&#8217;s website at www.</font><font style="color: #000000;">highincomesecuritiesfund.com</font><font style="color: #000000;">. The Fund files annual and semi-annual shareholder reports, proxy statements and other
          information with the SEC. You can obtain this information or the Fund&#8217;s Statement of Additional Information or any information regarding the Fund filed with the SEC from the SEC&#8217;s website at </font>www.sec.gov<font style="color: #000000;">.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; color: #000000;">The Fund&#8217;s Shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal
        Deposit Insurance Corporation, the Federal Reserve Board or any governmental agency.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">You should rely only on the information contained or incorporated by reference in this prospectus. We have not authorized anyone to provide you with different information. The
        information contained in this prospectus is accurate only as of the date of this prospectus. The Fund will amend this prospectus if, during the period this prospectus is required to be delivered, there are any material changes to the facts stated
        in this prospectus subsequent to the date of this prospectus.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Fund&#8217;s shareholder reports will no longer be sent by mail, unless
        you specifically request paper copies of the reports from the Fund or from your financial intermediary (such as a broker-dealer or bank). Instead, the reports will be made available on a website, and you will be notified by mail each time a report
        is posted and provided with a website link to access the report.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other
        communications by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling the Fund&#8217;s Transfer Agent, U.S. Bancorp Fund Services, LLC, at 1-888-898-4107.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive
        paper copies of your shareholder reports&#894; if you invest directly with the Fund, you can call the Fund&#8217;s Transfer Agent, U.S. Bancorp Fund Services, LLC, at 1-888-898-4107. Your election to receive reports in paper form will apply to all funds held
        in your account with your financial intermediary.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">TABLE OF CONTENTS</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z23cac906724442258eb415cb920d7641">

          <tr>
            <td style="width: 90%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-weight: bold;">Page</div>
            </td>
          </tr>
          <tr>
            <td style="width: 90%; vertical-align: top; background-color: #DCDCDC;">
              <div style="color: #000000;">SUMMARY</div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; color: #000000;">1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 90%; vertical-align: top;">
              <div style="color: #000000;">SUMMARY OF FUND EXPENSES</div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">6</div>
            </td>
          </tr>
          <tr>
            <td style="width: 90%; vertical-align: top; background-color: #DCDCDC;">
              <div style="color: #000000;">THE FUND</div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; color: #000000;">7</div>
            </td>
          </tr>
          <tr>
            <td style="width: 90%; vertical-align: top;">
              <div style="color: #000000;">THE OFFERING</div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">7</div>
            </td>
          </tr>
          <tr>
            <td style="width: 90%; vertical-align: top; background-color: #DCDCDC;">
              <div style="color: #000000;">FINANCIAL HIGHLIGHTS</div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; color: #000000;">16</div>
            </td>
          </tr>
          <tr>
            <td style="width: 90%; vertical-align: top;">
              <div style="color: #000000;">USE OF PROCEEDS</div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">17</div>
            </td>
          </tr>
          <tr>
            <td style="width: 90%; vertical-align: top; background-color: #DCDCDC;">
              <div style="color: #000000;">INVESTMENT OBJECTIVE AND POLICIES</div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; color: #000000;">18</div>
            </td>
          </tr>
          <tr>
            <td style="width: 90%; vertical-align: top;">
              <div style="color: #000000;">RISK FACTORS</div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">22</div>
            </td>
          </tr>
          <tr>
            <td style="width: 90%; vertical-align: top; background-color: #DCDCDC;">
              <div style="color: #000000;">LISTING OF SHARES</div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; color: #000000;">29</div>
            </td>
          </tr>
          <tr>
            <td style="width: 90%; vertical-align: top;">
              <div style="color: #000000;">MANAGEMENT OF THE FUND</div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">29</div>
            </td>
          </tr>
          <tr>
            <td style="width: 90%; vertical-align: top; background-color: #DCDCDC;">
              <div style="color: #000000;">DETERMINATION OF NET ASSET VALUE</div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; color: #000000;">31</div>
            </td>
          </tr>
          <tr>
            <td style="width: 90%; vertical-align: top;">
              <div style="color: #000000;">DISTRIBUTION POLICY</div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">32</div>
            </td>
          </tr>
          <tr>
            <td style="width: 90%; vertical-align: top; background-color: #DCDCDC;">
              <div style="color: #000000;">CERTAIN ADDITIONAL MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; color: #000000;">32</div>
            </td>
          </tr>
          <tr>
            <td style="width: 90%; vertical-align: top;">
              <div style="color: #000000;">DESCRIPTION OF CAPITAL STRUCTURE</div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">37</div>
            </td>
          </tr>
          <tr>
            <td style="width: 90%; vertical-align: top; background-color: #DCDCDC;">
              <div style="color: #000000;">LEGAL MATTERS</div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; color: #000000;">39</div>
            </td>
          </tr>
          <tr>
            <td style="width: 90%; vertical-align: top;">
              <div style="color: #000000;">REPORTS TO STOCKHOLDERS</div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">39</div>
            </td>
          </tr>
          <tr>
            <td style="width: 90%; vertical-align: top; background-color: #DCDCDC;">
              <div style="color: #000000;">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; color: #000000;">39</div>
            </td>
          </tr>
          <tr>
            <td style="width: 90%; vertical-align: top;">
              <div style="color: #000000;">ADDITIONAL INFORMATION</div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">39</div>
            </td>
          </tr>
          <tr>
            <td style="width: 90%; vertical-align: top; background-color: #DCDCDC;">
              <div style="color: #000000;">TABLE OF CONTENTS OF THE STATEMENT OF ADDITIONAL INFORMATION</div>
            </td>
            <td style="width: 10%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; color: #000000;">40</div>
            </td>
          </tr>

      </table>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <!--PROfilePageNumberReset%Num%1%%%-->
      <div style="text-align: center; color: #000000; font-weight: bold;">SUMMARY</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-style: italic;">This summary does not contain all of the information that you should consider before investing in the Fund. You should review the more detailed information contained or
        incorporated by reference in this prospectus and in the Statement of Additional Information, particularly the information set forth under the heading &#8220;Risk Factors.&#8221;</div>
      <div style="text-align: justify; color: #000000;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z660a274b183e43f69ce9c7ee4bf66c7e">

          <tr>
            <td style="width: 0.18%; vertical-align: top;">&#160;</td>
            <td style="width: 20.18%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="color: #000000; font-weight: bold;">The Fund</div>
            </td>
            <td style="width: 79.52%; vertical-align: top; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify; color: #000000;">The Fund was formed on April 28, 1987 as a Massachusetts business trust under the laws of the Commonwealth of Massachusetts.</div>
              <div>&#160;</div>
              <div style="text-align: justify; color: #000000;">A proxy contest at the Fund&#8217;s 2018 annual shareholder meeting resulted in the election of a new Board of Trustees (the &#8220;Board&#8221;) and the approval of a proposal requesting the Board to authorize
                a self-tender offer at or close to net asset value (NAV). These developments led to the Fund&#8217;s former investment adviser to resign in July 2018.&#160; In preparation for the self-tender offer (1) substantially all the Fund&#8217;s portfolio securities
                were sold and the proceeds invested in cash equivalents and (2) the monthly dividends that were historically paid were discontinued after the August 2018 dividend.&#160; A self-tender offer for the Fund&#8217;s shares at a price of 99% of NAV was
                completed in March 2019.</div>
              <div>&#160;</div>
              <div style="text-align: justify; color: #000000;">In April 2019, the Board of Trustees approved a transitional investment strategy to invest, within the parameters of the Fund&#8217;s existing investment policies and restrictions, in securities
                likely to generate more income.&#160; Meanwhile, an investment search committee of the Board continued to explore potential acquisitions of controlling stakes in operating companies and other non-security investments.&#160; This committee&#8217;s efforts
                did not bear fruit and, as a result, the Fund has continued, and is expected to continue, to operate as a closed-end fund.&#160; The investment search committee was disbanded in September 2020.</div>
              <div>&#160;</div>
              <div style="text-align: justify; color: #000000;">The Fund is internally managed by an Investment Committee of the Board (the &#8220;Investment Committee&#8221;). The Fund is registered under the Investment Company Act of 1940, as amended (together with
                the rules promulgated thereunder, the &#8220;1940 Act&#8221;), as a closed&#8211;end, diversified management investment company. Our shares of beneficial interest are listed and trade on the NYSE under the trading symbol &#8220;PCF.&#8221;</div>
              <div>&#160;</div>
            </td>
            <td style="width: 0.12%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 0.18%; vertical-align: top;">&#160;</td>
            <td style="width: 20.18%; vertical-align: top; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="color: #000000; font-weight: bold;">The Offering</div>
            </td>
            <td style="width: 79.52%; vertical-align: top; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify; color: #000000;">The Fund is&#160;issuing non-transferable rights (&#8220;Rights&#8221;) to its Shareholders as of the close of business on [&#9679;], 2020 (each such Shareholder, a &#8220;Rights Holder&#8221;), which Rights will allow Rights
                Holders to subscribe for an aggregate of 5,565,006 Shares (the &#8220;Offering&#8221;). Rights are non-transferable.&#160; A Rights Holder will not be able to trade Rights on the secondary market. For each (1) Right a Rights Holder receives, such Rights
                Holder will be entitled to buy one (1) new Share at a subscription price equal to 95% of the volume weighted average market price (&#8220;VWAP&#8221;) per Share for the three consecutive trading days ending on the trading day after the Expiration Date,
                provided, however that such amount shall not be less than 85% of NAV per Share as calculated at the close on the trading day after the Expiration Date. Each Shareholder will receive one Right for each Share owned on the Record Date (the
                &#8220;Basic Subscription&#8221;). Fractional Shares will not be issued upon the exercise of the Rights. Accordingly, the number of Rights to be issued to a Shareholder as of the Record Date will be rounded up to the nearest whole number of Rights.
                Rights Holders may purchase Shares not acquired by other Rights Holders as discussed in this prospectus. See &#8220;The Offering - Additional Subscription Privilege&#8221; below. Additionally, if there are not enough unsubscribed Shares to honor all
                over-subscription requests, the Fund may, in its discretion, issue additional Shares up to 100% of the Shares available in the Offering to honor over-subscription requests.</div>
              <div style="color: #000000;">&#160;</div>
              <div style="text-align: justify; color: #000000;">Shares will be issued as soon as practicable after the Expiration Date and will be entitled to receive the Fund&#8217;s next monthly distribution for which the record date is after the Expiration
                Date.</div>
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 0.12%; vertical-align: top;">&#160;</td>
          </tr>

      </table>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">1</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 20.25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-weight: bold;">Purpose of the Offering</div>
              <div style="color: #000000; font-weight: bold;"> <br>
              </div>
            </td>
            <td style="width: 79.75%; vertical-align: top; border-bottom: 2px solid black; border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; color: #000000;">At its meeting held on June 10, 2020, the Board of Trustees determined that the Offering, which will increase the assets of the Fund, is in the best interests of the Fund and its Shareholders.
                The primary reasons for the Offering are summarized below.</div>
              <div style="text-align: justify; color: #000000;">&#160;</div>
              <div style="text-indent: 18pt;"><font style="color: #000000;">&#8226;</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 9pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="color: #000000;">The Basic Subscription will
                  provide existing Shareholders an opportunity to purchase additional Shares at a price that is below market price and potentially below NAV without incurring any commission or transaction charges.</font></div>
              <div>&#160;</div>
              <div style="text-indent: 18pt;"><font style="color: #000000;">&#8226;</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 9pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="color: #000000;">Raising more cash will better
                  position the Fund to take advantage of investment opportunities that exist or may arise.&#160; Depending in part on the amount of proceeds raised in the Offering and subject to any required shareholder approval, the Board may consider changes
                  to the Fund&#8217;s investment policies and may expand the types of investments in which the Fund invests its assets, including the proceeds of the Offering.&#160; The types of investments the Board may consider expanding into include SPACs, higher
                  rated debt instruments, income oriented closed-end funds, and investments with a relatively short-term opportunity to obtain liquidity, e.g., liquidations, tender offers, and merger arbitrage.</font></div>
              <div>&#160;</div>
              <div style="text-indent: 18pt;"><font style="color: #000000;">&#8226;</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 9pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="color: #000000;">Increasing Fund assets may
                  lower the Fund&#8217;s expenses as a proportion of net assets as the Fund&#8217;s fixed costs would be spread over a larger asset base. There can be no assurance that by increasing the size of the Fund, the Fund&#8217;s expense ratio will be reduced.</font></div>
              <div>&#160;</div>
              <div style="text-align: justify; color: #000000;">The Offering is expected to be dilutive with respect to the net asset value per share, to all Shareholders, including those electing not to full participate. This expectation is based on the
                fact that all the costs of the Offering will be borne by all Shareholders whether or not they exercise their Rights and because the Offering price is set at a discount to market value, which has historically been a discount to NAV. If there
                are not enough unsubscribed Shares to honor all additional subscription requests and the Fund determines, in its sole discretion, to issue additional Shares up to 100% of the Shares available in the Offering to honor additional subscription
                requests, the dilution to existing Shareholders will be greater.&#160; The Offering is expected to be dilutive with respect to the voting power of Shareholders electing not to fully participate in the Offering because they will own a smaller
                percentage of the total number of shares outstanding after the completion of the Offering.</div>
              <div>&#160;</div>
              <div style="text-align: justify; color: #000000;">Proceeds of the Offering will not be used to support the Fund&#8217;s distribution policy.</div>
              <div>&#160;</div>
              <div style="text-align: justify; color: #000000;">Because the Offering will increase the number of the Fund&#8217;s outstanding Shares, it may increase the number of Shareholders over the long term, which could increase the level of market interest
                in and visibility of the Fund and improve the trading liquidity of the Shares on the NYSE.&#160;Shareholders who choose not to exercise their full Rights to purchase additional Shares will permit Shareholders who exercise the Additional
                Subscription Privilege to purchase additional Shares at a discount without furnishing additional rights or providing any compensation to the non-participating Shareholders for the dilution of their ownership percentage or voting rights.</div>
              <div>&#160;</div>
              <div>The following illustrates the dilutive impact of the Offering if the Subscription Price is below the NAV on the pricing date.&#160; The amounts in the table are based on the Fund&#8217;s per-share NAV and market price at the end of business on
                September 30, 2020 ($8.62 and $8.33, respectively) and estimated Subscription Price of $7.91 per share (95% of $8.33).</div>
              <div> <br>
              </div>
              <div> <br>
              </div>
            </td>
          </tr>

      </table>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" align="right" style="border-collapse: collapse; width: 80%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;" id="ze4f93a9e17c443c2884f435b159f835b">

            <tr>
              <td style="width: 20%; vertical-align: bottom; border-bottom: 2px solid black; text-align: center;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">NAV Per Share<br>
                </div>
              </td>
              <td style="width: 20%; vertical-align: bottom; border-bottom: 2px solid black; text-align: center;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;"><br>
                  Market Price</div>
              </td>
              <td style="width: 20%; vertical-align: bottom; border-bottom: 2px solid black; text-align: center;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;"><br>
                  New NAV Per Share</div>
              </td>
              <td style="width: 20%; vertical-align: top; border-bottom: 2px solid black;">
                <div style="text-align: center; color: #000000; font-weight: bold;"><br>
                  Percentage<br>
                  Dilution</div>
              </td>
              <td style="width: 20%; vertical-align: bottom; border-bottom: 2px solid black; text-align: center;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Dollar Amt Per Share Dilution</div>
              </td>
            </tr>
            <tr>
              <td style="width: 20%; vertical-align: top;">
                <div style="text-align: center; color: #000000;">$8.62</div>
              </td>
              <td style="width: 20%; vertical-align: top;">
                <div style="text-align: center; color: #000000;">$8.33</div>
              </td>
              <td style="width: 20%; vertical-align: top;">
                <div style="text-align: center; color: #000000;">$8.27</div>
              </td>
              <td style="width: 20%; vertical-align: top;">
                <div style="text-align: center; color: #000000;">4.1%</div>
              </td>
              <td style="width: 20%; vertical-align: top;">
                <div style="text-align: center; color: #000000;">$0.35</div>
              </td>
            </tr>
            <tr>
              <td style="width: 20%; vertical-align: top;" rowspan="1"><br>
              </td>
              <td style="width: 20%; vertical-align: top;" rowspan="1"><br>
              </td>
              <td style="width: 20%; vertical-align: top;" rowspan="1"><br>
              </td>
              <td style="width: 20%; vertical-align: top;" rowspan="1"><br>
              </td>
              <td style="width: 20%; vertical-align: top;" rowspan="1"><br>
              </td>
            </tr>

        </table>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 20.25%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000;">&#160;<font style="font-weight: bold;">Investment Objective and Policies</font>
                <div><br>
                </div>
              </div>
            </td>
            <td style="width: 79.75%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000;">The Fund&#8217;s investment objective is to seek to provide high current income as a primary objective and capital appreciation as a secondary objective.</div>
              <div>&#160;</div>
              <div style="text-align: justify; color: #000000;">There is no assurance that the Fund will achieve its investment objective. Some of the Fund&#8217;s investment policies are considered fundamental policies and may not be changed without Shareholder
                approval. The Statement of Additional Information contains a list of the fundamental and non-fundamental investment policies of the Fund under the heading &#8220;Investment Restrictions.&#8221;</div>
              <div>&#160;</div>
              <div style="text-align: justify; color: #000000;">The Board is currently reviewing and may determine if it is in the best interests of the Fund and its Shareholders to make changes to the Fund&#8217;s current investment objective, investment
                strategies and fundamental and non-fundamental investment policies of the Fund, subject, where required, to the approval of the Shareholders.&#160; Any such changes would be disclosed in a future registration statement.</div>
              <div>&#160;</div>
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 20.25%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-weight: bold;">Investment Strategies</div>
            </td>
            <td style="width: 79.75%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; color: #000000;">The Fund pursues its objective primarily by investing, under normal circumstances, at least 80% of its net assets in fixed income securities, including debt instruments, convertible securities
                and preferred stocks. The Fund also invests in high-yielding non-convertible securities with the potential for capital appreciation. The primary focus of the Fund&#8217;s current investment strategy is to acquire discounted shares of unaffiliated
                income-oriented closed-end investment companies and business development companies.&#160; In addition, units or common shares issued by special purpose acquisition companies (SPACs) may comprise up to 20% of the Fund&#8217;s portfolio.</div>
              <div>&#160;</div>
              <div style="text-align: justify; color: #000000;">During periods of adverse market or economic conditions, the Fund may temporarily invest all or a substantial portion of its net assets in cash or cash equivalents.</div>
            </td>
          </tr>

      </table>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 20.25%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-weight: bold;">Investment Committee</div>
            </td>
            <td style="width: 79.75%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; color: #000000;">The Fund is internally managed by the Investment Committee, which is responsible for implementing the Fund&#8217;s investment strategy.&#160; The Investment Committee is comprised of three
                Trustees,&#160;Phillip Goldstein, Andrew Dakos and Rajeev Das. The members of the Investment Committee are compensated by the Fund for their positions on the Investment Committee in the amount of $100,000 each for Messrs. Goldstein and Dakos and
                $50,000 for Mr. Das, in each case on an annual basis paid monthly in advance. Depending in part on the amount of proceeds raised in the Offering, the Board may determine in the future that it is in the best interests of the Fund and its
                Shareholders to engage an investment advisory firm to manage the Fund&#8217;s assets.&#160;&#160;&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 20.25%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-weight: bold;">Distribution Policy</div>
            </td>
            <td style="width: 79.75%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; color: #000000;">The Fund currently intends to maintain its policy of making monthly distributions at an annual rate of at least 10% per annum (or 0.8333% per month). To the extent that the Fund&#8217;s investments
                do not generate sufficient investment income, the Fund may be required to liquidate a portion of its portfolio to fund these distributions and, therefore, these payments may represent a reduction of the Shareholder&#8217;s principal investment. A
                return-of-capital distribution reduces the U.S. federal income tax basis of an investor&#8217;s Shares, which may make record-keeping by certain Shareholders more difficult. As of the date of this prospectus, the Fund expects that a significant
                portion of its distributions for 2020 will be comprised of return-of-capital. See &#8220;Distribution Policy.&#8221;</div>
              <div style="text-align: justify;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 20.25%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-weight: bold;">Administrator, Accounting Agent and Transfer Agent</div>
              <div>&#160;</div>
            </td>
            <td style="width: 79.75%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; color: #000000;">U.S. Bancorp Fund Services, LLC doing business as U.S. Bank Global Fund Services (&#8220;Fund Services&#8221;), an indirect wholly-owned subsidiary of U.S. Bancorp, serves as administrator, accounting
                agent and transfer agent to the Fund. See &#8220;Management of the Fund.&#8221;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 20.25%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-weight: bold;">Custodian</div>
            </td>
            <td style="width: 79.75%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; color: #000000;">U.S. Bank, N.A. (&#8220;U.S. Bank&#8221;), an affiliate of Fund Services, serves as the Fund&#8217;s custodian. See &#8220;Management of the Fund&#8221;.</div>
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 20.25%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-weight: bold;">Closed-End Fund Structure</div>
            </td>
            <td style="width: 79.75%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; color: #000000;">Closed-end funds differ from open-end management investment companies (commonly referred to as mutual funds) in that closed-end funds do not redeem their shares at the option of the
                shareholder and generally list their shares for trading on a securities exchange. By comparison, mutual funds issue securities that are redeemable daily at net asset value at the option of the shareholder and typically engage in a
                continuous offering of their shares. Mutual funds are subject to continuous asset in-flows and out-flows that can complicate portfolio management, whereas closed-end funds generally can stay more fully invested in securities consistent with
                the closed-end fund&#8217;s investment objectives and policies. In addition, in comparison to open-end funds, closed-end funds have greater flexibility in the employment of financial leverage and in the ability to make certain types of
                investments, including investments in illiquid securities.</div>
              <div style="color: #000000;">&#160;</div>
              <div style="text-align: justify; color: #000000;">Shares of closed-end funds frequently trade at a discount from their net asset value. In recognition of the possibility that the Shares might trade at a discount to net asset value and that
                any such discount may not be in the interest of Shareholders, the Fund&#8217;s Board of Trustees may, from time to time, review possible actions to reduce any such discount, including considering open market repurchases or tender offers for the
                Fund&#8217;s Shares. There can be no assurance that the Board of Trustees will decide to undertake any of these actions or that, if undertaken, such actions would result in the Shares trading at a price equal to or close to net asset value per
                Share.</div>
              <div style="color: #000000;">&#160;</div>
            </td>
          </tr>

      </table>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 20.25%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; color: #000000; font-weight: bold;">Risks Factors</div>
            </td>
            <td style="width: 79.75%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; color: #000000;">Investing in the Fund involves risks, including the risk that you may receive little or no return on your investment or that you may lose part or all of your investment. See &#8220;Risk Factors&#8221;
                beginning on page 22 and the other information included in this Prospectus for a discussion of risks that you should carefully consider about us and about this offering.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td rowspan="6" style="width: 20.05%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-weight: bold;">Important Dates</div>
            </td>
            <td style="width: 55.81%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">Record Date</div>
            </td>
            <td style="width: 23.98%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; color: #000000;">[&#9679;], 2020</div>
            </td>
          </tr>
          <tr>
            <td style="width: 55.81%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">Subscription Date</div>
            </td>
            <td style="width: 23.98%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; color: #000000;">[&#9679;], 2020 - [&#9679;], 2020*</div>
            </td>
          </tr>
          <tr>
            <td style="width: 55.81%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">Expiration Date/&#160;Deadline to Purchase Shares</div>
            </td>
            <td style="width: 23.98%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; color: #000000;">[&#9679;], 2020*</div>
            </td>
          </tr>
          <tr>
            <td style="width: 55.81%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">Deadline for Notice of Guaranteed Delivery&#8224;</div>
            </td>
            <td style="width: 23.98%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; color: #000000;">[&#9679;], 2020*</div>
            </td>
          </tr>
          <tr>
            <td style="width: 55.81%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">Deadline for Payment to Notice of Guaranteed Delivery&#8224;</div>
            </td>
            <td style="width: 23.98%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; color: #000000;">[&#9679;], 2020*</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 79.79%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; color: #000000;">* Unless the offering is extended.</div>
              <div style="text-align: justify; color: #000000;">&#8224; A person purchasing Shares pursuant to his or her Rights must deliver either (i) Subscription Certificate and payment for the Shares or (ii) a Notice of Guaranteed Delivery by the Expiration
                Date, unless the offering is extended.</div>
            </td>
          </tr>

      </table>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">SUMMARY OF FUND EXPENSES</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The following table shows Fund expenses that you as an investor in the Fund&#8217;s Shares will bear directly or indirectly.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" align="center" style="border-collapse: collapse; width: 90%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;" id="z9c914ea4c40b42a4a5cd82d4a1543531">

          <tr>
            <td style="width: 85%; vertical-align: top;">
              <div style="color: #000000; font-weight: bold;">Shareholder Transaction Expenses</div>
            </td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 85%; vertical-align: top; background-color: #DCDCDC;">
              <div style="color: #000000;">Sales load</div>
            </td>
            <td style="width: 15%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: center; color: #000000;">None</div>
            </td>
          </tr>
          <tr>
            <td style="width: 85%; vertical-align: top;">
              <div style="color: #000000;">Offering expenses<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            </td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">&#160;$117,303</div>
            </td>
          </tr>
          <tr>
            <td style="width: 85%; vertical-align: top; background-color: #DCDCDC;">
              <div style="color: #000000;">Dividend Reinvestment and Cash Purchase Plan Fees</div>
            </td>
            <td style="width: 15%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: center; color: #000000;">None</div>
            </td>
          </tr>
          <tr>
            <td style="width: 85%; vertical-align: top;">
              <div style="color: #000000; font-weight: bold;">Annual Expenses (as a percentage of net assets attributable to the Shares)</div>
            </td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 85%; vertical-align: top; background-color: #DCDCDC;">
              <div style="color: #000000;">Management fees<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
            </td>
            <td style="width: 15%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: center; color: #000000;">0.00%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 85%; vertical-align: top;">
              <div style="color: #000000;">Interest Payments on Borrowed Funds</div>
            </td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">None</div>
            </td>
          </tr>
          <tr>
            <td style="width: 85%; vertical-align: top; background-color: #D9D9D9;">
              <div style="color: #000000;">Other expenses<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)(3)</sup></div>
            </td>
            <td style="width: 15%; vertical-align: top; background-color: #D9D9D9;">
              <div style="text-align: center; color: #000000;">1.89%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 85%; vertical-align: top;">
              <div style="color: #000000;">Acquired Fund fees and expenses<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div>
            </td>
            <td style="width: 15%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">&#160;2.71%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 85%; vertical-align: top; background-color: #D9D9D9;">
              <div style="color: #000000;">Total Annual Expenses</div>
            </td>
            <td style="width: 15%; vertical-align: top; background-color: #D9D9D9;">
              <div style="text-align: center; color: #000000;">4.60%</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="color: #000000;"><font style="font-weight: bold;">Example</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The following example illustrates the hypothetical expenses (including estimated expenses with respect to year 1 of this Offering of approximately $117,303) that you would pay on a $1,000 investment
        in the Shares, assuming (i) annual expenses of 4.60% of net assets attributable to the Shares and (ii) a 5% annual return:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zd371bd019a53437faa3d96b81e1241be">

          <tr>
            <td style="width: 48.65%; vertical-align: top; background-color: #D9D9D9;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 11.69%; vertical-align: top; background-color: #D9D9D9; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000; font-weight: bold;">1 Year</div>
            </td>
            <td style="width: 1.54%; vertical-align: top; background-color: #D9D9D9;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 11.69%; vertical-align: top; background-color: #D9D9D9; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000; font-weight: bold;">3 Years</div>
            </td>
            <td style="width: 1.54%; vertical-align: top; background-color: #D9D9D9;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 11.69%; vertical-align: top; background-color: #D9D9D9; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000; font-weight: bold;">5 Years</div>
            </td>
            <td style="width: 1.54%; vertical-align: top; background-color: #D9D9D9;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 11.69%; vertical-align: top; background-color: #D9D9D9; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000; font-weight: bold;">10 Years</div>
            </td>
          </tr>
          <tr>
            <td style="width: 48.65%; vertical-align: top;">
              <div style="color: #000000;">You would pay the following expenses on a $1,000 investment, assuming a 5% annual return</div>
            </td>
            <td style="width: 11.69%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">$46</div>
            </td>
            <td style="width: 1.54%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 11.69%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">&#160;$139</div>
            </td>
            <td style="width: 1.54%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 11.69%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">$232</div>
            </td>
            <td style="width: 1.54%; vertical-align: top;">&#160;</td>
            <td style="width: 11.69%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">&#160;$469</div>
            </td>
          </tr>

      </table>
      <div style="color: #000000;">&#160;</div>
      <div>______<br>
      </div>
      <div> <br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z8f8c53ecd4fd4a528badbc3010aa6c78">

          <tr>
            <td style="width: 5.32%; vertical-align: top;">
              <div style="color: #000000;">(1)</div>
            </td>
            <td style="width: 94.68%; vertical-align: top;">
              <div style="text-align: justify; margin-right: 4.5pt; color: #000000;">Assuming the Fund will have&#160;11,130,012 Shares outstanding if fully subscribed and Offering expenses to be paid by the Fund are estimated to be approximately $117,303 or
                approximately $0.02 per Share.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za7731a0d29e74b0197a6d9b50b1c339c">

          <tr>
            <td style="width: 5.32%; vertical-align: top;">
              <div style="margin-right: 4.5pt; color: #000000;">(2)</div>
            </td>
            <td style="width: 94.68%; vertical-align: top;">
              <div style="text-align: justify; margin-right: 4.5pt; color: #000000;">The Fund does not pay a management fee.&#160; The Fund&#8217;s assets are managed by the Investment Committee. The members of the Investment Committee are compensated by the Fund (on
                an annual basis paid monthly in advance) as follows: $100,000 each for Messrs. Goldstein and Dakos and $50,000 for Mr. Das.&#160; This compensation is included in &#8220;Other Expenses.&#8221;</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zfb20d116d91f436ebfdf3f0533b11075">

          <tr>
            <td style="width: 5.32%; vertical-align: top;">
              <div style="margin-right: 4.5pt; color: #000000;">(3)</div>
            </td>
            <td style="width: 94.68%; vertical-align: top;">
              <div style="text-align: justify; margin-right: 4.5pt; color: #000000;">&#8220;Other Expenses&#8221; are based upon gross estimated amounts for the prior fiscal year and include, among other expenses, administration and fund accounting fees.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc21be071aac642eb9bfa08867b6df837">

          <tr>
            <td style="width: 5.32%; vertical-align: top;">
              <div style="margin-right: 4.5pt; color: #000000;">(4)</div>
            </td>
            <td style="width: 94.68%; vertical-align: top;">
              <div style="text-align: justify; margin-right: 4.5pt; color: #000000;">The Fund invests in other closed-end investment companies and ETFs (collectively, the &#8220;Acquired Funds&#8221;). The Fund&#8217;s shareholders indirectly bear a pro rata portion of the
                fees and expenses of the Acquired Funds in which the Fund invests. Acquired Fund fees and expenses are based on estimated amounts for the current fiscal year.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc617f9226f08447285e96603eb422f1d">

          <tr>
            <td style="width: 5.32%; vertical-align: top;">
              <div style="color: #000000;">(5)</div>
            </td>
            <td style="width: 94.68%; vertical-align: top;">
              <div style="text-align: justify; margin-right: 4.5pt; color: #000000;">The example assumes that the estimated &#8220;Other Expenses&#8221; set forth in the Annual Expenses table remain the same each year and that all dividends and distributions are
                reinvested at net asset value. Actual expenses may be greater or less than those assumed. The example further assumes that the Fund uses no leverage, as currently intended and the Fund does not intent to utilize any leverage within one year
                from the effective date of this Registration Statement. Moreover, the Fund&#8217;s actual rate of return will vary and may be greater or less than the hypothetical 5% annual return.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The purpose of the above table is to help a Shareholder understand the fees and expenses that such Shareholder would bear directly or indirectly.<font style="font-weight: bold;"> The example should
          not be considered a representation of actual future expenses. Actual expenses may be higher or lower than those shown.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">THE FUND</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Fund is a diversified, closed-end management investment company. The Fund was organized on April 28, 1987 as a Massachusetts business trust. The Fund&#8217;s principal office is located c/o US Bancorp
        Fund Services, LLC at located at 615 East Michigan Street, Milwaukee, WI 53202, and its telephone number is 1-(888) 898-4107.</div>
      <div><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">THE OFFERING</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-weight: bold;"><u>Terms of the Offering</u></font>. The Fund is issuing to Record Date Shareholders (i.e., Shareholders who hold Shares on the Record Date) non-transferable Rights to
        subscribe for Shares. Each Record Date Shareholder is being issued one non-transferable Right for each Share owned on the Record Date. The Rights entitle a Record Date Shareholder (or Rights Holder) to acquire one Share at the Subscription Price
        for every Right held. Fractional Shares will not be issued upon the exercise of the Rights. Accordingly, the number of Rights to be issued to a Record Date Shareholder on the Record Date will be rounded up to the nearest whole number. Rights may be
        exercised at any time during the Subscription Period, which commences on or about [&#9679;], 2020 and ends at 5:00 p.m., New York City time, on [&#9679;], 2020, unless extended by the Fund. See &#8220;Expiration of the Offering.&#8221; The right to acquire one additional
        Share for every Right held at the Subscription Price is hereinafter referred to as the &#8220;Basic Subscription.&#8221;</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">In addition to the Basic Subscription, Rights Holders who exercise all of their Rights are entitled to subscribe for Shares that were not otherwise subscribed for by others in the Basic Subscription
        (the &#8220;Additional Subscription Privilege&#8221;). If sufficient Shares are not available to honor all requests under the Additional Subscription Privilege, the Fund may, in its discretion, issue additional Shares up to 100% of the Shares available in the
        Offering (or 5,565,006 Shares for a total of 11,130,012 Shares) (the &#8220;Over-Subscription Shares&#8221;) to honor additional subscription requests, with such Shares subject to the same terms and conditions of the Offering. See &#8220;Additional Subscription
        Privilege&#8221; below. For purposes of determining the maximum number of Shares a Rights Holder may acquire pursuant to the Offering, broker-dealers whose Rights are held of record by any Nominee will be deemed to be the holders of the Rights that are
        issued to such Nominee on their behalf. The term &#8220;Nominee&#8221; shall mean, collectively, CEDE &amp; Company (&#8220;Cede&#8221;), as nominee for the Depository Trust Company (&#8220;DTC&#8221;), or any other depository or nominee. Shares acquired pursuant to the Additional
        Subscription Privilege are subject to allotment and will be distributed on a pro rata basis if allotment does not exist to fulfill all requests, which is more fully discussed below under &#8220;Additional Subscription Privilege.&#8221;</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">SHARES WILL BE ISSUED AS SOON AS PRACTICABLE AFTER THE EXPIRATION DATE AND WILL BE ENTITLED TO RECEIVE THE FUND&#8217;S NEXT MONTHLY DISTRIBUTION FOR WHICH THE RECORD DATE IS AFTER THE EXPIRATION DATE.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-weight: bold;"><u>Rights will be Evidenced by Subscription Certificates</u></font>. The number of Rights issued to each Rights Holder will be stated on the Subscription Certificates
        delivered to the Rights Holder. The method by which Rights may be exercised and Shares paid for is set forth below in &#8220;Method of Exercising Rights&#8221; and &#8220;Payment for Shares.&#8221; A RIGHTS HOLDER WILL HAVE NO RIGHT TO RESCIND A PURCHASE AFTER THE
        SUBSCRIPTION AGENT HAS RECEIVED PAYMENT. See &#8220;Payment for Shares&#8221; below.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Rights are non-transferable and may not be purchased or sold. Rights will expire without residual value at the Expiration Date. The Rights will not be listed for trading on the NYSE, and there
        will not be any market for trading Rights. The Shares to be issued pursuant to the Offering will be listed for trading on the NYSE, subject to the NYSE being officially notified of the issuance of those Shares.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-weight: bold;"><u>Purpose of the Offering</u></font>. At a meeting held on June 10, 2020,&#160;the Board determined that the current Offering is in the best interests of the Fund and its
        existing Shareholders to increase the assets of the Fund so that the Fund may be in a better position to take advantage of investment opportunities that exist or may arise. Such opportunities may include acquiring shares of closed-end funds at a
        discount to net asset value, and shares of special purpose acquisition companies. In addition, depending in part on the amount of proceeds raised in the Offering and subject to any required shareholder approval, the Board may consider changes to
        the Fund&#8217;s investment policies and may expand the types of investments in which the Fund invests its assets, including the proceeds of the Offering.&#160; The types of investments the Board may consider expanding into include SPACs, higher rated debt
        instruments, income oriented closed-end funds, and investments with a relatively short-term opportunity to obtain liquidity, e.g., liquidations, tender offers, and merger arbitrage. This Offering seeks to reward existing shareholders by giving them
        the opportunity to purchase additional securities of the Fund at a discount to market value, which has historically traded at a discount to NAV without incurring any commission or charge. Proceeds will be invested in accordance with the Fund&#8217;s
        investment objectives and policies as stated herein. See &#8220;Business of the Fund.&#8221;</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-weight: bold;"><u>Board Considerations in Approving the Offering</u></font>. At the meeting held on June 10, 2020, the Board considered the approval of the Offering. In considering
        whether or not to approve the Offering, the Board relied on materials and information prepared and presented by the Fund&#8217;s management at such meeting and discussions at that time. Based on such materials and their deliberations at this meeting, the
        Board determined that it would be in the best interests of the Fund and its Shareholders to conduct the Offering in order to increase the assets of the Fund available for current and future investment opportunities. In making its determination, the
        Board considered the various factors set forth in &#8220;The Offering - Purpose of the Offering&#8221;. The Board also considered a number of other factors, including the ability of the Fund to invest the proceeds of the Offering. As a result of these
        considerations, the Board determined that it is appropriate and in the best interest of the Fund and its Shareholders to proceed with the Offering.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">At the meeting held on June 10, 2020 the Board unanimously voted to approve the terms of the Offering. Three of the Fund&#8217;s Trustees who voted to authorize the Offering are members of the Investment
        Committee and, as such, are considered &#8220;interested persons&#8221; of the Fund within the meaning of the 1940 Act. The other four Trustees are not &#8220;interested persons&#8221; of the Fund within the meaning of the 1940 Act.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">There can be no assurance that the Fund or its Shareholders will achieve any of the foregoing objectives or benefits through the Offering.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">In the future, the Fund may choose to make additional rights offerings from time to time for a number of Shares and on terms that may or may not be similar to the Offering. Any such future rights
        offerings will be made in accordance with the then applicable requirements of the 1940 Act and the Securities Act.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-weight: bold;"><u>Notice of NAV Decline</u></font>. If the Shares begin to trade at a significant discount, the Board may make a determination whether to discontinue the Offering,
        provided that the Fund, as required by the SEC&#8217;s registration form, will suspend the Offering until it amends this prospectus if, subsequent to the date of this prospectus, the Fund&#8217;s NAV declines more than 10% from its NAV as of that date.
        Accordingly, the Expiration Date would be extended and the Fund would notify Rights Holders of the decline and permit Rights Holders to cancel their exercise of Rights.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">8</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-weight: bold;"><u>The Subscription Price</u></font>. The Subscription Price for the Shares to be issued under the Offering will be an amount equal to 95% of the volume weighted
        average market price per Share for the three consecutive trading days ending on the trading day after the Expiration Date, provided, however that such amount shall not be less than 85% of NAV per Share as calculated at the close on the trading day
        after the Expiration Date. For example, if the Offering were held using the &#8220;Estimated Subscription Price&#8221; (i.e., an estimate of the Subscription Price based on the Fund&#8217;s per-share NAV and market price at the end of business on September 30, 2020
        ($8.62 and $8.33, respectively), the Subscription Price would be $7.91 per share (95% of $8.33).</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-weight: bold;"><u>Additional Subscription Privilege</u></font>. If all of the Rights initially issued are not exercised, any Shares for which subscriptions have not been received
        will be offered, by means of the Additional Subscription Privilege, to Rights Holders who have exercised all of the Rights initially issued to them and who wish to acquire more than the number of Shares for which the Rights held by them are
        exercisable. Rights Holders who exercise all of their Rights will have the opportunity to indicate on the Subscription Certificate how many unsubscribed Shares they are willing to acquire pursuant to the Additional Subscription Privilege.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">If enough unsubscribed Shares remain after the Basic Subscriptions have been exercised, all additional subscription requests will be honored in full. If there are not enough unsubscribed Shares to
        honor all additional subscription requests, the Fund may, in its discretion, issue additional Shares up to 100% of Shares available in the Offering to honor Additional Subscription Privilege requests (defined above as the &#8220;Over-Subscription
        Shares&#8221;), with such Shares subject to the same terms and conditions of the Offering. In the event that the Subscription Price is less than the Estimated Subscription Price, Over-Subscription Shares may be used by the Fund to fulfill any Shares
        subscribed for under the Basic Subscription. The method by which any unsubscribed Shares or Over-Subscription Shares (collectively, the &#8220;Excess Shares&#8221;) will be distributed and allocated pursuant to the Additional Subscription Privilege is as
        follows:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z474f61ebc500400b9d529a5604e199dd">

          <tr>
            <td style="width: 7.69%; vertical-align: middle;">&#160;</td>
            <td style="width: 7.69%; vertical-align: top;">
              <div style="color: #000000;">(i)</div>
            </td>
            <td style="width: 84.62%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">If there are sufficient Excess Shares to satisfy all additional subscriptions by Rights Holders exercising their rights under the Additional Subscription Privilege, each such Rights Holder
                shall be allotted the number of Shares requested.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc6b73feffe454b4881b24f7ccdbf4f42">

          <tr>
            <td style="width: 7.69%; vertical-align: middle;">&#160;</td>
            <td style="width: 7.69%; vertical-align: top;">
              <div style="color: #000000;">(ii)</div>
            </td>
            <td style="width: 84.62%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">If the aggregate number of Shares subscribed for under the Additional Subscription Privilege exceeds the number of Excess Shares, the Excess Shares will be allocated to Rights Holders who have
                exercised all of their Rights in accordance with their Additional Subscription Privilege request.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zb309e88eb34b4302b19396a181e9f7f0">

          <tr>
            <td style="width: 7.69%; vertical-align: middle;">&#160;</td>
            <td style="width: 7.69%; vertical-align: top;">
              <div style="color: #000000;">(iii)</div>
            </td>
            <td style="width: 84.62%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">If there are not enough Excess Shares to fully satisfy all Additional Subscription Privilege requests by Rights Holders pursuant to paragraph (ii) above, the Excess Shares will be allocated
                among Rights Holders who have exercised all of their Rights in proportion, not to the number of Shares requested pursuant to the Additional Subscription Privilege, but to the number of Rights exercised by them under their Basic Subscription
                Rights; provided, however, that no Rights Holder shall be allocated a greater number of Excess Shares than such Rights Holder paid for and in no event shall the number of Shares allocated in connection with the Additional Subscription
                Privilege exceed 100% of the Shares available in the Offering. The formula to be used in allocating the Excess Shares under this paragraph is as follows: (Rights Exercised by over-subscribing Rights Holder divided by Total Rights Exercised
                by all over-subscribing Rights Holders) multiplied by Excess Shares Remaining.</div>
            </td>
          </tr>

      </table>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">9</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; color: #000000;">The percentage of Excess Shares each Rights Holder may acquire will be rounded up to result in delivery of whole Shares (fractional Shares will not be issued).</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The forgoing allocation process may involve a series of allocations in order to assure that the total number of Shares available for over-subscription are distributed on a pro-rata basis. The Fund
        will not offer or sell any Shares which are not subscribed for under the Basic Subscription or the Additional Subscription Privilege. The Additional Subscription Privilege may result in additional dilution of a Shareholder&#8217;s ownership percentage
        and voting rights.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Fund will not offer or sell any Shares which are not subscribed for under the Basic Subscription or the Additional Subscription Privilege.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-weight: bold;"><u>Expiration of the Offering</u></font>. The Offering will expire at 5:00 p.m., New York City time, on the Expiration Date ([&#9679;], 2020), unless extended by the Fund
        (the &#8220;Extended Expiration Date&#8221;). Rights will expire on the Expiration Date or Extended Expiration Date, as the case may be, and thereafter may not be exercised.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-weight: bold;"><u>Method of Exercising Rights</u></font>. Rights may be exercised by filling in and signing the reverse side of the Subscription Certificate and mailing it in the
        envelope provided, or otherwise delivering the completed and signed Subscription Certificate to the Subscription Agent, together with payment for the Shares as described below under &#8220;Payment for Shares.&#8221; Rights may also be exercised through a
        Rights holder&#8217;s broker, who may charge the Rights holder a servicing fee in connection with such exercise.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">In the event that the Estimated Subscription Price is more than the Subscription Price on the Expiration Date, any resulting excess amount paid by a Rights Holder towards the purchase of Shares in the
        Offering will be applied by the Fund towards the purchase of additional Shares under the Basic Subscription or, if such Rights Holder has exercised all of the Rights initially issued to such Rights Holder under the Basic Subscription, towards the
        purchase of an additional number of Shares pursuant to the Additional Subscription Privilege. Any Rights Holder who desires that such excess not be treated by the Fund as a request by the Rights Holder to acquire additional Shares in the Offering
        and that such excess be refunded to the Rights Holder must so indicate in the space provided on the Subscription Certificate.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Completed Subscription Certificates must be received by the Subscription Agent prior to 5:00 p.m., New York City time, on the Expiration Date (or Extended Expiration Date, as the case may be). The
        Subscription Certificate and payment should be delivered to the Subscription Agent at the following address:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z369c54f26d3a4b1ea750903bb8af3193">

          <tr>
            <td style="width: 49.04%; vertical-align: top;">
              <div style="color: #000000;"><font style="font-weight: bold;">If by first class mail</font>:</div>
              <div style="color: #000000;">&#160;</div>
              <div style="color: #000000;">Broadridge, Inc.</div>
              <div style="color: #000000;">51 Mercedes Way</div>
              <div style="color: #000000;">Edgewood, NY 11717</div>
            </td>
            <td style="width: 50.96%; vertical-align: top;">
              <div style="color: #000000;"><font style="font-weight: bold;">If by mail or overnight courier</font>:</div>
              <div style="color: #000000;">&#160;</div>
              <div style="color: #000000;">Broadridge, Inc.</div>
              <div style="color: #000000;">51 Mercedes Way</div>
              <div style="color: #000000;">Edgewood, NY 11717</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-weight: bold;"><u>Subscription Agent</u></font>. The Subscription Agent is Broadridge, Inc., with an address at 51 Mercedes Way, Edgewood, NY 11717. The Subscription Agent will
        receive from the Fund an amount estimated to be $33,600, comprised of the fee for its services and the reimbursement for certain expenses related to the Offering. INQUIRIES BY ALL RIGHTS HOLDERS SHOULD BE DIRECTED TO THE SUBSCRIPTION AGENT,
        BROADRIDGE CORPORATE ISSUER SOLUTIONS, INC.; HOLDERS MAY ALSO CONSULT THEIR BROKERS OR NOMINEES.</div>
      <div style="text-align: justify; color: #000000;">&#160;</div>
      <div style="text-align: justify; color: #000000;"><font style="font-weight: bold;"><u>Payment for Shares</u></font>. Payment for Shares shall be calculated by multiplying the Estimated Subscription Price by the sum of (i) the number of Shares
        intended to be purchased in the Basic Subscription, plus (ii) the number of additional Shares intended to be over-subscribed under the Additional Subscription Privilege. For example, based on the Estimated Subscription Price of $7.91 per Share, if
        a Shareholder receives 1,000 Rights and wishes to subscribe for 1,000 Shares in the Basic Subscription, and also wishes to over-subscribe for 150 additional Shares under the Additional Subscription Privilege, such Shareholder would remit payment in
        the amount of $9,097 ($7,910 plus $1,187).</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">10</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; color: #000000;">Rights Holders who wish to acquire Shares in the Basic Subscription or pursuant to the Additional Subscription Privilege must, together with the properly completed and executed Subscription
        Certificate, send payment for the Shares acquired in the Basic Subscription and any additional Shares subscribed for pursuant to the Additional Subscription Privilege, to the Subscription Agent based on the Estimated Subscription Price of $7.91 per
        Share. To be accepted, such payment, together with the Subscription Certificate, must be received by the Subscription Agent prior to 5:00 p.m., New York City time, on the Expiration Date (or Extended Expiration Date as the case may be).</div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2bcfaaaea06f47f6a1403507ef759be2">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt; color: #000000; font-weight: bold;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; color: #000000; font-weight: bold;">If the Estimated Subscription Price is greater than the actual per Share purchase price, the excess payment will be applied toward the purchase of unsubscribed Shares to
                  the extent that there remain sufficient unsubscribed Shares available after the Basic Subscription and Additional Subscription Privilege allocations are completed.</div>
                <div style="text-align: justify; color: #000000; font-weight: bold;"> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1b9ec824e68043f093b42fefc41bde33">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt; color: #000000;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; color: #000000; font-weight: bold;">To the extent that sufficient unsubscribed Shares are not available to apply all of the excess payment toward the purchase of unsubscribed Shares, available Shares will be
                  allocated in the manner consistent with that described in the section entitled &#8220;Additional Subscription Privilege&#8221; above.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">PAYMENT MUST ACCOMPANY ANY SUBSCRIPTION CERTIFICATE FOR SUCH SUBSCRIPTION CERTIFICATE TO BE ACCEPTED.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Within five (5) business days following the Expiration Date (or Extended Expiration Date as the case may be), a confirmation will be sent by the Subscription Agent to each Rights Holder (or, if the
        Shares on the Record Date are held by Cede or any other depository or nominee, to Cede or such other depository or nominee). The date of the confirmation is referred to as the &#8220;Confirmation Date.&#8221; The confirmation will show (i) the number of Shares
        acquired pursuant to the Basic Subscription; (ii) the number of Shares, if any, acquired pursuant to the Additional Subscription Privilege; (iii) the per Share and total purchase price for the Shares; and (iv) any additional amount payable by such
        Rights Holder to the Fund (i.e., if the Estimated Subscription Price was less than the Subscription Price on the Expiration Date) or any excess to be refunded by the Fund to such Rights Holder (i.e., if the Estimated Subscription Price was more
        than the Subscription Price on the Expiration Date and the Rights Holder indicated on the Subscription Certificate that such excess not be treated by the Fund as a request by the Rights Holder to acquire additional Shares in the Offering). Any
        additional payment required from a Rights Holder must be received by the Subscription Agent prior to 5:00 p.m., New York City time, on the date specified as the deadline for final payment for Shares, and any excess payment to be refunded by the
        Fund to such Rights Holder will be mailed by the Subscription Agent within ten (10) business days after the Confirmation Date. All payments by a Rights Holder must be made in United States Dollars by money order or by checks drawn on banks located
        in the continental United States payable to &#8220;High Income Securities Fund.&#8221;</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Issuance and delivery of the Shares subscribed for are subject to collection of funds and actual payment by the subscribing Rights Holder.</div>
      <div style="text-align: justify; color: #000000;">&#160;</div>
      <div style="text-align: justify; color: #000000;">The Subscription Agent will deposit all checks received by it prior to the final due date into a segregated account pending distribution of the Shares from the Offering. Any interest earned on such
        account will accrue to the benefit of the Fund and investors will not earn interest on payments submitted nor will interest be credited toward the purchase of Shares.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">11</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; color: #000000;">YOU WILL HAVE NO RIGHT TO RESCIND YOUR SUBSCRIPTION AFTER THE SUBSCRIPTION AGENT HAS RECEIVED THE SUBSCRIPTION CERTIFICATE.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">If a Rights Holder who acquires Shares pursuant to the Basic Subscription or the Additional Subscription Privilege does not make payment of any amounts due, the Fund reserves the right to take any or
        all of the following actions: (i) find other purchasers for such subscribed-for and unpaid-for Shares; (ii) apply any payment actually received by it toward the purchase of the greatest whole number of Shares, which could be acquired by such holder
        upon exercise of the Basic Subscription or the Additional Subscription Privilege; (iii) sell all or a portion of the Shares actually purchased by the holder in the open market, and apply the proceeds to the amounts owed; or (iv) exercise any and
        all other rights or remedies to which it may be entitled, including, without limitation, the right to set off against payments actually received by it with respect to such subscribed Shares and to enforce the relevant guaranty of payment.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Holders who hold Rights for the account of others, such as brokers, trustees, or depositaries for securities, should notify the respective beneficial owners of the Rights as soon as possible to
        ascertain the beneficial owners&#8217; intentions and to obtain instructions with respect to the Rights. If the beneficial owner so instructs, the record holder of the Rights should complete Subscription Certificates and submit them to the Subscription
        Agent with the proper payment. In addition, beneficial owners of Shares or Rights held through such a holder should contact the holder and request the holder to effect transactions in accordance with the beneficial owner&#8217;s instructions.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The instructions accompanying the Subscription Certificates should be read carefully and followed in detail. DO NOT SEND SUBSCRIPTION CERTIFICATES TO THE FUND.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The method of delivery of Subscription Certificates and payment of the Subscription Price to the Subscription Agent will be at the election and risk of the Rights Holders, but if sent by mail it is
        recommended that the certificates and payments be sent by registered mail, properly insured, with return receipt requested, and that a sufficient number of days be allowed to ensure delivery to the Subscription Agent and clearance of payment prior
        to 5:00 p.m., New York City time, on the Expiration Date. Because uncertified personal checks may take at least five business days to clear, each Rights Holder participating in the Offering is strongly urged to pay, or arrange for payment, by means
        of a certified or cashier&#8217;s check or money order.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">All questions concerning the timeliness, validity, form and eligibility of any exercise of Rights will be determined by the Fund, whose determinations will be final and binding. The Fund in its sole
        discretion may waive any defect or irregularity, or permit a defect or irregularity to be corrected within such time as it may determine, or reject the purported exercise of any Right. If the Fund elects in its sole discretion to waive any defect
        or irregularity, it may do so on a case-by-case basis which means that not all defects or irregularities may be waived, if at all, or waived in the same manner as with other defects or irregularities. Subscriptions will not be deemed to have been
        received or accepted until all irregularities have been waived or cured within such time as the Fund determines in its sole discretion. Neither the Fund nor the Subscription Agent will be under any duty to give notification of any defect or
        irregularity in connection with the submission of Subscription Certificates or incur any liability for failure to give such notification.</div>
      <div style="text-align: justify; color: #000000;">&#160;</div>
      <div style="text-align: justify; color: #000000;"><font style="font-weight: bold;"><u>Delivery of the Shares</u></font>. The Shares purchased pursuant to the Basic Subscription will be delivered to Rights Holders in book-entry form as soon as
        practicable, which the Fund expects to be no later than fifteen days after the Expiration Date and the corresponding Rights have been validly exercised and full payment for the Shares has been received and cleared. The Shares purchased pursuant to
        the Additional Subscription Privilege will be delivered to Rights Holders in book-entry form as soon as practicable, which the Fund expects to be no later than fifteen days after the Expiration Date and after all allocations have been conducted.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">12</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-weight: bold;"><u>U.S. Federal Income Tax Consequences Associated with the Offering</u></font>. The following is a general summary of the significant U.S. federal income tax
        consequences of the receipt of Rights by a Record Date Shareholder and a subsequent lapse or exercise of such Rights. The discussion is based upon applicable provisions of the Code, the Treasury Regulations promulgated thereunder, and other
        authorities currently in effect but does not address any state, local, or foreign tax consequences of the Offering. Each Shareholder should consult its own tax advisor regarding specific questions as to federal, state, local, or foreign taxes. Each
        Shareholder should also review the discussion of certain U.S. federal income tax considerations affecting it and the Fund set forth under &#8220;Certain Additional Material United States Federal Income Considerations&#8221; and should also see the Fund&#8217;s
        Statement of Additional Information under the heading &#8220;Certain Material United States Federal Income Tax Consequences.&#8221;</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">For purposes of the following discussion, the term &#8220;Old Share&#8221; shall mean a currently outstanding Share with respect to which a Right is issued and the term &#8220;New Share&#8221; shall mean a newly issued Share
        that Record Date Shareholders receive upon the exercise of their Rights.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-style: italic;">For all Record Date Shareholders:</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Neither the receipt nor the exercise of Rights by a Record Date Shareholder will result in taxable income to such Shareholder for federal income tax purposes regardless of whether or not the
        Shareholder makes the below-described election which is available under Section 307(b)(2) of the Code (a &#8220;Section 307(b)(2) Election&#8221;).</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">If the fair market value of the Rights distributed to all of the Record Date Shareholders is&#160; 15% or more than the total fair market value of all of the Fund&#8217;s outstanding Shares on the date of
        distribution, or if a Record Date Shareholder makes a Section 307(b)(2) Election for the taxable year in which such Rights were received, the Record Date Shareholder&#8217;s federal income tax basis in any Right received pursuant to the Offering for
        purposes of determining gain or loss on a later sale or exercise of such Rights will be equal to a portion of the Record Date Shareholder&#8217;s existing U.S. federal income tax basis in the related Old Share determined in the manner described below. If
        made, a Section 307(b)(2) Election is irrevocable and effective with respect to all Rights received by a Record Date Shareholder. A Section 307(b)(2) Election is made by attaching a statement to the Record Date Shareholder&#8217;s U.S. federal income tax
        return for the taxable year of the Record Date (which is the same as the year as when the Rights were received). The Record Date Shareholder must retain a copy of the Section 307(b)(2) Election and the tax return with which the Section 307(b)(2)
        Election was filed in order to substantiate the use of an allocated basis upon subsequent disposition of the New Shares.&#160; Record Date Shareholders should carefully review the differing U.S. federal income tax consequences described below before
        deciding whether or not to make a Section 307(b)(2) Election.</div>
      <div style="text-align: justify; color: #000000;">&#160;</div>
      <div style="text-align: justify; color: #000000; font-style: italic;">For Record Date Shareholders When the Fair Market Value of Rights Distributed Equals or Exceeds 15% of the Total Fair Market Value of the Fund&#8217;s Shares or When Making a 307(b)(2)
        Election:</div>
      <div style="text-align: justify; color: #000000;">&#160;</div>
      <div style="text-align: justify; color: #000000;"><font style="font-style: italic;">Lapse of Rights.</font> If the fair market value of Rights distributed equals or exceeds 15% of the total fair market value of the Shares or if a Record Date
        Shareholder makes a Section 307(b)(2) Election, no taxable loss will be realized for U.S. federal income tax purposes if the Record Date Shareholder retains a Right but allows it to lapse without exercise. Moreover, the existing U.S. federal income
        tax basis of the related Old Share will not be reduced if such lapse occurs (i.e., upon the lapse of any Right received pursuant to this Offering, any portion of the Record Date Shareholder&#8217;s U.S. federal income tax basis in such Record Date
        Shareholder&#8217;s Old Share that would have been allocated to such Right if such Right had been sold or exercised rather than allowed to lapse shall continue to be included in the Record Date Shareholder&#8217;s U.S. federal income tax basis in such Record
        Date Shareholder&#8217;s Old Share).</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">13</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-style: italic;">Exercise of Rights.</font> If a Record Date Shareholder exercises a Right, the Record Date Shareholder&#8217;s existing U.S. federal income tax basis in the related Old
        Share must be allocated between such Right and the Old Share in proportion to their respective fair market values as of the date of distribution of such Rights (effectively reducing the Record Date Shareholder&#8217;s basis in their Old Share). Upon such
        exercise of the Record Date Shareholder&#8217;s Rights, the New Shares received by the Record Date Shareholder pursuant to such exercise will have a U.S. federal income tax basis equal to the sum of the basis of such Rights as described in the previous
        sentence and the Subscription Price paid for the New Shares (as increased by any servicing fee charged to the Record Date Shareholder by their broker, bank or trust company and other similar costs). If the Record Date Shareholder subsequently sells
        such New Shares (and holds such Shares as capital assets at the time of their sale), the Record Date Shareholder will recognize a capital gain or loss equal to the difference between the amount received from the sale of the New Shares and the
        Record Date Shareholder&#8217;s U.S. federal income tax basis in the New Shares as described above. Such capital gain or loss will be long-term capital gain or loss if the New Shares are sold more than one year after the date that the New Shares are
        acquired by the Record Date Shareholder.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-style: italic;">For Record Date Shareholders Not Making a Section 307(b)(2) Election When the Fair Market Value of the Rights Distributed is Less than 15% of the Total Fair Market Value of the
        Fund&#8217;s Outstanding Shares:</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-style: italic;">Lapse of Rights</font>. If the fair market value of the Rights distributed is less than 15% of the total fair market value of the outstanding Shares and a Record Date
        Shareholder does not make a Section 307(b)(2) Election for the taxable year in which such Rights were received, no taxable loss will be realized for U.S. federal income tax purposes if the Record Date Shareholder retains a Right but allows it to
        lapse without exercise. Moreover, the U.S. federal income tax basis of the related Old Share will not be reduced if such lapse occurs.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-style: italic;">Exercise of Rights</font>. If a non-electing Record Date Shareholder exercises their Rights, the U.S. federal income tax basis of the related Old Shares will remain
        unchanged and the New Shares will have a U.S. federal income tax basis equal to the Subscription Price paid for the New Shares (as increased by any servicing fee charged to the Record Date Shareholder by their broker, bank or trust company and
        other similar costs). If the Record Date Shareholder subsequently sells such New Shares (and holds such Shares as capital assets at the time of their sale), the Record Date Shareholder will recognize a capital gain or loss equal to the difference
        between the amount received from the sale of the New Shares and the shareholder&#8217;s U.S. federal income tax basis in the New Shares as described above. Such capital gain or loss will be long-term capital gain or loss if the New Shares are sold more
        than one year after the Record Date Shareholder acquires the New Shares.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-weight: bold;"><u>Employee Plan Considerations</u></font>. Record Date Shareholders that are employee benefit plans subject to the Employee Retirement Income Security Act of 1974, as
        amended (&#8220;ERISA&#8221;), including corporate savings and 401(k) plans, Keogh Plans of self-employed individuals and Individual Retirement Accounts (&#8220;IRA&#8221;) (each a &#8220;Benefit Plan&#8221; and collectively, &#8220;Benefit Plans&#8221;), should be aware that additional
        contributions of cash in order to exercise Rights may be treated as Benefit Plan contributions and, when taken together with contributions previously made, may subject a Benefit Plan to excise taxes for excess or nondeductible contributions. In the
        case of Benefit Plans qualified under Section 401(a) of the Code, additional cash contributions could cause the maximum contribution limitations of Section 415 of the Code or other qualification rules to be violated. Benefit Plans contemplating
        making additional cash contributions to exercise Rights should consult with their counsel prior to making such contributions.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">14</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; color: #000000;">Benefit Plans and other tax-exempt entities, including governmental plans, should also be aware that if they borrow in order to finance their exercise of Rights, they may become subject to the tax on
        unrelated business taxable income (&#8220;UBTI&#8221;) under Section 511 of the Code. If any portion of an IRA is used as security for a loan, the portion so used is also treated as distributed to the IRA depositor.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">ERISA contains prudence and diversification requirements and ERISA and the Code contain prohibited transaction rules that may impact the exercise of Rights. Among the prohibited transaction exemptions
        issued by the Department of Labor that may exempt a Benefit Plan&#8217;s exercise of Rights are Prohibited Transaction Exemption 84-24 (governing purchases of shares in investment companies) and Prohibited Transaction Exemption 75-1 (covering sales of
        securities).</div>
      <div style="text-align: justify; color: #000000;">&#160;</div>
      <div style="text-align: justify; color: #000000;">Due to the complexity of these rules and the penalties for noncompliance, Benefit Plans should consult with their counsel regarding the consequences of their exercise of Rights under ERISA and the
        Code.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Fund may, in the future and at its discretion, choose to make additional rights offerings from time to time for a number of Shares and on terms which may or may not be similar to the Offering. Any
        such future rights offerings will be made in accordance with the 1940 Act and the Securities Act. Under the laws of Massachusetts, the state in which the Fund is incorporated, under certain circumstances, the Board is authorized to approve rights
        offerings without obtaining Shareholder approval. The staff of the SEC has interpreted the 1940 Act as not requiring shareholder approval of a rights offering at a price below the then current NAV so long as certain conditions are met, including a
        good faith determination by the fund&#8217;s board of trustees that such offering would result in a net benefit to the Fund&#8217;s existing shareholders.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">15</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">FINANCIAL HIGHLIGHTS</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Set forth below is, for each year indicated, per share operating performance data for one share of beneficial interest of the Fund (&#8220;Share&#8221;), total investment return, ratios to average net assets and
        other supplemental data. This information has been derived from the financial statements and market price data for the Fund&#8217;s Shares. The financial highlights for the fiscal year ended August 31, 2020 have been audited by Tait, Weller &amp; Baker
        LLP, independent registered public accounting firm. Financial highlights provided below for fiscal years ended August 31, 2017 and earlier were audited by a different auditor.&#160; The financial statements and notes thereto for the fiscal year ended
        August 31, 3020, together with the report thereon of the Fund&#8217;s independent registered public accounting firm, are incorporated by reference in the Statement of Additional Information and are available without charge by visiting the Fund&#8217;s website
        at www.highincomesecuritiesfund.com, by calling toll free 1-888-898-4107 or by writing to the Fund at&#160; 615 East Michigan Street, Milwaukee, WI 53202.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z777896488f934dc7bc9f36dc0bec414c">

          <tr>
            <td style="width: 29%; vertical-align: bottom; background-color: #D9D9D9;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 0.59%; vertical-align: bottom; background-color: #D9D9D9;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td colspan="4" style="width: 13.79%; vertical-align: top; background-color: #D9D9D9;">&#160;</td>
            <td colspan="16" style="width: 56.04%; vertical-align: top; background-color: #D9D9D9;">
              <div style="text-align: center; color: #000000;">For the Years Ended August 31,</div>
            </td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 29%; vertical-align: bottom; background-color: #D9D9D9;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 0.59%; vertical-align: bottom; background-color: #D9D9D9;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td colspan="2" style="width: 11.24%; vertical-align: top; background-color: #D9D9D9; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">2020</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: bottom; background-color: #D9D9D9;">&#160;</td>
            <td style="width: 0.59%; vertical-align: bottom; background-color: #D9D9D9;">&#160;</td>
            <td colspan="3" style="width: 12.53%; vertical-align: top; background-color: #D9D9D9; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">2019</div>
            </td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: bottom; background-color: #D9D9D9;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 0.59%; vertical-align: bottom; background-color: #D9D9D9;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td colspan="2" style="width: 11.71%; vertical-align: bottom; background-color: #D9D9D9; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">2018*</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: bottom; background-color: #D9D9D9;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 0.59%; vertical-align: bottom; background-color: #D9D9D9;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td colspan="2" style="width: 11.71%; vertical-align: bottom; background-color: #D9D9D9; border-bottom: #000000 2px solid;">
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            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: bottom; background-color: #D9D9D9;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 0.59%; vertical-align: bottom; background-color: #D9D9D9;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: bottom; background-color: #D9D9D9;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 10.54%; vertical-align: bottom; background-color: #D9D9D9; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">2016*</div>
            </td>
            <td nowrap="nowrap" style="width: 2.08%; vertical-align: bottom; background-color: #D9D9D9;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 29%; vertical-align: bottom;">&#160;</td>
            <td style="width: 0.59%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td colspan="2" style="width: 11.24%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: bottom;">&#160;</td>
            <td style="width: 0.59%; vertical-align: bottom;">&#160;</td>
            <td colspan="3" style="width: 12.53%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 0.59%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td colspan="2" style="width: 11.71%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 0.59%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td colspan="2" style="width: 11.71%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 0.59%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 10.54%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 2.08%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 29%; vertical-align: top;">
              <div style="color: #000000; font-weight: bold;">PER SHARE OPERATING PERFORMANCE</div>
            </td>
            <td style="width: 0.59%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1.18%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 10.06%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 9.39%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 10.53%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 10.53%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 10.54%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
            <td nowrap="nowrap" style="width: 2.08%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 29%; vertical-align: top;">
              <div style="color: #000000;">Net asset value, beginning of Period</div>
            </td>
            <td style="width: 0.59%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="color: #000000;">$</div>
            </td>
            <td style="width: 10.06%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: right; color: #000000;">9.49</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="color: #000000;">$</div>
            </td>
            <td style="width: 9.39%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: right; color: #000000;">9.69</div>
            </td>
            <td style="width: 1.97%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 0.59%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="color: #000000;">$</div>
            </td>
            <td style="width: 10.53%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: right; color: #000000;">9.53</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 0.59%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="color: #000000;">$</div>
            </td>
            <td style="width: 10.53%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: right; color: #000000;">8.92</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 0.59%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="color: #000000;">$</div>
            </td>
            <td style="width: 10.54%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: right; color: #000000;">8.67</div>
            </td>
            <td nowrap="nowrap" style="width: 2.08%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 29%; vertical-align: top;">
              <div style="color: #000000;">Net investment Income</div>
            </td>
            <td style="width: 0.59%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 10.06%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">0.38</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 9.39%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">0.13</div>
            </td>
            <td style="width: 1.97%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 0.59%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 10.53%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">0.22</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 0.59%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 10.53%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">0.30</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 0.59%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 10.54%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">0.35</div>
            </td>
            <td nowrap="nowrap" style="width: 2.08%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 29%; vertical-align: top;">
              <div style="color: #000000;">Net realized and unrealized gain/(loss) on securities</div>
            </td>
            <td style="width: 0.59%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 10.06%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: right; color: #000000;">(0.32)</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 9.39%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: right; color: #000000;">0.01</div>
            </td>
            <td style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 10.53%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: right; color: #000000;">0.25</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 10.53%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: right; color: #000000;">0.66</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 10.54%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: right; color: #000000;">0.17</div>
            </td>
            <td nowrap="nowrap" style="width: 2.08%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 29%; vertical-align: top;">
              <div style="color: #000000;">Total From Investment Operations</div>
            </td>
            <td style="width: 0.59%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 10.06%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: right; color: #000000;">0.06</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 9.39%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: right; color: #000000;">0.14</div>
            </td>
            <td style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 10.53%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: right; color: #000000;">0.47</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 10.53%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: right; color: #000000;">0.96</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 10.54%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: right; color: #000000;">0.52</div>
            </td>
            <td nowrap="nowrap" style="width: 2.08%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 29%; vertical-align: top;">
              <div style="color: #000000;">Dividends (from net investment income) to stockholders:</div>
            </td>
            <td style="width: 0.59%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 10.06%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">(0.34)</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 9.39%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">(0.05)</div>
            </td>
            <td style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 10.53%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">(0.31)</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 10.53%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">(0.37)</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 10.54%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">(0.37)</div>
            </td>
            <td nowrap="nowrap" style="width: 2.08%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 29%; vertical-align: top;">
              <div style="color: #000000;">Distributions (from capital gains) to stockholders</div>
            </td>
            <td style="width: 0.59%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1.18%; vertical-align: bottom;">&#160;</td>
            <td style="width: 10.06%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">(0.05)</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 9.39%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">(0.41)</div>
            </td>
            <td style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 10.53%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">-</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 10.53%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">-</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 10.54%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">-</div>
            </td>
            <td nowrap="nowrap" style="width: 2.08%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 29%; vertical-align: top;">
              <div style="color: #000000;">Return of Capital</div>
            </td>
            <td style="width: 0.59%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1.18%; vertical-align: bottom;">&#160;</td>
            <td style="width: 10.06%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">(0.51)</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 9.39%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">-</div>
            </td>
            <td style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 10.53%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">-</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 10.53%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">-</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 10.54%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">-</div>
            </td>
            <td nowrap="nowrap" style="width: 2.08%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 29%; vertical-align: top;">
              <div style="color: #000000;">Total Distributions</div>
            </td>
            <td style="width: 0.59%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 10.06%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">(0.90)</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 9.39%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">(0.46)</div>
            </td>
            <td style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 10.53%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">(0.31)</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 10.53%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">(0.37)</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 10.54%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">(0.37)</div>
            </td>
            <td nowrap="nowrap" style="width: 2.08%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
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          </tr>
          <tr>
            <td style="width: 29%; vertical-align: top;">
              <div style="color: #000000;">Increase from shares repurchased</div>
            </td>
            <td style="width: 0.59%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 10.06%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">-</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 9.39%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">-</div>
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            <td style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 10.53%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">(0.00)</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 10.53%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">(0.02)</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 10.54%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">(0.10)</div>
            </td>
            <td nowrap="nowrap" style="width: 2.08%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 29%; vertical-align: top;">
              <div style="color: #000000;">Anti-dilutive effect of Tender Offer</div>
            </td>
            <td style="width: 0.59%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 10.06%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">-</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 9.39%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">(0.12)</div>
            </td>
            <td style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 10.53%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">-</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 10.53%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">-</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 10.54%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">-</div>
            </td>
            <td nowrap="nowrap" style="width: 2.08%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 29%; vertical-align: top;">
              <div style="color: #000000;">Net Asset Value, End of Period</div>
            </td>
            <td style="width: 0.59%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 10.06%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: right; color: #000000;">8.65</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 9.39%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: right; color: #000000;">9.49</div>
            </td>
            <td style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 10.53%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: right; color: #000000;">9.69</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 10.53%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: right; color: #000000;">9.53</div>
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            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 10.54%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: right; color: #000000;">8.92</div>
            </td>
            <td nowrap="nowrap" style="width: 2.08%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 29%; vertical-align: top;">
              <div style="color: #000000;">Per Share Market Value, End of Period</div>
            </td>
            <td style="width: 0.59%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 10.06%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: right; color: #000000;">8.10</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 9.39%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: right; color: #000000;">8.24</div>
            </td>
            <td style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 10.53%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: right; color: #000000;">9.38</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 10.53%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: right; color: #000000;">8.77</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 10.54%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: right; color: #000000;">8.02</div>
            </td>
            <td nowrap="nowrap" style="width: 2.08%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 29%; vertical-align: top;">
              <div style="color: #000000;">&#160;Total Investment Return</div>
            </td>
            <td style="width: 0.59%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 10.06%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">9.86%</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 9.39%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">-7.56%</div>
            </td>
            <td style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 10.53%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">10.65%</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 10.53%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">14.19%</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 10.54%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">14.96%</div>
            </td>
            <td nowrap="nowrap" style="width: 2.08%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 29%; vertical-align: top;">
              <div style="color: #000000; font-weight: bold;">RATIOS/SUPPLEMENTAL DATA</div>
            </td>
            <td style="width: 0.59%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1.18%; vertical-align: bottom;">&#160;</td>
            <td style="width: 10.06%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 9.39%; vertical-align: top;">&#160;</td>
            <td style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 10.53%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 10.53%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 10.54%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 2.08%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 29%; vertical-align: top;">
              <div style="color: #000000;">Net assets, End of Period</div>
            </td>
            <td style="width: 0.59%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: bottom;">
              <div style="color: #000000;">$</div>
            </td>
            <td style="width: 10.06%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">48,129</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 9.39%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">52,812</div>
            </td>
            <td style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 10.53%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">125,256</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 10.53%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">123,607</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 10.54%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">118,530</div>
            </td>
            <td nowrap="nowrap" style="width: 2.08%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 29%; vertical-align: top;">
              <div style="color: #000000;">Ratio of Expenses to Average Net Assets</div>
            </td>
            <td style="width: 0.59%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 10.06%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">1.89</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">
              <div style="color: #000000;">%</div>
            </td>
            <td style="width: 0.59%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 9.39%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">1.18</div>
            </td>
            <td style="width: 1.97%; vertical-align: top;">
              <div style="color: #000000;">%</div>
            </td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 10.53%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">1.47</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">
              <div style="color: #000000;">%</div>
            </td>
            <td style="width: 0.59%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 10.53%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">1.22</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">
              <div style="color: #000000;">%</div>
            </td>
            <td style="width: 0.59%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 10.54%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">0.94</div>
            </td>
            <td nowrap="nowrap" style="width: 2.08%; vertical-align: top;">
              <div style="color: #000000;">%</div>
            </td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 29%; vertical-align: top;">
              <div style="color: #000000;">Ratio of Net Income to Average Net Assets</div>
            </td>
            <td style="width: 0.59%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 10.06%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">4.30</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">
              <div style="color: #000000;">%</div>
            </td>
            <td style="width: 0.59%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 9.39%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">1.38</div>
            </td>
            <td style="width: 1.97%; vertical-align: top;">
              <div style="color: #000000;">%</div>
            </td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 10.53%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">2.26</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">
              <div style="color: #000000;">%</div>
            </td>
            <td style="width: 0.59%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 10.53%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">3.29</div>
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            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">
              <div style="color: #000000;">%</div>
            </td>
            <td style="width: 0.59%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 10.54%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">4.15</div>
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            <td nowrap="nowrap" style="width: 2.08%; vertical-align: top;">
              <div style="color: #000000;">%</div>
            </td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
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          <tr>
            <td style="width: 29%; vertical-align: top;">
              <div style="color: #000000;">Portfolio Turnover Rate</div>
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            <td style="width: 0.59%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 10.06%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">81</div>
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            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">
              <div style="color: #000000;">%</div>
            </td>
            <td style="width: 0.59%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 9.39%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">43</div>
            </td>
            <td style="width: 1.97%; vertical-align: top;">
              <div style="color: #000000;">%</div>
            </td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: top;">&#160;</td>
            <td style="width: 0.59%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 10.53%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">49</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">
              <div style="color: #000000;">%</div>
            </td>
            <td style="width: 0.59%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 10.53%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">50</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">
              <div style="color: #000000;">%</div>
            </td>
            <td style="width: 0.59%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 10.54%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">26</div>
            </td>
            <td nowrap="nowrap" style="width: 2.08%; vertical-align: top;">
              <div style="color: #000000;">%</div>
            </td>
            <td nowrap="nowrap" style="width: 0.59%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
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      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">16</font></div>
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          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
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            <td style="width: 25.55%; vertical-align: bottom; background-color: #D9D9D9;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 0.5%; vertical-align: bottom; background-color: #D9D9D9;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td colspan="23" style="width: 73.95%; vertical-align: top; background-color: #D9D9D9;">
              <div>&#160;</div>
              <div style="text-align: center; color: #000000;">For the Years Ended August 31,</div>
              <div style="color: #000000;">&#160;</div>
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          <tr>
            <td style="width: 25.55%; vertical-align: bottom; background-color: #D9D9D9;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 0.5%; vertical-align: bottom; background-color: #D9D9D9;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td colspan="2" style="width: 9.99%; vertical-align: top; background-color: #D9D9D9; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">2015*</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: bottom; background-color: #D9D9D9;">&#160;</td>
            <td style="width: 0.5%; vertical-align: bottom; background-color: #D9D9D9;">&#160;</td>
            <td colspan="3" style="width: 11.67%; vertical-align: top; background-color: #D9D9D9; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">2014*</div>
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            <td nowrap="nowrap" style="width: 0.5%; vertical-align: bottom; background-color: #D9D9D9;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 0.5%; vertical-align: bottom; background-color: #D9D9D9;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td colspan="2" style="width: 10%; vertical-align: bottom; background-color: #D9D9D9; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">2013*</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: bottom; background-color: #D9D9D9;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 0.5%; vertical-align: bottom; background-color: #D9D9D9;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td colspan="2" style="width: 10%; vertical-align: bottom; background-color: #D9D9D9; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">2012*</div>
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            <td nowrap="nowrap" style="width: 2.16%; vertical-align: bottom; background-color: #D9D9D9;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 0.5%; vertical-align: bottom; background-color: #D9D9D9;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.5%; vertical-align: bottom; background-color: #D9D9D9;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 9%; vertical-align: bottom; background-color: #D9D9D9; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">2011*</div>
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            <td nowrap="nowrap" style="width: 1.66%; vertical-align: bottom; background-color: #D9D9D9;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 1.5%; vertical-align: bottom; background-color: #D9D9D9;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 7.8%; vertical-align: bottom; background-color: #D9D9D9;">
              <div style="text-align: center; color: #000000;">2010*</div>
            </td>
            <td style="width: 2.84%; vertical-align: bottom; background-color: #D9D9D9;">
              <div style="color: #000000;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25.55%; vertical-align: bottom;">&#160;</td>
            <td style="width: 0.5%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td colspan="2" style="width: 9.99%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: bottom;">&#160;</td>
            <td style="width: 0.5%; vertical-align: bottom;">&#160;</td>
            <td colspan="3" style="width: 11.67%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 0.5%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 0.5%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td colspan="2" style="width: 10%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 0.5%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td colspan="2" style="width: 10%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 2.16%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 0.5%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.5%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 9%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 1.5%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 7.8%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 2.84%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
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          <tr>
            <td style="width: 25.55%; vertical-align: top;">
              <div style="color: #000000; font-weight: bold;">PER SHARE OPERATING PERFORMANCE</div>
            </td>
            <td style="width: 0.5%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 9%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 9%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 9%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 9%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
            <td nowrap="nowrap" style="width: 2.16%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1.5%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 9%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 1.5%; vertical-align: bottom;">&#160;</td>
            <td style="width: 7.8%; vertical-align: top;">&#160;</td>
            <td style="width: 2.84%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 25.55%; vertical-align: top; padding-bottom: 2px;">
              <div style="color: #000000;">Net asset value, beginning of Period</div>
            </td>
            <td style="width: 0.5%; vertical-align: bottom; padding-bottom: 2px;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000;">$</div>
            </td>
            <td style="width: 9%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000;">9.56</div>
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            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000;">$</div>
            </td>
            <td style="width: 9%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000;">8.76</div>
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            <td style="width: 1.66%; vertical-align: top; padding-bottom: 2px;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 0.5%; vertical-align: top; padding-bottom: 2px;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 0.5%; vertical-align: top; padding-bottom: 2px;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000;">$</div>
            </td>
            <td style="width: 9%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000;">8.21</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top; padding-bottom: 2px;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 0.5%; vertical-align: top; padding-bottom: 2px;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000;">$</div>
            </td>
            <td style="width: 9%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000;">8.12</div>
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            <td nowrap="nowrap" style="width: 2.16%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 1.5%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000;">&#160;$</div>
            </td>
            <td style="width: 9%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000;">7.93</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top; padding-bottom: 2px;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 1.5%; vertical-align: bottom; padding-bottom: 2px;">
              <div style="color: #000000;">&#160;$</div>
            </td>
            <td style="width: 7.8%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000;">7.13</div>
            </td>
            <td style="width: 2.84%; vertical-align: top; padding-bottom: 2px;">
              <div style="color: #000000;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25.55%; vertical-align: top;">
              <div style="color: #000000;">Net investment Income</div>
            </td>
            <td style="width: 0.5%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">0.35</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">0.36</div>
            </td>
            <td style="width: 1.66%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 0.5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 0.5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">0.44</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 0.5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">0.49</div>
            </td>
            <td nowrap="nowrap" style="width: 2.16%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1.5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">0.50</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 1.5%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 7.8%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">0.51</div>
            </td>
            <td style="width: 2.84%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25.55%; vertical-align: top; padding-bottom: 2px;">
              <div style="color: #000000;">Net realized and unrealized gain/(loss) on securities</div>
            </td>
            <td style="width: 0.5%; vertical-align: bottom; padding-bottom: 2px;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 9%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000;">(0.95)</div>
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            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 9%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000;">0.82</div>
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            <td style="width: 1.66%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.5%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 9%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000;">0.56</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 9%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000;">0.13</div>
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            <td nowrap="nowrap" style="width: 2.16%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 1.5%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 9%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000;">0.22</div>
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            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td nowrap="nowrap" style="width: 1.5%; vertical-align: bottom; padding-bottom: 2px;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 7.8%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000;">0.81</div>
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            <td style="width: 2.84%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 25.55%; vertical-align: top; padding-bottom: 2px;">
              <div style="color: #000000;">Total From Investment Operations</div>
            </td>
            <td style="width: 0.5%; vertical-align: bottom; padding-bottom: 2px;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 9%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000;">(0.60)</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 9%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000;">1.18</div>
            </td>
            <td style="width: 1.66%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.5%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 9%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000;">1.00</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 9%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000;">0.62</div>
            </td>
            <td nowrap="nowrap" style="width: 2.16%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 1.5%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 9%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000;">0.72</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td nowrap="nowrap" style="width: 1.5%; vertical-align: bottom; padding-bottom: 2px;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 7.8%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000;">1.32</div>
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            <td style="width: 2.84%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 25.55%; vertical-align: top;">
              <div style="color: #000000;">Dividends (from net investment income) to stockholders:</div>
            </td>
            <td style="width: 0.5%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">(0.37)</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">(0.43)</div>
            </td>
            <td style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">(0.48)</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">(0.53)</div>
            </td>
            <td nowrap="nowrap" style="width: 2.16%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1.5%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">(0.53)</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 1.5%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 7.8%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">(0.53)</div>
            </td>
            <td style="width: 2.84%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 25.55%; vertical-align: top;">
              <div style="color: #000000;">Distributions (from capital gains) to stockholders</div>
            </td>
            <td style="width: 0.5%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1%; vertical-align: bottom;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">-</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">-</div>
            </td>
            <td style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">-</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">-</div>
            </td>
            <td nowrap="nowrap" style="width: 2.16%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1.5%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">-</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 1.5%; vertical-align: bottom;">&#160;</td>
            <td style="width: 7.8%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">-</div>
            </td>
            <td style="width: 2.84%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 25.55%; vertical-align: top;">
              <div style="color: #000000;">Return of Capital</div>
            </td>
            <td style="width: 0.5%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1%; vertical-align: bottom;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">-</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">-</div>
            </td>
            <td style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">-</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">-</div>
            </td>
            <td nowrap="nowrap" style="width: 2.16%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1.5%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">-</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 1.5%; vertical-align: bottom;">&#160;</td>
            <td style="width: 7.8%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">-</div>
            </td>
            <td style="width: 2.84%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 25.55%; vertical-align: top;">
              <div style="color: #000000;">Total Distributions</div>
            </td>
            <td style="width: 0.5%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">(0.37)</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">(0.43)</div>
            </td>
            <td style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">(0.48)</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">(0.53)</div>
            </td>
            <td nowrap="nowrap" style="width: 2.16%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1.5%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">(0.53)</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 1.5%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">&#160;</div>
            </td>
            <td style="width: 7.8%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">(0.53)</div>
            </td>
            <td style="width: 2.84%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 25.55%; vertical-align: top;">
              <div style="color: #000000;">Increase from shares repurchased</div>
            </td>
            <td style="width: 0.5%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">0.08</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">0.05</div>
            </td>
            <td style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">0.03</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">-</div>
            </td>
            <td nowrap="nowrap" style="width: 2.16%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1.5%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">-</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 1.5%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">&#160;</div>
            </td>
            <td style="width: 7.8%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">0.01</div>
            </td>
            <td style="width: 2.84%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 25.55%; vertical-align: top;">
              <div style="color: #000000;">Anti-dilutive effect of Tender Offer</div>
            </td>
            <td style="width: 0.5%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">-</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">-</div>
            </td>
            <td style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">-</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">-</div>
            </td>
            <td nowrap="nowrap" style="width: 2.16%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1.5%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">-</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 1.5%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">&#160;</div>
            </td>
            <td style="width: 7.8%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">-</div>
            </td>
            <td style="width: 2.84%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 25.55%; vertical-align: top; padding-bottom: 2px;">
              <div style="color: #000000;">Net Asset Value, End of Period</div>
            </td>
            <td style="width: 0.5%; vertical-align: bottom; padding-bottom: 2px;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 9%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000;">8.67</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 9%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000;">9.56</div>
            </td>
            <td style="width: 1.66%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.5%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 9%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000;">8.76</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 9%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000;">8.21</div>
            </td>
            <td nowrap="nowrap" style="width: 2.16%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 1.5%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 9%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000;">8.12</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td nowrap="nowrap" style="width: 1.5%; vertical-align: bottom; padding-bottom: 2px;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 7.8%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000;">7.93</div>
            </td>
            <td style="width: 2.84%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 25.55%; vertical-align: top; padding-bottom: 2px;">
              <div style="color: #000000;">Per Share Market Value, End of Period</div>
            </td>
            <td style="width: 0.5%; vertical-align: bottom; padding-bottom: 2px;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 9%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000;">7.33</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 9%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000;">8.61</div>
            </td>
            <td style="width: 1.66%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.5%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 9%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000;">7.68</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 9%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000;">8.27</div>
            </td>
            <td nowrap="nowrap" style="width: 2.16%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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              <div style="color: #000000;">&#160;</div>
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            <td style="width: 7.8%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
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            <td style="width: 2.84%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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          <tr>
            <td style="width: 25.55%; vertical-align: top;">
              <div style="color: #000000;">&#160;Total Investment Return</div>
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            <td style="width: 0.5%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
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            <td style="width: 1%; vertical-align: bottom;">
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              <div style="text-align: right; color: #000000;">-10.87%</div>
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            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
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              <div style="text-align: right; color: #000000;">17.94%</div>
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            <td style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
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              <div style="text-align: right; color: #000000;">-1.44%</div>
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            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">9.08</div>
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            <td nowrap="nowrap" style="width: 2.16%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1.5%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">5.22</div>
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            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 1.5%; vertical-align: bottom;">&#160;</td>
            <td style="width: 7.8%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">29.08</div>
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            <td style="width: 2.84%; vertical-align: top;">&#160;</td>
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          <tr>
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              <div style="color: #000000; font-weight: bold;">RATIOS/SUPPLEMENTAL DATA</div>
            </td>
            <td style="width: 0.5%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1%; vertical-align: bottom;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">&#160;</td>
            <td style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 2.16%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1.5%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 1.5%; vertical-align: bottom;">&#160;</td>
            <td style="width: 7.8%; vertical-align: top;">&#160;</td>
            <td style="width: 2.84%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 25.55%; vertical-align: top;">
              <div style="color: #000000;">Net assets, End of Period</div>
            </td>
            <td style="width: 0.5%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
              <div style="color: #000000;">$</div>
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            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">127,027</div>
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            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">151,659</div>
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            <td style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">145,549</div>
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            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">141,003</div>
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            <td nowrap="nowrap" style="width: 2.16%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1.5%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">139,120</div>
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            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">&#160;</td>
            <td nowrap="nowrap" style="width: 1.5%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
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            <td style="width: 7.8%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">135,777</div>
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            <td style="width: 2.84%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 25.55%; vertical-align: top;">
              <div style="color: #000000;">Ratio of Expenses to Average Net Assets</div>
            </td>
            <td style="width: 0.5%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
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            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">0.90</div>
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            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">
              <div style="color: #000000;">%</div>
            </td>
            <td style="width: 0.5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">0.94</div>
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            <td style="width: 1.66%; vertical-align: top;">
              <div style="color: #000000;">%</div>
            </td>
            <td nowrap="nowrap" style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">0.90</div>
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            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">
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            <td style="width: 0.5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
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            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">0.93</div>
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            <td nowrap="nowrap" style="width: 2.16%; vertical-align: top;">
              <div style="color: #000000;">&#160;%</div>
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            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1.5%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">0.91</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">
              <div style="color: #000000;">%</div>
            </td>
            <td nowrap="nowrap" style="width: 1.5%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 7.8%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">0.93</div>
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            <td style="width: 2.84%; vertical-align: top;">
              <div style="color: #000000;">%</div>
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          </tr>
          <tr>
            <td style="width: 25.55%; vertical-align: top;">
              <div style="color: #000000;">Ratio of Net Income to Average Net Assets</div>
            </td>
            <td style="width: 0.5%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
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            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">3.86</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">
              <div style="color: #000000;">%</div>
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            <td style="width: 0.5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
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            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">3.91</div>
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            <td style="width: 1.66%; vertical-align: top;">
              <div style="color: #000000;">%</div>
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            <td nowrap="nowrap" style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
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            <td style="width: 1%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
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            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">5.10</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">
              <div style="color: #000000;">%</div>
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            <td style="width: 0.5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
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            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">6.04</div>
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            <td nowrap="nowrap" style="width: 2.16%; vertical-align: top;">
              <div style="color: #000000;">&#160;%</div>
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            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1.5%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">5.86</div>
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            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">
              <div style="color: #000000;">%</div>
            </td>
            <td nowrap="nowrap" style="width: 1.5%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 7.8%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">6.60</div>
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            <td style="width: 2.84%; vertical-align: top;">
              <div style="color: #000000;">%</div>
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          </tr>
          <tr>
            <td style="width: 25.55%; vertical-align: top;">
              <div style="color: #000000;">Portfolio Turnover Rate</div>
            </td>
            <td style="width: 0.5%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
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            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">35</div>
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            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">
              <div style="color: #000000;">%</div>
            </td>
            <td style="width: 0.5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
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            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">41</div>
            </td>
            <td style="width: 1.66%; vertical-align: top;">
              <div style="color: #000000;">%</div>
            </td>
            <td nowrap="nowrap" style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 0.5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">48</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">
              <div style="color: #000000;">%</div>
            </td>
            <td style="width: 0.5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">36</div>
            </td>
            <td nowrap="nowrap" style="width: 2.16%; vertical-align: top;">
              <div style="color: #000000;">&#160;%</div>
            </td>
            <td style="width: 0.5%; vertical-align: top;">&#160;</td>
            <td style="width: 1.5%; vertical-align: top;">&#160;</td>
            <td style="width: 9%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">63</div>
            </td>
            <td nowrap="nowrap" style="width: 1.66%; vertical-align: top;">
              <div style="color: #000000;">%</div>
            </td>
            <td nowrap="nowrap" style="width: 1.5%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 7.8%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">61</div>
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            <td style="width: 2.84%; vertical-align: top;">
              <div style="color: #000000;">%</div>
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          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">* At the Fund&#8217;s 2018 annual meeting, a new Board was elected and the Fund&#8217;s former investment adviser was terminated as of July 23, 2018. Financial information for periods prior to
        that date is reflective of the prior management&#8217;s performance and should not be relied upon in making an investment decision regarding the Shares or the Rights.</div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">USE OF PROCEEDS</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">If fully-subscribed, the net proceeds of the Offering will be approximately $43,924,375 or approximately $7.91 per Share. The Fund intends to use the net proceeds of the Offering to invest in
        accordance with the Fund&#8217;s investment objective and policies (as stated below) as soon as practicable after completion of the Offering. The Fund currently anticipates being able to invest the net proceeds within one month after the completion of
        the Offering. Pending investment of the net proceeds in accordance with the Fund&#8217;s investment objective and policies, the Fund will invest in money market securities or money market mutual funds. Investors should expect, therefore, that before the
        Fund has fully invested the proceeds of the Offering in accordance with its investment objective and policies, the Fund&#8217;s net asset value would earn interest income at a modest rate.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">17</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">INVESTMENT OBJECTIVE AND POLICIES</div>
      <div><br>
      </div>
      <div style="color: #000000; font-weight: bold;">Investment Objectives</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Fund&#8217;s investment objective is to seek to provide high current income as a primary objective and capital appreciation as a secondary objective. There can be no assurance that the Fund&#8217;s objective
        will be achieved.&#160; The Board is currently reviewing and may determine it is in the best interests of the Fund and its Shareholders to make changes to the Fund&#8217;s current investment objective, investment strategies and fundamental and non-fundamental
        investment restrictions of the Fund, subject, where required, to the approval of the Shareholders.&#160; Any such changes would be disclosed in a future registration statement.</div>
      <div><br>
      </div>
      <div style="color: #000000; font-weight: bold;">Investment Strategies</div>
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      </div>
      <div style="text-align: justify; color: #000000;">The Investment Committee currently manages the Fund&#8217;s assets with a focus on discounted securities of income-oriented closed-end investment companies and business development companies. Depending in
        part on the amount of proceeds raised in the Offering, the Board may determine in the future that it is in the best interests of the Fund and its Shareholders to engage an investment advisory firm to manage the Fund&#8217;s assets. The Fund&#8217;s objective
        is pursued by primarily investing, under normal circumstances, at least 80% of its net assets in fixed income securities, including debt instruments, convertible securities and preferred stocks. The Fund also invests in high-yielding
        non-convertible securities with the potential for capital appreciation. The primary focus of the investment strategy is to acquire discounted securities of income-oriented closed-end investment companies and business development companies.&#160; In
        addition, units or common shares issued by special purpose acquisition companies (SPACs) may comprise up to 20% of the Fund&#8217;s portfolio.&#160; The Fund may hold fixed income securities with any maturity or duration.</div>
      <div><br>
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      <div style="text-align: justify; color: #000000;">The Fund may, from time to time, take temporary defensive positions that are inconsistent with the Fund&#8217;s principal investment strategies in attempting to respond to adverse market, economic,
        political or other conditions. During such times, the Fund may temporarily invest up to 100% of its assets in cash or cash equivalents, including money market instruments, prime commercial paper, repurchase agreements, Treasury bills and other
        short-term obligations of the U.S. Government, its agencies or instrumentalities. In these and in other cases, the Fund may not achieve its investment objective.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Investment Committee may invest the Fund&#8217;s cash balances in any investments it deems appropriate, subject to the restrictions set forth in below under &#8220;Fundamental Investment Restrictions&#8221; and as
        permitted under the 1940 Act, including investments in repurchase agreements, money market funds, additional repurchase agreements, U.S. Treasury and U.S. agency securities, municipal bonds and bank accounts. Any income earned from such investments
        will ordinarily be reinvested by the Fund in accordance with its investment program. Many of the considerations entering into the Investment Committee&#8217;s recommendations and decisions are subjective.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">Portfolio Investments</div>
      <div style="text-align: justify; color: #000000;">&#160;</div>
      <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Other Closed-End Investment Companies</div>
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      </div>
      <div style="text-align: justify; color: #000000;">The Fund may invest without limitation in other closed-end investment companies, provided that the Fund limits its investment in securities issued by other investment companies so that not more than
        3% of the outstanding voting stock of any one investment company will be owned by the Fund. There can be no assurance that the investment objective of any investment company in which the Fund invests will be achieved. Closed-end investment
        companies are subject to the risks of investing in the underlying securities. The Fund, as a holder of the securities of the closed-end investment company, will bear its pro rata portion of the closed-end investment company&#8217;s expenses, including
        advisory fees. These expenses are in addition to the direct expenses of the Fund&#8217;s own operations. The closed end investment companies in which the Fund invests hold fixed income securities.&#160; The Fund &#8220;looks through&#8221; to these investments to in
        determining whether at least 80% of the Fund&#8217;s investments are comprised of fixed income securities.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">18</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Special Purpose Acquisition Companies</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Fund may invest in stocks, warrants, and other securities of special purpose acquisition companies or similar special purpose entities that pool funds to seek potential acquisition opportunities
        (&#8220;SPACs&#8221;).&#160; Unless and until an acquisition meeting the SPAC&#8217;s requirements is completed, a SPAC generally invests its assets (less a portion retained to cover expenses) in U.S. Government securities, money market securities and cash.&#160; If an
        acquisition that meets the requirements for the SPAC is not completed within a pre-established period of time, the invested funds are returned to the entity&#8217;s shareholders.&#160; Because SPACs and similar entities have no operating history or ongoing
        business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity&#8217;s management to identify and complete a profitable acquisition.&#160; Some SPACs may pursue acquisitions only within certain
        industries or regions, which may increase the volatility of their prices.&#160; In addition, these securities, which are typically traded in the over-the-counter market, may be considered illiquid, be subject to restrictions on resale&#160;and/or may trade
        at a discount.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Common Stocks</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Fund will invest in common stocks. Common stocks represent an ownership interest in an issuer. While offering greater potential for long-term growth, common stocks are more volatile and riskier
        than some other forms of investment. Common stock prices fluctuate for many reasons, including adverse events, such as an unfavorable earnings report, changes in investors&#8217; perceptions of the financial condition of an issuer or the general
        condition of the relevant stock market, or when political or economic events affecting the issuers occur. In addition, common stock prices may be sensitive to rising interest rates as the costs of capital rise and borrowing costs increase.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Preferred Stocks</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Fund may invest in preferred stocks. Preferred stock, like common stock, represents an equity ownership in an issuer. Generally, preferred stock has a priority of claim over common stock in
        dividend payments and upon liquidation of the issuer. Unlike common stock, preferred stock does not usually have voting rights. Preferred stock in some instances is convertible into common stock. Although they are equity securities, preferred
        stocks have characteristics of both debt and common stock. Like debt, their promised income is contractually fixed. Like common stock, they do not have rights to precipitate bankruptcy proceedings or collection activities in the event of missed
        payments. Other equity characteristics are their subordinated position in an issuer&#8217;s capital structure and that their quality and value are heavily dependent on the profitability of the issuer rather than on any legal claims to specific assets or
        cash flows.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Distributions on preferred stock must be declared by the board of directors and may be subject to deferral, and thus they may not be automatically payable. Income payments on preferred stocks may be
        cumulative, causing dividends and distributions to accrue even if not declared by the company&#8217;s board or otherwise made payable, or they may be non-cumulative, so that skipped dividends and distributions do not continue to accrue. There is no
        assurance that dividends on preferred stocks in which the Fund invests will be declared or otherwise made payable. The Fund may invest in non-cumulative preferred stock, although the Investment Committee may consider, among other factors, their
        non-cumulative nature in making any decision to purchase or sell such securities.</div>
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      </div>
      <div style="text-align: justify; color: #000000;">Shares of preferred stock have a liquidation value that generally equals the original purchase price at the date of issuance. The market values of preferred stock may be affected by favorable and
        unfavorable changes impacting the issuers&#8217; industries or sectors, including companies in the utilities and financial services sectors, which are prominent issuers of preferred stock. They may also be affected by actual and anticipated changes or
        ambiguities in the tax status of the security and by actual and anticipated changes or ambiguities in tax laws, such as changes in corporate and individual income tax rates, and in the dividends received deduction for corporate taxpayers or the
        lower rates applicable to certain dividends.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Because the claim on an issuer&#8217;s earnings represented by preferred stock may become onerous when interest rates fall below the rate payable on the stock or for other reasons, the issuer may redeem
        preferred stock, generally after an initial period of call protection in which the stock is not redeemable. Thus, in declining interest rate environments in particular, the Fund&#8217;s holdings of higher dividend -paying preferred stocks may be reduced
        and the Fund may be unable to acquire securities paying comparable rates with the redemption proceeds.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Warrants</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Fund may invest in equity and index warrants of domestic and international issuers. Equity warrants are securities that give the holder the right, but not the obligation, to subscribe for equity
        issues of the issuing company or a related company at a fixed price either on a certain date or during a set period. Changes in the value of a warrant do not necessarily correspond to changes in the value of its underlying security. The price of a
        warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. Warrants do not entitle a holder to dividends or voting rights with respect to the
        underlying security and do not represent any rights in the assets of the issuing company. A warrant ceases to have value if it is not exercised prior to its expiration date. These factors can make warrants more speculative than other types of
        investments. The sale of a warrant results in a long or short-term capital gain or loss depending on the period for which the warrant is held.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Corporate Bonds, Government Debt Securities and Other Debt Securities</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Fund may invest in corporate bonds, debentures and other debt securities or in investment companies which hold such instruments. Bonds and other debt securities generally are issued by
        corporations and other issuers to borrow money from investors. The issuer pays the investor a fixed rate of interest and normally must repay the amount borrowed on or before maturity. Certain debt securities are &#8220;perpetual&#8221; in that they have no
        maturity date.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Fund will invest in government debt securities, including those of emerging market issuers or of other non-U.S. issuers. These securities may be U.S. dollar-denominated or non-U.S.
        dollar-denominated and include: (a) debt obligations issued or guaranteed by foreign national, provincial, state, municipal or other governments with taxing authority or by their agencies or instrumentalities; and (b) debt obligations of
        supranational entities. Government debt securities include: debt securities issued or guaranteed by governments, government agencies or instrumentalities and political subdivisions; debt securities issued by government owned, controlled or
        sponsored entities; interests in entities organized and operated for the purpose of restructuring the investment characteristics issued by the above noted issuers; or debt securities issued by supranational entities such as the World Bank or the
        European Union. The Fund may also invest in securities denominated in currencies of emerging market countries. Emerging market debt securities generally are rated in the lower rating categories of recognized credit rating agencies or are unrated
        and considered to be of comparable quality to lower rated debt securities.</div>
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      </div>
      <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Convertible Securities</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Fund may invest in convertible securities. Convertible securities include fixed income securities that may be exchanged or converted into a predetermined number of shares of the issuer&#8217;s
        underlying common stock at the option of the holder during a specified period. Convertible securities may take the form of convertible preferred stock, convertible bonds or debentures, units consisting of &#8220;usable&#8221; bonds and warrants or a
        combination of the features of several of these securities. The investment characteristics of each convertible security vary widely, which allows convertible securities to be employed for a variety of investment strategies.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Fund will exchange or convert convertible securities into shares of underlying common stock when, in the opinion of the Investment Committee, the investment characteristics of the underlying
        common shares will assist the Fund in achieving its investment objective. The Fund may also elect to hold or trade convertible securities. In selecting convertible securities, the Investment Committee evaluates the investment characteristics of the
        convertible security as a fixed income instrument, and the investment potential of the underlying equity security for capital appreciation. In evaluating these matters with respect to a particular convertible security, the Investment Committee
        considers numerous factors, including the economic and political outlook, the value of the security relative to other investment alternatives, trends in the determinants of the issuer&#8217;s profits, and the issuer&#8217;s management capability and practices.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">Other Securities</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Although it has no current intention do so to any material extent, the Fund may determine to invest the Fund&#8217;s assets in some or all of the following securities.</div>
      <div style="text-align: justify; color: #000000;">&#160;</div>
      <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Illiquid Securities</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Illiquid securities are securities that are not readily marketable. Illiquid securities include securities that have legal or contractual restrictions on resale, and repurchase agreements maturing in
        more than seven days. Illiquid securities involve the risk that the securities will not be able to be sold at the time desired or at prices approximating the value at which the Fund is carrying the securities. Where registration is required to sell
        a security, the Fund may be obligated to pay all or part of the registration expenses, and a considerable period may elapse between the decision to sell and the time the Fund may be permitted to sell a security under an effective registration
        statement. If, during such a period, adverse market conditions were to develop, the Fund might obtain a less favorable price than prevailed when it decided to sell. The Fund may invest up to 10% of the value of its net assets in illiquid
        securities. Restricted securities for which no market exists and other illiquid investments are valued at fair value as determined in accordance with procedures approved and periodically reviewed by the Board of Trustees.&#160; The Fund does not
        consider its investments in SPACs to be illiquid because they are publicly traded securities.</div>
      <div><br>
      </div>
      <div style="color: #000000; font-style: italic; font-weight: bold;">Rule 144A Securities</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Fund may invest in restricted securities that are eligible for resale pursuant to Rule 144A under the Securities Act of 1933, as amended, (the &#8220;1933 Act&#8221;). Generally, Rule 144A establishes a safe
        harbor from the registration requirements of the 1933 Act for resale by large institutional investors of securities that are not publicly traded. The Investment Committee determines the liquidity of the Rule 144A securities according to guidelines
        adopted by the Board of Trustees. The Board of Trustees monitors the application of those guidelines and procedures. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund&#8217;s 10% limit on
        investments in illiquid securities.</div>
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      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">RISK FACTORS</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-style: italic;">An investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; is not insured, endorsed or guaranteed by the Federal
          Deposit Insurance Corporation or any other government agency; and is subject to investment risks. The value of the Fund&#8217;s investments will increase or decrease based on changes in the prices of the investments it holds. You could lose money by
          investing in the Fund. By itself, the Fund does not constitute a balanced investment program. You should consider carefully the following principal and non-principal risks before investing in the Fund. There may be additional risks that the Fund
          does not currently foresee or consider material. You may wish to consult with your legal or tax advisors, before deciding whether to invest in the Fund. This section describes the risk factors associated with investment in the Fund specifically,
          as well as those factors generally associated with investment in an investment company with investment objectives, investment policies, capital structure or trading markets similar to the Fund&#8217;s.</font>&#160;<font style="font-style: italic;">Each risk
          summarized below is a risk of investing in the Fund and different risks may be more significant at different times depending upon market conditions or other factors.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-style: italic;">The Fund may invest in securities of other investment companies (&#8220;underlying funds&#8221;).&#160; The Fund may be subject to the risks of the securities and other instruments described below
        through its own direct investments and indirectly through investments in the underlying funds.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;"><u>Risks Related to this Offering</u></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Decline in Trading Price: </font>If our trading price declines below the Subscription Price, you will suffer an immediate unrealized loss.</div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Value versus Subscription Price. </font>The Subscription Price was not determined based on established criteria for valuation, such as expected future
        performance, cash flows or financial condition. You should not rely on the Subscription Price to bear a relationship to those criteria or to be a guaranty of the value of the Fund.</div>
      <div><br>
      </div>
      <div><font style="font-weight: bold; font-style: italic;">Termination of Offering. </font>Our Board may terminate the offering at any time. If we decide to terminate the offering, we have no obligation to you except to return, without interest, your
        subscription payments.</div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Rejection of Exercise of Subscription Rights. </font>Rights Holders who desire to purchase shares in the offering must act promptly to ensure that all required
        forms and payments are actually received by the Subscribing Agent before the Expiration Date of the offering, unless extended. If you are a beneficial owner of shares of common stock, you must act promptly to ensure that your broker, custodian bank
        or other nominee acts for you and that all required forms and payments are actually received by the Subscribing Agent before the Expiration Date. We will not be responsible if your broker, custodian or nominee fails to ensure that all required
        forms and payments are actually received by the Subscribing Agent before the Expiration Date. If you fail to complete and sign the required subscription forms, send an incorrect payment amount or otherwise fail to follow the subscription procedures
        that apply to your exercise in the offering, the Subscribing Agent may, depending on the circumstances, reject your subscription or accept it only to the extent of the payment received. Neither we nor our Subscribing Agent undertakes to contact you
        concerning an incomplete or incorrect subscription form or payment, nor are we under any obligation to correct such forms or payments. We have the sole discretion to determine whether a subscription exercise properly follows the subscription
        procedures.</div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">22</font></div>
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      </div>
      <div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Discount to Net Asset Value. </font>The Fund&#8217;s shares of beneficial interest have historically traded on the NYSE at a discount to the Fund&#8217;s net asset value
        (&#8220;NAV&#8221;) per share. There is no assurance that this offering will have any effect on the persistent discount to NAV experienced by the Fund.</div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Dilution of Ownership. </font>As a result of the terms of this offer, shareholders who do not fully exercise their Rights will own, upon completion of this offer,
        a smaller proportional interest in the Fund than they owned prior to the offer.</div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Dilution to NAV. </font><font style="color: #000000;">All shareholders will experience an immediate dilution of the aggregate NAV of their Shares as a result of
          the completion of the Offer because (i) the Subscription Price per share will be less than the Fund&#8217;s NAV per share on the Expiration Date, (ii) the Fund will incur expenses in connection with the Offer, and (iii) the number of shares outstanding
          after the Offer will increase in a greater percentage than the increase in the size of the Fund&#8217;s assets. This dilution also will affect Record Date Shareholders to a greater extent if they do not exercise their Rights in full. It is not possible
          to state precisely the amount of any decrease in NAV, because it is not known at this time what the NAV per Share will be at the Expiration Date or what proportion of the Shares will be subscribed.</font></div>
      <div style="text-align: justify; color: #000000; font-style: italic;">&#160;</div>
      <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;"><u>Principal Risks</u></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Closed-End Investment Company Risk. </font>The Fund invests in the securities of other closed-end investment companies. Investing in other closed-end investment
        companies involves substantially the same risks as investing directly in the underlying instruments, but the total return on such investments at the investment company level may be reduced by the operating expenses and fees of such other closed-end
        investment companies, including advisory fees. There can be no assurance that the investment objective of any investment company in which the Fund invests will be achieved. Closed-end investment companies are subject to the risks of investing in
        the underlying securities. The Fund, as a holder of the securities of another closed-end investment company, will bear its pro rata portion of the closed-end investment company&#8217;s expenses, including advisory fees. These expenses are in addition to
        the direct expenses of the Fund&#8217;s own operations. To the extent the Fund invests a portion of its assets in investment company securities, those assets will be subject to the risks of the purchased investment company&#8217;s portfolio securities, and a
        shareholder in the Fund will bear not only his proportionate share of the expenses of the Fund, but also, indirectly, the expenses of the purchased investment company. The market price of a closed-end investment company fluctuates and may be either
        higher or lower than the NAV of such closed-end investment company.&#160; In accordance with Section 12(d)(1)(F) of the 1940 Act, the Fund will be limited by provisions of the 1940 Act that limit the amount the Fund, together with its affiliated
        persons, can invest in other investment companies to 3% of any other investment company&#8217;s total outstanding stock. As a result, the Fund may hold a smaller position in a closed-end investment company than if it were not subject to this restriction.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-weight: bold; font-style: italic;">Special Purpose Acquisition Companies Risk.</font>&#160;&#160; The Fund may invest in stock, warrants, and other securities of special purpose acquisition
        companies or similar special purpose entities that pool funds to seek potential acquisition opportunities (&#8220;SPACs&#8221;).&#160; Unless and until an acquisition meeting the SPAC&#8217;s requirements is completed, a SPAC generally invests its assets (less a portion
        retained to cover expenses) in U.S. Government securities, money market securities and cash.&#160; If an acquisition that meets the requirements for the SPAC is not completed within a pre-established period of time, the invested funds are returned to
        the entity&#8217;s shareholders.&#160; Because SPACs and similar entities have no operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity&#8217;s management to
        identify and complete a profitable acquisition.&#160; Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices.&#160; In addition, these securities, which are typically traded in the
        over-the-counter market, may be considered illiquid, be subject to restrictions on resale, and/or may trade at a discount.</div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">23</font></div>
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      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-weight: bold; font-style: italic;">Management Risk.</font> The Fund is subject to management risk because it is an actively managed portfolio. The Fund&#8217;s successful pursuit of its
        investment objective depends upon the Investment Committee&#8217;s ability to find and exploit market inefficiencies with respect to undervalued securities. Such situations occur infrequently and sporadically and may be difficult to predict, and may not
        result in a favorable pricing opportunity that allows the Investment Committee to fulfill the Fund&#8217;s investment objective. The Investment Committee&#8217;s security selections and other investment decisions might produce losses or cause the Fund to
        underperform when compared to other funds with similar investment goals.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-weight: bold; font-style: italic;">Market Risk.</font>&#160; Overall market risk may affect the value of individual instruments in which the Fund invests. The Fund is subject to the risk
        that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect the Fund&#8217;s performance. Factors such as domestic and foreign (non-U.S.) economic
        growth and market conditions, real or perceived adverse economic or political conditions, inflation, changes in interest rate levels, lack of liquidity in the markets, volatility in the securities markets, adverse investor sentiment affect the
        securities markets and political vents affect the securities markets. Securities markets also may experience long periods of decline in value. When the value of the Fund&#8217;s investments goes down, your investment in the Fund decreases in value and
        you could lose money.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Local, state, regional, national or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant
        impact on the Fund and its investments and could result in decreases to the Fund&#8217;s net asset value. Political, geopolitical, natural and other events, including war, terrorism, trade disputes, government shutdowns, market closures, natural and
        environmental disasters, epidemics, pandemics and other public health crises and related events and governments&#8217; reactions to such events have led, and in the future may lead, to economic uncertainty, decreased economic activity, increased market
        volatility and other disruptive effects on U.S. and global economies and markets. Such events may have significant adverse direct or indirect effects on the Fund and its investments. For example, a widespread health crisis such as a global pandemic
        could cause substantial market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect Fund performance. A health crisis may exacerbate other pre-existing political, social and economic risks.
        In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. On March 11, 2020, the
        World Health Organization announced that it had made the assessment that COVID-19 can be characterized as a pandemic. COVID-19 has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and
        elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, business and school closings, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty.
        The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily
        be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing
        political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty. The value of the Fund and the securities in which the Fund invests may be adversely
        affected by impacts caused by COVID-19 and other epidemics and pandemics that may arise in the future.</div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">24</font></div>
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      </div>
      <div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Risk Related to Fixed Income Securities, including Non-Investment Grade Securities. </font>The Fund may invest in fixed income securities, also referred to as
        debt securities. Fixed income securities are subject to credit risk and market risk. Credit risk is the risk of the issuer&#8217;s inability to meet its principal and interest payment obligations. Market risk is the risk of price volatility due to such
        factors as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity. There is no limitation on the maturities or duration of fixed income securities in which the Fund invests. Securities having
        longer maturities generally involve greater risk of fluctuations in value resulting from changes in interest rates. The Fund&#8217;s credit quality policy with respect to investments in fixed income securities does not require the Fund to dispose of any
        debt securities owned in the event that such security&#8217;s rating declines to below investment grade, commonly referred to as &#8220;junk bonds.&#8221; Although lower quality debt typically pays a higher yield, such investments involve substantial risk of loss.
        Junk bonds are considered predominantly speculative with respect to the issuer&#8217;s ability to pay interest and principal and are susceptible to default or decline in market value due to adverse economic and business developments. The market values
        for junk bonds tend to be very volatile and those securities are less liquid than investment grade debt securities. Moreover, junk bonds pose a greater risk that exercise of any of their redemption or call provisions in a declining market may
        result in their replacement by lower-yielding bonds. In addition, bonds in the lowest two investment grade categories, despite being of higher credit rating than junk bonds, have speculative characteristics with respect to the issuer&#8217;s ability to
        pay interest and principal and their susceptibility to default or decline in market value.<font style="color: #000000;"> The Fund&#8217;s investments in securities of stressed, distressed or bankrupt issuers, including securities or obligations that are
          in default, generally trade significantly below par and are considered speculative. There is even a potential risk of loss by the Fund of its entire investment in such securities. There are a number of significant risks inherent in the bankruptcy
          process. A bankruptcy filing by an issuer may adversely and permanently affect the market position and operations of the issuer. </font>If an issuer of securities held by the Fund declares bankruptcy or otherwise fails to pay principal or
        interest on such securities, the Fund would experience a decrease in income and a decline in the market value of its investments.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-weight: bold; font-style: italic;">Interest Rate Risk.</font> Debt securities have varying levels of sensitivity to changes in interest rates. In general, the price of a debt
        security can fall when interest rates rise and can rise when interest rates fall. Securities with longer maturities and mortgage securities can be more sensitive to interest rate changes although they usually offer higher yields to compensate
        investors for the greater risks. The longer the maturity of the security, the greater the impact a change in interest rates could have on the security&#8217;s price. In addition, short-term and long-term interest rates do not necessarily move in the same
        amount or the same direction. Short-term securities tend to react to changes in short-term interest rates and long-term securities tend to react to changes in long-term interest rates.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-weight: bold; font-style: italic;">Credit Risk.</font> Fixed income securities rated B or below by S&amp;Ps or Moody&#8217;s may be purchased by the Fund. These securities have speculative
        characteristics and changes in economic conditions or other circumstances are more likely to lead to a weakened capacity of those issuers to make principal or interest payments, as compared to issuers of more highly rated securities.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-weight: bold; font-style: italic;">Extension Risk.</font> The Fund is subject to the risk that an issuer will exercise its right to pay principal on an obligation held by that Fund
        (such as mortgage-backed securities) later than expected. This may happen when there is a rise in interest rates. These events may lengthen the duration (i.e. interest rate sensitivity) and potentially reduce the value of these securities.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-weight: bold; font-style: italic;">Debt Security Risk.</font> In addition to interest rate risk, call risk and extension risk, debt securities are also subject to the risk that they
        may also lose value if the issuer fails to make principal or interest payments when due, or the credit quality of the issuer falls.</div>
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      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-weight: bold; font-style: italic;">Market Discount from Net Asset Value Risk.</font> Shares of closed-end investment companies frequently trade at a discount from their net asset
        value. This characteristic is a risk separate and distinct from the risk that the Fund&#8217;s net asset value could decrease as a result of its investment activities and may be greater for investors expecting to sell their Shares in a relatively short
        period following completion of the Offering. The net asset value of the Shares will be reduced immediately following the Offering as a result of (i) the Subscription Price likely being lower than NAV and (ii) the payment of certain costs of the
        Offering. Whether investors will realize gains or losses upon the sale of the Shares will depend not upon the Fund&#8217;s net asset value but entirely upon whether the market price of the Shares at the time of sale is above or below the investor&#8217;s
        purchase price for the Shares. Because the market price of the Shares will be determined by factors such as relative supply of and demand for the Shares in the market, general market and economic conditions, and other factors beyond the control of
        the Fund, the Fund cannot predict whether the Shares will trade at, below or above net asset value.</div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Leverage Risk</font><font style="font-weight: bold;">.</font> Transactions by underlying funds may give rise to a form of economic leverage. These transactions may
        include, among others, derivatives, and may expose the underlying fund to greater risk and increase its costs. The use of leverage by underlying funds may cause such funds to liquidate their portfolio positions when it may not be advantageous to do
        so to satisfy its obligations or to meet any required asset segregation requirements. Increases and decreases in the value of an underlying fund&#8217;s portfolio will be magnified when it uses leverage. Leverage, including borrowing, may cause an
        underlying fund to be more volatile than if such fund had not been leveraged.</div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Defensive Position Risk. </font>During periods of adverse market or economic conditions, the Fund may temporarily invest all or a substantial portion of its net
        assets in cash or cash equivalents. The Fund would not be pursuing its investment objective in these circumstances and could miss favorable market developments.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-weight: bold; font-style: italic;">Changes in Policies Risk.</font> The Fund's Trustees may change the Fund's investment objective, investment strategies and non-fundamental
        investment restrictions without shareholder approval, except as otherwise indicated.</div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">&#160;Preferred Stock Risk. </font>The Fund may invest in preferred stocks. Preferred stock, like common stock, represents an equity ownership in an issuer. Generally,
        preferred stock has a priority of claim over common stock in dividend payments and upon liquidation of the issuer. Unlike common stock, preferred stock does not usually have voting rights. Preferred stock in some instances is convertible into
        common stock. Although they are equity securities, preferred stocks have characteristics of both debt and common stock. Like debt, their promised income is contractually fixed. Like common stock, they do not have rights to precipitate bankruptcy
        proceedings or collection activities in the event of missed payments. Other equity characteristics are their subordinated position in an issuer&#8217;s capital structure and that their quality and value are heavily dependent on the profitability of the
        issuer rather than on any legal claims to specific assets or cash flows.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Investment in preferred stocks carries risks, including credit risk, deferral risk, redemption risk, limited voting rights, risk of subordination and lack of liquidity. Fully taxable or hybrid preferred securities
        typically contain provisions that allow an issuer, at its discretion, to defer distributions for up to 20 consecutive quarters. Distributions on preferred stock must be declared by the board of directors and may be subject to deferral, and thus
        they may not be automatically payable. Income payments on preferred stocks may be cumulative, causing dividends and distributions to accrue even if not declared by the company&#8217;s board or otherwise made payable, or they may be non-cumulative, so
        that skipped dividends and distributions do not continue to accrue. There is no assurance that dividends on preferred stocks in which the Fund invests will be declared or otherwise made payable. The Fund may invest in non-cumulative preferred
        stock, although the Fund&#8217;s Investment Committee would consider, among other factors, their non-cumulative nature in making any decision to purchase or sell such securities.</div>
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      </div>
      <div style="text-align: justify;">Shares of preferred stock have a liquidation value that generally equals the original purchase price at the date of issuance. The market values of preferred stock may be affected by favorable and unfavorable changes
        impacting the issuers&#8217; industries or sectors, including companies in the utilities and financial services sectors, which are prominent issuers of preferred stock. They may also be affected by actual and anticipated changes or ambiguities in the tax
        status of the security and by actual and anticipated changes or ambiguities in tax laws, such as changes in corporate and individual income tax rates, and in the dividends received deduction for corporate taxpayers or the lower rates applicable to
        certain dividends.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Because the claim on an issuer&#8217;s earnings represented by preferred stock may become onerous when interest rates fall below the rate payable on the stock or for other reasons, the issuer may redeem preferred stock,
        generally after an initial period of call protection in which the stock is not redeemable. Thus, in declining interest rate environments in particular, the Fund&#8217;s holdings of higher dividend paying preferred stocks may be reduced and the Fund may
        be unable to acquire securities paying comparable rates with the redemption proceeds. In the event of a redemption, the Fund may not be able to reinvest the proceeds at comparable rates of return.</div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Convertible Securities Risk. </font>The Fund may invest in convertible securities. Convertible securities include fixed income securities that may be exchanged or
        converted into a predetermined number of shares of the issuer&#8217;s underlying common stock at the option of the holder during a specified period. Convertible securities may take the form of convertible preferred stock, convertible bonds or debentures,
        units consisting of &#8220;usable&#8221; bonds and warrants or a combination of the features of several of these securities. The investment characteristics of each convertible security vary widely, which allows convertible securities to be employed for a
        variety of investment strategies. The Fund will exchange or convert convertible securities into shares of underlying common stock when, in the opinion of the Fund&#8217;s Investment Committee, the investment characteristics of the underlying common
        shares will assist the Fund in achieving its investment objective. The Fund may also elect to hold or trade convertible securities. In selecting convertible securities, the Fund&#8217;s Investment Committee evaluates the investment characteristics of the
        convertible security as a fixed income instrument, and the investment potential of the underlying equity security for capital appreciation. In evaluating these matters with respect to a particular convertible security, the Fund&#8217;s Investment
        Committee considers numerous factors, including the economic and political outlook, the value of the security relative to other investment alternatives, trends in the determinants of the issuer&#8217;s profits, and the issuer&#8217;s management capability and
        practices.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">The value of a convertible security, including, for example, a warrant, is a function of its &#8220;investment value&#8221; (determined by its yield in comparison with the yields of other securities of comparable maturity and
        quality that do not have a conversion privilege) and its &#8220;conversion value&#8221; (the security&#8217;s worth, at market value, if converted into the underlying common stock). The investment value of a convertible security is influenced by changes in interest
        rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors may also have an effect on the convertible security&#8217;s investment value. The conversion
        value of a convertible security is determined by the market price of the underlying common stock. If the conversion value is low relative to the investment value, the price of the convertible security is governed principally by its investment
        value. Generally, the conversion value decreases as the convertible security approaches maturity. To the extent the market price of the underlying common stock approaches or exceeds the conversion price, the price of the convertible security will
        be increasingly influenced by its conversion value. A convertible security generally will sell at a premium over its conversion value by the extent to which investors place value on the right to acquire the underlying common stock while holding a
        fixed income security. A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security&#8217;s governing instrument. If a convertible security held by the Fund is called for redemption,
        the Fund will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party. Any of these actions could have an adverse effect on the Fund&#8217;s ability to achieve its investment
        objective.</div>
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      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-weight: bold; font-style: italic;">Issuer Specific Changes Risk.</font><font style="font-style: italic;">&#160;</font>Changes in the financial condition of an issuer, changes in the
        specific economic or political conditions that affect a particular type of security or issuer, and changes in general economic or political conditions can affect the credit quality or value of an issuer&#8217;s securities. Lower-quality debt securities
        tend to be more sensitive to these changes than higher-quality debt securities.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;"><u>Non-Principal Risks</u></div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">In addition to the principal risks set forth above, the following additional risks may apply to an investment in the Fund.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-weight: bold; font-style: italic;">Anti-Takeover Provisions Risk.</font> The Fund&#8217;s Charter and Bylaws include provisions that could limit the ability of other persons or entities to
        acquire control of the Fund or to cause it to engage in certain transactions or to modify its structure.</div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Common Stock Risk. </font>The Fund invests in common stocks. Common stocks represent an ownership interest in a company. The Fund may also invest in securities
        that can be exercised for or converted into common stocks (such as convertible preferred stock). Common stocks and similar equity securities are more volatile and riskier than some other forms of investment. Therefore, the value of your investment
        in the Fund may sometimes decrease instead of increase. Common stock prices fluctuate for many reasons, including adverse events such as unfavorable earnings reports, changes in investors&#8217; perceptions of the financial condition of an issuer, the
        general condition of the relevant stock market or when political or economic events affecting the issuers occur. In addition, common stock prices may be sensitive to rising interest rates, as the costs of capital rise and borrowing costs increase
        for issuers. Because convertible securities can be converted into equity securities, their values will normally increase or decrease as the values of the underlying equity securities increase or decrease. The common stocks in which the Fund invests
        are structurally subordinated to preferred securities, bonds and other debt instruments in a company&#8217;s capital structure in terms of priority to corporate income and assets and, therefore, will be subject to greater risk than the preferred
        securities or debt instruments of such issuers.</div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Exchange Traded Funds Risk. </font>The Fund may invest in exchange-traded funds, which are investment companies that, in some cases, aim to track or replicate a
        desired index, such as a sector, market or global segment. ETFs are passively or, to a lesser extent, actively managed and their shares are traded on a national exchange. ETFs do not sell individual shares directly to investors and only issue their
        shares in large blocks known as &#8220;creation units.&#8221; The investor purchasing a creation unit may sell the individual shares on a secondary market. Therefore, the liquidity of ETFs depends on the adequacy of the secondary market. There can be no
        assurance that an ETF&#8217;s investment objective will be achieved, as ETFs based on an index may not replicate and maintain exactly the composition and relative weightings of securities in the index. ETFs are subject to the risks of investing in the
        underlying securities. The Fund, as a holder of the securities of the ETF, will bear its pro rata portion of the ETF&#8217;s expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund&#8217;s own operations.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-weight: bold; font-style: italic;">Illiquid Securities Risk.</font> The Fund may invest up to 10% of its net assets in illiquid securities. Illiquid securities may offer a higher
        yield than securities which are more readily marketable, but they may not always be marketable on advantageous terms. The sale of illiquid securities often requires more time and results in higher brokerage charges or dealer discounts than does the
        sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. A security traded in the U.S. that is not registered under the Securities Act will not be considered illiquid if Fund management determines
        that an adequate investment trading market exists for that security. However, there can be no assurance that a liquid market will exist for any security at a particular time.</div>
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      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-weight: bold; font-style: italic;">Portfolio Turnover Risk.</font> The Fund cannot predict its securities portfolio turnover rate with certain accuracy. Higher portfolio turnover
        rates could result in corresponding increases in brokerage commissions and may generate short-term capital gains taxable as ordinary income.</div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Small and Medium Cap Company Risk. </font>Compared to investment companies that focus only on large capitalization companies, the Fund&#8217;s share price may be more
        volatile because it also invests in small and medium capitalization companies. Compared to large companies, small and medium capitalization companies are more likely to have (i) more limited product lines or markets and less mature businesses, (ii)
        fewer capital resources, (iii) more limited management depth and (iv) shorter operating histories. Further, compared to large cap stocks, the securities of small and medium capitalization companies are more likely to experience sharper swings in
        market values, be harder to sell at times and at prices that the Fund&#8217;s Investment Committee believes appropriate, and offer greater potential for gains and losses.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">LISTING OF SHARES</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Fund&#8217;s Shares trade on the NYSE under the ticker symbol &#8220;PCF,&#8221; and are required to meet the NYSE&#8217;s continued listing requirements.</div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">MANAGEMENT OF THE FUND</div>
      <div><br>
      </div>
      <div style="color: #000000; font-weight: bold;">Trustees and Officers</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Board of Trustees is responsible for the overall management of the Fund, including supervision of the duties performed by the Investment Committee. There are seven Trustees of the Fund, three of
        which are &#8220;interested persons&#8221; (as defined in the 1940 Act) of the Fund. The Trustees are responsible for the Fund&#8217;s overall management, including adopting the investment and other policies of the Fund, electing and replacing officers and selecting
        and supervising the Investment Committee. The name and business address of the Trustees and officers of the Fund and their principal occupations and other affiliations during the past five years, as well as a description of committees of the Board
        of Trustees, are set forth under &#8220;Management&#8221; in the Statement of Additional Information.</div>
      <div><br>
      </div>
      <div style="color: #000000; font-weight: bold;">Portfolio Management</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">In 2018, a new Board of Trustees was elected and the Fund&#8217;s agreement with its former investment adviser was terminated as of July 23, 2018.&#160; The Fund is internally managed by the Investment Committee
        of the Board, which is comprised of Phillip Goldstein, Andrew Dakos and Rajeev Das.&#160; The members of the Investment Committee are compensated by the Fund for their positions on the Investment Committee in the amount of $100,000 each for Messrs.
        Goldstein and Dakos and $50,000 for Mr. Das, in each case on an annual basis paid monthly in advance. The Board may determine in the future that it is in the best interests of the Fund and its Shareholders to engage an investment advisory firm to
        manage the Fund&#8217;s assets.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Each of Messrs. Goldstein, Dakos, and Das has been a member of the Board since 2018 and has been a member of the Investment Committee since it was formed in April 2019. The business experience of each
        of Messrs. Goldstein, Dakos, and Das during the past 5 years is as follows:</div>
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      </div>
      <div style="text-align: justify; color: #000000;">Phillip Goldstein: Managing Member of Bulldog Investors, LLC since its inception in October 2009. Mr. Goldstein also is a member of Bulldog Holdings, LLC, the owner of several entities previously
        serving as the general partner of several private investment partnerships in the Bulldog Investors group of funds, and the owner of Kimball &amp; Winthrop, LLC, the managing general partner of Bulldog Investors General Partnership, since 2012. He
        is a director of the following closed-end funds: Swiss Helvetia Fund, Inc. since 2018, Special Opportunities Fund, Inc. since 2009, and Mexico Equity and Income Fund since 2000. He also is a director of: MVC Capital, Inc., a business development
        company, since 2012, Brookfield DTLA Fund Office Trust Investor, a subsidiary of a large commercial real estate company, since 2017, and is a trustee of Crossroads Liquidating Trust (f/k/a Crossroads Capital, Inc., a business development company),
        since 2016. He served as a director of Emergent Capital, Inc. (f/k/a Imperial Holdings, Inc.), a specialty finance company, from 2012-2017.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Andrew Dakos: Managing Member of Bulldog Investors, LLC since its inception in October 2009. Mr. Dakos also is a member of Bulldog Holdings, LLC, the owner of several entities previously serving as
        the general partner of several private investment partnerships in the Bulldog Investors group of funds, and the owner of Kimball &amp; Winthrop, LLC, the managing general partner of Bulldog Investors General Partnership, since 2012. He has served
        as a director of Special Opportunities Fund, Inc., a closed-end fund, since 2009, the Mexico Equity and Income Fund, a closed-end fund, from 2001-2015, Emergent Capital, Inc. (f/k/a Imperial Holdings, Inc.), a specialty finance company, from
        2012-2017, Swiss Helvetia Fund, Inc., a closed-end fund, since 2017, Brookfield DTLA Fund Office Trust Investor, a subsidiary of a large commercial real estate company, since 2017, and as a trustee of Crossroads Liquidating Trust (f/k/a Crossroads
        Capital, Inc., a business development company), since 2015.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Rajeev Das: Head Trader of Bulldog Investors, LLC since its inception in October 2009. Since 2004, Mr. Das has been a Principal of the entities previously serving as the general partner of the private
        investment partnerships in the Bulldog Investors group of funds. He has been a director of The Mexico Equity and Income Fund, Inc., a closed-end fund, since 2001. Mr. Das provides investment research and analysis. Mr. Das buys and sells securities
        for the Fund&#8217;s portfolio under the supervision of Mr. Goldstein and Mr. Dakos.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Statement of Additional Information provides additional information about each Portfolio Manager&#8217;s compensation, other accounts managed by each Portfolio Manager, and each Portfolio Manager&#8217;s
        ownership of securities in the Fund.</div>
      <div><br>
      </div>
      <div style="color: #000000; font-weight: bold;">Fund Administrator, Fund Accountant, Fund Transfer Agent &amp; Registrar</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">U.S. Bancorp Fund Services, LLC doing business as U.S. Bank Global Fund Services (&#8220;Fund Services&#8221;), an indirect wholly owned subsidiary of U.S. Bancorp, acts as the Fund&#8217;s Administrator under an
        Administration Agreement. Fund Services prepares various federal and state regulatory filings, reports and returns for the Fund; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Fund&#8217;s custodian,
        transfer agent and accountants; coordinates the preparation and payment of the Fund&#8217;s expenses; and reviews the Fund&#8217;s expense accruals. For the fiscal year ended August 31, 2020, the Fund paid the Fund Services $149,360 for its administration,
        accounting and transfer agent services.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Fund Services also serves as the Fund&#8217;s fund accountant.&#160; In addition, Fund Services acts as the transfer agent of the Fund.&#160; The principal business address for Fund Services is 615 East Michigan
        Street Milwaukee, WI 53202.</div>
      <div><br>
      </div>
      <div style="color: #000000; font-weight: bold;">Custodian</div>
      <div><br>
      </div>
      <div style="color: #000000;">U.S. Bank, N.A. (&#8220;U.S. Bank&#8221;), an affiliate of Fund Services, located at 1555 North RiverCenter Drive, Suite 302, Milwaukee, WI 53212, serves as the Fund&#8217;s custodian and maintains custody of the securities and cash of the
        Fund.</div>
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      </div>
      <div style="color: #000000; font-weight: bold;">Fund Expenses</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Effective after the close of business on July 23, 2018, the Fund became internally managed and did not pay any management fees for the year ended August 31, 2019 or thereafter.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Each of Fund Services and U.S. Bank is obligated to pay expenses associated with its provision of services to the Fund.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Fund pays all other expenses incurred in the operation of the Fund including, among other things, (i) expenses for legal and independent accountants&#8217; services, (ii) costs of printing proxies,
        share certificates and reports to shareholders, (iii) fees and expenses of the officers and Trustees, including the fees payable to the Trustees that serve on the Investment Committee, (iv) printing costs, (v) membership fees in trade association,
        (vi) fidelity bond coverage for the Fund&#8217;s officers and Trustees, (vii) errors and omissions insurance for the Fund&#8217;s officers and Trustees, (viii) brokerage costs and listing fees and expenses charged by NYSE, (ix) taxes and (x) other
        extraordinary or non-recurring expenses and other expenses properly payable by the Fund. The expenses incident to the Offering and issuance of Shares to be issued by the Fund will be recorded as a reduction of capital of the Fund attributable to
        the Shares.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Fund&#8217;s annual operating expenses for the fiscal year ended August 31, 2020 were approximately $938,680. No assurance can be given, in light of the Fund&#8217;s investment objectives and policies,
        however, that future annual operating expenses will not be substantially more or less than this estimate.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Offering expenses relating to the Fund&#8217;s Shares, estimated at approximately $117,303 be payable upon completion of the Offering and will be deducted from the proceeds of the Offering.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">&#160;</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">DETERMINATION OF NET ASSET VALUE</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The net asset value of shares of the Fund is determined weekly and on the last business day of each month, as of the close of regular trading on the NYSE (normally, 4:00 p.m., Eastern time). In
        computing net asset value, portfolio securities of the Fund are valued at their current market values determined on the basis of market quotations. If market quotations are not readily available, securities are valued at fair value as determined by
        the Board of Trustees. The Fund&#8217;s investments in closed-end funds or ETFs whose shares are listed on a national securities exchange are valued using the market price at the close of the NYSE or such other exchange on which they are listed. Private
        funds and non-traded closed-end funds are fair valued based on the Fund&#8217;s fair valuation policies and procedures. Fair valuation involves subjective judgments, and it is possible that the fair value determined for a security may differ materially
        from the value that could be realized upon the sale of the security. Non-dollar-denominated securities are valued as of the close of the NYSE at the closing price of such securities in their principal trading market, but may be valued at fair value
        if subsequent events occurring before the computation of net asset value materially have affected the value of the securities.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Trading may take place in foreign issues held by the Fund at times when the Fund is not open for business. As a result, the Fund&#8217;s net asset value may change at times when it is not possible to
        purchase or sell shares of the Fund. The Fund may use a third party pricing service to assist it in determining the market value of securities in the Fund&#8217;s portfolio. The Fund&#8217;s net asset value per Share is calculated by dividing the value of the
        Fund&#8217;s total assets (the value of the securities the Fund holds plus cash or other assets, including interest accrued but not yet received), less accrued expenses of the Fund, less the Fund&#8217;s other liabilities by the total number of Shares
        outstanding.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      </div>
      <div style="text-align: justify; color: #000000;">Readily marketable portfolio securities listed on the NYSE are valued, except as indicated below, at the last sale price reflected on the consolidated tape at the close of the NYSE on the business day
        as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the closing bid and asked prices on such day. If no bid or asked prices are quoted on such day or if market prices may be
        unreliable because of events occurring after the close of trading, then the security is valued by such method as the Board of Trustees shall determine in good faith to reflect its fair market value. Readily marketable securities not listed on the
        NYSE but listed on other domestic or foreign securities exchanges are valued in a like manner. Portfolio securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being
        determined as reflected on the consolidated tape at the close of the exchange representing the principal market for such securities. Securities trading on the Nasdaq Stock Market, Inc. (&#8220;NASDAQ&#8221;) are valued at the NASDAQ Official Closing Price.
        Readily marketable securities traded in the over-the counter market, including listed securities whose primary market is believed by the Investment Committee to be over-the-counter, are valued at the mean of the current bid and asked prices as
        reported by the NASDAQ or, in the case of securities not reported by the NASDAQ or a comparable source, as the Board of Trustees deem appropriate to reflect their fair market value. Where securities are traded on more than one exchange and also
        over-the-counter, the securities will generally be valued using the quotations the Board of Trustees believes reflect most closely the value of such securities.</div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">DISTRIBUTION POLICY</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Fund resumed paying a monthly dividend on its common shares in August 2019. In December 2019, the Fund announced its intention to make monthly distributions at an annual rate of at least 10% per
        annum (or 0.8333% per month) as long as the Fund continues to be a registered investment company. The distributions for 2020 are based on the net asset value of $9.74 of the Fund&#8217;s common shares as of the last business day of 2019.&#160; To the extent
        that the Fund&#8217;s investments do not generate sufficient investment income, the Fund may be required to liquidate a portion of its portfolio to fund these distributions and, therefore, these payments may represent a reduction of the Shareholder&#8217;s
        principal investment. A return-of-capital distribution reduces the U.S. federal income tax basis of an investor&#8217;s Shares, which may make record-keeping by certain Shareholders more difficult. No conclusions should be drawn about the Fund&#8217;s
        investment performance from the amount of the distributions. As of the date of this prospectus, the Fund expects that a significant portion of its distributions for 2020 will be comprised of return of capital. The Fund will issue a notice to
        shareholders that will provide an estimate of the composition of each distribution. For tax reporting purposes the actual composition of the total amount of distributions for each year will continue to be provided on a Form 1099-DIV issued after
        the end of the year.</div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">CERTAIN ADDITIONAL MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The following is a summary discussion of certain U.S. federal income tax consequences that may be relevant to a Shareholder that acquires, holds and/or disposes of the Fund&#8217;s Shares, and reflects
        provisions of the Code, existing Treasury regulations, rulings published by the Internal Revenue Service (&#8220;IRS&#8221;), and other applicable authority, as of the date of this prospectus. These authorities are subject to change by legislative or
        administrative action, possibly with retroactive effect. The following discussion is only a summary of some of the important tax considerations generally applicable to investments in the Fund and the discussion set forth herein does not constitute
        tax advice. Except as expressly provided below, this discussion addresses only the U.S. federal income tax consequences of an investment by U.S. Holders (as defined in the Statement of Additional Information) and assumes that such Shareholders will
        hold Shares as capital assets, which generally means as property held for investment.&#160; For more detailed information regarding U.S. federal income tax considerations, see the Statement of Additional Information under the heading &#8220;Certain Material
        United States Federal Income Tax Consequences.&#8221; There may be other tax considerations applicable to particular investors. In addition, income earned through an investment in the Fund may be subject to state, local and foreign taxes.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">32</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="color: #000000; font-weight: bold;">Taxation as a Regulated Investment Company</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Fund intends to elect to be treated and to qualify each year for taxation as a regulated investment company (a &#8220;RIC&#8221;) under Subchapter M of the Code. In order for the Fund to qualify as a RIC, it
        must, among other requirements, meet income and asset diversification tests each year. If the Fund so qualifies and satisfies certain distribution requirements, the Fund (but not its Shareholders) will not be subject to U.S. federal income tax to
        the extent it distributes its investment company taxable income and net capital gains (the excess of net long-term capital gains over net short-term capital loss) in a timely manner to its Shareholders in the form of dividends or capital gain
        distributions. The Code imposes a 4% nondeductible excise tax on RICs, such as the Fund, to the extent they do not meet certain distribution requirements by the end of each calendar year. The Fund anticipates meeting these distribution
        requirements.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Fund intends to make monthly distributions of investment company taxable income after payment of the Fund&#8217;s operating expenses. For U.S. federal income tax purposes, all dividends are generally
        taxable. Distributions of the Fund&#8217;s investment company taxable income (including short-term capital gains) will generally be treated as ordinary income to the extent of the Fund&#8217;s current and accumulated earnings and profits. Distributions of the
        Fund&#8217;s net capital gains (&#8220;capital gain dividends&#8221;), if any, are taxable to Shareholders as long-term capital gains, regardless of the length of time Shares have been held by Shareholders. Distributions, if any, in excess of the Fund&#8217;s earnings and
        profits will first reduce the adjusted tax basis of a holder&#8217;s Shares and, after that basis has been reduced to zero, will constitute capital gains to the Shareholder (assuming the Shares are held as a capital asset). See below for a summary of the
        maximum tax rates applicable to capital gains (including capital gain dividends). A corporation that owns Shares generally will not be entitled to the dividends received deduction with respect to all of the dividends it receives from the Fund. Fund
        dividend payments that are attributable to qualifying dividends received by the Fund from certain domestic corporations may be designated by the Fund as being eligible for the dividends received deduction. There can be no assurance as to what
        portion of Fund dividend payments may be classified as qualifying dividends. With respect to the monthly distributions of investment company taxable income described above, it may be the case that any such distributions would result in a return of
        capital to the Shareholder. The determination of the character for U.S. federal income tax purposes of any distribution from the Fund (i.e., ordinary income dividends, capital gains dividends, qualifying dividends, return of capital distributions)
        will be made as of the end of the Fund&#8217;s taxable year. Generally, no later than 60 days after the close of its taxable year, the Fund will provide Shareholders with a written notice designating the amount of any capital gain distributions or other
        distributions. See &#8220;Distribution Policy&#8221; for a more complete description of such returns and the risks associated with them.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Fund may elect to retain its net capital gain or a portion thereof for investment and be taxed at corporate rates on the amount retained. In such case, it may designate the retained amount as
        undistributed capital gains in a notice to its Shareholders who will be treated as if each received a distribution of such Shareholder&#8217;s pro rata share of such gain, with the result that each Shareholder will (i) be required to report such
        Shareholder&#8217;s pro rata share of such gain on such Shareholder&#8217;s tax return as long-term capital gain, (ii) receive a refundable tax credit for such Shareholder&#8217;s pro rata share of tax paid by the Fund on the gain and (iii) increase the tax basis
        for such Shareholder&#8217;s Shares by an amount equal to the deemed distribution less the tax credit.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">33</font></div>
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      </div>
      <div style="text-align: justify; color: #000000;">Under current law, certain income distributions paid by the Fund to individual taxpayers may be taxed at rates equal to those applicable to net long-term capital gains (generally, 20%). This tax
        treatment applies only if certain holding period and other requirements are satisfied by the Shareholder with respect to its Shares, and the dividends are attributable to qualified dividends received by the Fund itself. For this purpose, &#8220;qualified
        dividends&#8221; means dividends received by the Fund from certain United States corporations and certain qualifying foreign corporations, provided that the Fund satisfies certain holding period and other requirements in respect of the stock of such
        corporations. In the case of securities lending transactions, payments in lieu of dividends are not qualified dividends. Thereafter, the Fund&#8217;s dividends, other than capital gain dividends, will be fully taxable at ordinary income tax rates unless
        further legislative action is taken. While certain income distributions to Shareholders may qualify as qualified dividends, the Fund&#8217;s seeks to provide dividends regardless of whether they so qualify. As additional special rules apply to determine
        whether a distribution will be a qualified dividend, investors should consult their tax advisors. Investors should also see the Fund&#8217;s Statement of Additional Information under the heading &#8220;Certain Material United States Federal Income Tax
        Consequences&#8221; for more information relating to qualified dividends.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Dividends and interest received, and gains realized, by the Fund on foreign securities may be subject to income, withholding or other taxes imposed by foreign countries and U.S. possessions
        (collectively &#8220;foreign taxes&#8221;) that would reduce the return on its securities. Tax conventions between certain countries and the United States, however, may reduce or eliminate foreign taxes, and many foreign countries do not impose taxes on
        capital gains in respect of investments by foreign investors. If more than 50% of the value of the Fund&#8217;s net assets at the close of its taxable year consists of securities of foreign corporations, it will be eligible to, and may, file an election
        with the IRS that will enable Shareholders, in effect, to receive the benefit of the foreign tax credit with respect to any foreign taxes paid by the Fund. Pursuant to the election, the Fund would treat those taxes as dividends paid to Shareholders
        and each Shareholder (1) would be required to include in gross income, and treat as paid by such Shareholder, a proportionate share of those taxes, (2) would be required to treat such share of those taxes and of any dividend paid by the Fund that
        represents income from foreign or U.S. possessions sources as such shareholder&#8217;s own income from those sources, and, if certain conditions are met, (3) could either deduct such Shareholder&#8217;s pro rata share of the foreign taxes deemed paid in
        computing taxable income or, alternatively, use the foregoing information in calculating such Shareholder&#8217;s pro rata share of the foreign tax credit against such Shareholder&#8217;s U.S. federal income tax liability. The Fund will report to Shareholders
        shortly after each taxable year their respective shares of foreign taxes paid and the income from sources within, and taxes paid to, foreign countries and U.S. possessions if it makes this election.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Fund will inform its Shareholders of the source and tax status of all distributions promptly after the close of each calendar year.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Fund may invest in other RICs. In general, the Code taxes a RIC which satisfies certain requirements as a pass-through entity by permitting a qualifying RIC to deduct dividends paid to its
        shareholders in computing the RIC&#8217;s taxable income. A qualifying RIC is also generally permitted to pass through the character of certain types of its income when it makes distributions. For example, a RIC may distribute ordinary dividends to its
        stockholders, capital gain dividends, or other types of dividends which effectively pass through the character of the RIC&#8217;s income to its stockholders, including the Fund.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">Taxation of Sales, Exchanges or Other Dispositions</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Selling Shareholders will generally recognize gain or loss in an amount equal to the difference between the Shareholder&#8217;s adjusted tax basis in the Shares sold and the amount received in exchange
        therefor. If the Shares are held as a capital asset, the gain or loss will be a capital gain or loss. Under current law, the maximum tax rate applicable to capital gains recognized by individuals and other non-corporate taxpayers is (i) the same as
        the maximum ordinary income tax rate for gains recognized on the sale of capital assets held for one year or less or (ii) generally, 20% for gains recognized on the sale of capital assets held for more than one year (as well as certain capital gain
        dividends). Any loss on a disposition of Shares held for six months or less will be treated as a long-term capital loss to the extent of any capital gain dividends received with respect to those Shares. The use of capital losses is subject to
        limitations. For purposes of determining whether Shares have been held for six months or less, the holding period is suspended for any periods during which the Shareholder&#8217;s risk of loss is diminished as a result of holding one or more other
        positions in substantially similar or related property, or through certain options or short sales. Any loss realized on a sale or exchange of Shares will be disallowed to the extent those Shares are replaced by other substantially identical Shares
        within a period of 61 days beginning 30 days before and ending 30 days after the date of disposition of the Shares. In that event, the basis of the replacement Shares will be adjusted to reflect the disallowed loss.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">34</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; color: #000000;">An investor should be aware that, if Shares are purchased shortly before the record date for any taxable dividend (including a capital gain dividend), the purchase price likely will reflect the value
        of the dividend and the investor then would receive a taxable distribution likely to reduce the trading value of such Shares, in effect resulting in a taxable return of some of the purchase price. Taxable distributions to individuals and certain
        other non-corporate Shareholders, including those who have not provided their correct taxpayer identification number and other required certifications, may be subject to &#8220;backup&#8221; federal income tax withholding currently equal to 24%. For more
        detailed information on backup withholding, see the Statement of Additional Information under the heading &#8220;Certain Material United States Federal Income Tax Consequences.&#8221;</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">An investor should also be aware that the benefits of the reduced tax rate applicable to long-term capital gains and qualified dividend income may be impacted by the application of the alternative
        minimum tax to individual shareholders.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">If the Fund utilizes leverage through borrowing, it may be restricted by loan covenants with respect to the declaration of, and payment of, dividends in certain circumstances. Limits on the Fund&#8217;s
        payments of dividends may prevent the Fund from meeting the distribution requirements, described above, and may, therefore, jeopardize the Fund&#8217;s qualification for taxation as a RIC and possibly subject the Fund to the 4% excise tax. The Fund will
        endeavor to avoid restrictions on its ability to make dividend payments.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">Information Reporting</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Section 6045B of the Code generally imposes certain reporting requirements on the Fund with respect to any organizational action that affects the tax basis of the Shares for U.S. federal income tax
        purposes. The Fund has historically made return of capital distributions (&#8220;ROC Distributions&#8221;) to certain Shareholders and, to the extent such payments continue, the Fund will generally be required to file IRS Form 8937, Report of Organizational
        Actions Affecting Basis of Securities (&#8220;Form 8937&#8221;), with the IRS and deliver an information statement to certain Shareholders, subject to certain exceptions. Generally, the Fund must file Form 8937 with the IRS on or before the 45th day following
        the corporate action or, if earlier, January 15 of the year following the calendar year of the corporate action. In addition, the Fund must furnish the same information to certain Shareholders on or before January 15 of the year following the
        calendar year of the corporate action. However, the Fund generally would not be required to file Form 8937 or furnish this information to Shareholders provided it posts the requisite information on its primary public website by the due date for
        filing Form 8937 with the IRS and such information is available on its website (or any successor organization&#8217;s website) for 10 years.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">35</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; color: #000000;">As the Fund will generally not be able to determine whether a distribution during the year will be out of its earnings and profits (and, therefore, whether such distribution should be treated as a
        dividend or a ROC Distribution for these purposes) until the close of the tax year, the Fund does not intend to file Form 8937 until after the end of the current calendar year. Based on the limited interpretive guidance currently available, the
        Fund believes that its treatment of ROC Distributions and its current intended action regarding Form 8937 continue to be consistent with the requirements of Form 8937, Section 6045B and the Treasury Regulations thereunder. The Fund intends to
        utilize its best efforts to determine the tax characterization of the Fund&#8217;s distributions as soon as practicable following the close of the year and timely comply with the abovementioned Section 6045B requirements, to the extent applicable. The
        Fund and its management do not believe that the Fund will be subject to substantial penalties if it utilizes its best efforts to determine the tax characteristics of its distributions as soon as practicable following the close of the year to comply
        with Form 8937 and Section 6045B. The Fund may be subject to substantial penalties to the extent that it fails to timely comply with its Section 6045B reporting obligations. Each Shareholder is urged to consult its own tax advisor regarding the
        application of Section 6045B to its individual circumstances. A copy of the Fund&#8217;s most recently filed Form 8937 is available on the Fund&#8217;s website, <u>www.highincomesecuritiesfund.com</u>.</div>
      <div style="text-align: justify; color: #000000;">&#160;&#160;</div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">Net Investment Income Tax</div>
      <div style="text-align: justify; color: #000000;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">A U.S. Holder (as defined in the Fund&#8217;s Statement of Additional Information under the heading &#8220;Certain Material United States Federal Income Tax Consequences&#8221;)&#160; that is an
        individual or estate, or a trust that does not fall into a special class of trusts that is exempt from such tax, will be subject to a 3.8% tax on the lesser of (1) the U.S. Holder&#8217;s &#8220;net investment income&#8221; for the relevant taxable year and (2) the
        excess of the U.S. Holder&#8217;s modified adjusted gross income for the taxable year over a certain threshold (which, in the case of individuals, will be between $125,000 and $250,000 depending on the individual&#8217;s circumstances).&#160; A U.S. Holder&#8217;s &#8220;net
        investment income&#8221; may generally include portfolio income (such as interest and dividends), and income and net gains from an activity that is subject to certain passive activity limitations, unless such income or net gains are derived in the
        ordinary course of the conduct of a trade or business (other than a trade or business that consists of certain passive or trading activities).&#160; If you are a U.S. Holder that is an individual, estate or trust, you should consult your tax advisors
        regarding the applicability of the net investment income tax to your ownership and disposition of shares of the Fund.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">Payments to Foreign Financial Institutions</div>
      <div style="color: #000000;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">Sections 1471 through 1474 of the Code (provisions which are commonly referred to as &#8220;FATCA&#8221;), and Treasury regulations promulgated thereunder, generally provide that a 30%
        withholding tax may be imposed on payments of U.S. source income, including U.S. source interest and dividends, to certain non-U.S. entities unless such entities enter into an agreement with the IRS to disclose the name, address and taxpayer
        identification number of certain U.S. persons that own, directly or indirectly, interests in such entities, as well as certain other information relating to such interests.&#160; While withholding under FATCA would have also applied to payments of gross
        proceeds from the sale or other disposition of Shares on or after January 1, 2019, recently proposed Treasury regulations eliminate FATCA withholding on payments of gross proceeds entirely. The preamble to these proposed regulations indicates that
        taxpayers may rely on them pending their finalization. Non-U.S. Holders are encouraged to consult with their own tax advisors regarding the possible implications and obligations of FATCA.</div>
      <div style="color: #000000;">&#160;</div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">Other Taxation</div>
      <div style="color: #000000;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">The Fund&#8217;s Shareholders may be subject to state, local and foreign taxes on its distributions. Shareholders are advised to consult their own tax advisors with respect to the
        particular tax consequences to them of an investment in the Fund.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">36</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; color: #000000;">The foregoing briefly summarizes some of the important U.S. federal income tax consequences to Shareholders of investing in the Shares, reflects the U.S. federal tax law as of the date of this
        prospectus, and except as expressly provided herein does not address special tax rules applicable to certain types of investors, such as corporate, tax exempt and foreign investors. Investors should consult their tax advisers regarding other
        federal, state or local tax considerations that may be applicable in their particular circumstances, as well as any proposed tax law changes.</div>
      <div style="text-align: justify; color: #000000;">&#160;</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">DESCRIPTION OF CAPITAL STRUCTURE</div>
      <div><br>
      </div>
      <div style="text-align: justify;">The Fund was formed on April 28, 1987 as a Massachusetts business trust under the laws of the Commonwealth of Massachusetts.<font style="color: #000000;"> As of August 31, 2020, the Fund had&#160;</font><font style="color: #000000;">5,565,006</font>&#160;<font style="color: #000000;">Shares issued and outstanding.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">Shares of Beneficial Interest</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Fund&#8217;s Amended and Restated Agreement and Declaration of Trust (the &#8220;Charter&#8221;), which has been filed with the SEC, permits the Fund to issue an unlimited number of shares of beneficial interest
        without par value. Fractional shares are permitted. Each Share represents an equal proportionate interest in the net assets of the Fund with each other Share. Holders of Shares will be entitled to the payment of dividends when declared by the Board
        of Trustees. Each whole Share shall be entitled to one vote as to matters on which it is entitled to vote pursuant to the terms of the Charter on file with the SEC. Upon liquidation of the Fund, after paying or adequately providing for the payment
        of all liabilities of the Fund, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for the protection of the Trustees, the Board may distribute the remaining net assets of the Fund among its Shareholders.
        Shares are not liable to further calls or to assessment by the Fund. There are no pre-emptive rights associated with Shares.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Fund has no present intention of offering additional Shares, except as described herein in connection with the exercise of the Rights. Other offerings of its Shares, if made, will require approval
        of the Board of Trustees. Any additional offering will not be sold at a price per Share below the then current net asset value (exclusive of underwriting discounts and commissions) except in connection with an offering to existing Shareholders or
        with the consent of a majority of the Fund&#8217;s outstanding Shares.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Fund generally will not issue share certificates. The Fund&#8217;s Transfer Agent will maintain an account for each Shareholder upon which the registration and transfer of Shares are recorded, and
        transfers will be reflected by bookkeeping entry, without physical delivery. The Transfer Agent will require that a Shareholder provide requests in writing, accompanied by a valid signature guarantee form, when changing certain information in an
        account such as wiring instructions or telephone privileges.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Outstanding Securities</div>
      <div style="text-align: justify; color: #000000;">The following table sets forth certain information regarding our authorized shares and shares outstanding as of September 30, 2020.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z40bcc2c6cf144166bb8ceb1cd633e43b">

          <tr>
            <td style="width: 24.99%; vertical-align: top;">
              <div style="text-align: center; color: #000000; font-weight: bold;">(1)</div>
            </td>
            <td style="width: 24.99%; vertical-align: top;">
              <div style="text-align: center; color: #000000; font-weight: bold;">(2)</div>
            </td>
            <td style="width: 25.01%; vertical-align: top;">
              <div style="text-align: center; color: #000000; font-weight: bold;">(3)</div>
            </td>
            <td style="width: 25.01%; vertical-align: top;">
              <div style="text-align: center; color: #000000; font-weight: bold;">(4)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: center; color: #000000; font-weight: bold;"><br>
                Title of Class</div>
            </td>
            <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div style="text-align: center; color: #000000; font-weight: bold;"><br>
                Amount Authorized</div>
            </td>
            <td style="width: 25.01%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Amount Held By Registrant or for its Account</div>
            </td>
            <td style="width: 25.01%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Amount Outstanding Exclusive of Amount Shown Under (3)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.99%; vertical-align: top; border-top: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">Common Shares of Beneficial Interest</div>
            </td>
            <td style="width: 24.99%; vertical-align: top; border-top: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">Unlimited</div>
            </td>
            <td style="width: 25.01%; vertical-align: top; border-top: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">7,365,349</div>
            </td>
            <td style="width: 25.01%; vertical-align: top; border-top: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">5,565,006</div>
            </td>
          </tr>

      </table>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">37</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Trading and Net Asset Value Information</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-weight: bold; font-style: italic;">In the past, the Shares have traded at a discount in relation to NAV. Shares of</font> closed-end investment companies such as the Fund frequently
        trade at a discount from NAV. See &#8220;Risk Factors.&#8221; The Shares are listed and traded on the NYSE. The average weekly trading volume of the Shares on the NYSE during the calendar year ended December 31, 2019 was&#160;26,537 Shares.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The following table shows for the quarters indicated: (i) the high and low sale price of the Shares on the NYSE; (ii) the high and low NAV per Share; and (iii) the high and low premium or discount to
        NAV at which the Shares were trading (as a percentage of NAV):</div>
      <div><br>
      </div>
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          <tr>
            <td style="width: 14.79%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Fiscal Quarter Ended</div>
            </td>
            <td style="width: 0.84%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td colspan="2" style="width: 12.96%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000; font-weight: bold;">High Close</div>
            </td>
            <td nowrap="nowrap" style="width: 0.82%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td colspan="2" style="width: 12.97%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Low Close</div>
            </td>
            <td nowrap="nowrap" style="width: 0.82%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td colspan="2" style="width: 12.97%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000; font-weight: bold;">High NAV</div>
            </td>
            <td nowrap="nowrap" style="width: 0.82%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td colspan="2" style="width: 12.97%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Low NAV</div>
            </td>
            <td nowrap="nowrap" style="width: 0.82%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td colspan="2" style="width: 12.64%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Premium/ (Discount) to</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">High NAV</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td colspan="2" style="width: 12.64%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Premium/ (Discount) to</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Low NAV</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="color: #000000;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 14.79%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">11/30/17</div>
            </td>
            <td style="width: 0.84%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">
              <div style="color: #000000;">$</div>
            </td>
            <td style="width: 11.78%; vertical-align: top;">
              <div style="text-align: right; margin-right: 12.75pt; color: #000000;">9.15</div>
            </td>
            <td nowrap="nowrap" style="width: 0.82%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">
              <div style="color: #000000;">$</div>
            </td>
            <td style="width: 11.79%; vertical-align: top;">
              <div style="text-align: right; margin-right: 14.1pt; color: #000000;">8.68</div>
            </td>
            <td nowrap="nowrap" style="width: 0.82%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">
              <div style="color: #000000;">$</div>
            </td>
            <td style="width: 11.79%; vertical-align: top;">
              <div style="text-align: right; margin-right: 14.1pt; color: #000000;">9.82</div>
            </td>
            <td nowrap="nowrap" style="width: 0.82%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">
              <div style="color: #000000;">$</div>
            </td>
            <td style="width: 11.79%; vertical-align: top;">
              <div style="text-align: right; margin-right: 12.75pt; color: #000000;">9.51</div>
            </td>
            <td nowrap="nowrap" style="width: 0.82%; vertical-align: top;">&#160;</td>
            <td style="width: 0.82%; vertical-align: top;">&#160;</td>
            <td style="width: 11.82%; vertical-align: top;">
              <div style="text-align: right; margin-right: 8.25pt; color: #000000;">-6.82</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">
              <div style="color: #000000;">%</div>
            </td>
            <td style="width: 0.82%; vertical-align: top;">&#160;</td>
            <td style="width: 11.82%; vertical-align: top;">
              <div style="text-align: right; margin-right: 4.15pt; color: #000000;">-8.73</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">
              <div style="color: #000000;">%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 14.79%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: center; color: #000000;">02/28/18</div>
            </td>
            <td style="width: 0.84%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 11.78%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; margin-right: 12.75pt; color: #000000;">9.26</div>
            </td>
            <td nowrap="nowrap" style="width: 0.82%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 11.79%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; margin-right: 14.1pt; color: #000000;">8.73</div>
            </td>
            <td nowrap="nowrap" style="width: 0.82%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 11.79%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; margin-right: 14.1pt; color: #000000;">9.90</div>
            </td>
            <td nowrap="nowrap" style="width: 0.82%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 11.79%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; margin-right: 12.75pt; color: #000000;">9.43</div>
            </td>
            <td nowrap="nowrap" style="width: 0.82%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 0.82%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 11.82%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; margin-right: 8.25pt; color: #000000;">-6.46</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 0.82%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 11.82%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; margin-right: 4.15pt; color: #000000;">-7.42</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 14.79%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">05/31/18</div>
            </td>
            <td style="width: 0.84%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 11.78%; vertical-align: top;">
              <div style="text-align: right; margin-right: 12.75pt; color: #000000;">9.31</div>
            </td>
            <td nowrap="nowrap" style="width: 0.82%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 11.79%; vertical-align: top;">
              <div style="text-align: right; margin-right: 14.1pt; color: #000000;">8.88</div>
            </td>
            <td nowrap="nowrap" style="width: 0.82%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 11.79%; vertical-align: top;">
              <div style="text-align: right; margin-right: 14.1pt; color: #000000;">9.89</div>
            </td>
            <td nowrap="nowrap" style="width: 0.82%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 11.79%; vertical-align: top;">
              <div style="text-align: right; margin-right: 12.75pt; color: #000000;">9.54</div>
            </td>
            <td nowrap="nowrap" style="width: 0.82%; vertical-align: top;">&#160;</td>
            <td style="width: 0.82%; vertical-align: top;">&#160;</td>
            <td style="width: 11.82%; vertical-align: top;">
              <div style="text-align: right; margin-right: 8.25pt; color: #000000;">-5.86</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.82%; vertical-align: top;">&#160;</td>
            <td style="width: 11.82%; vertical-align: top;">
              <div style="text-align: right; margin-right: 4.15pt; color: #000000;">-6.92</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 14.79%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: center; color: #000000;">08/30/18*</div>
            </td>
            <td style="width: 0.84%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 11.78%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; margin-right: 12.75pt; color: #000000;">9.52</div>
            </td>
            <td nowrap="nowrap" style="width: 0.82%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 11.79%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; margin-right: 14.1pt; color: #000000;">9.18</div>
            </td>
            <td nowrap="nowrap" style="width: 0.82%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 11.79%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; margin-right: 14.1pt; color: #000000;">9.85</div>
            </td>
            <td nowrap="nowrap" style="width: 0.82%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 11.79%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; margin-right: 12.75pt; color: #000000;">9.61</div>
            </td>
            <td nowrap="nowrap" style="width: 0.82%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 0.82%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 11.82%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; margin-right: 8.25pt; color: #000000;">-3.35</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 0.82%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 11.82%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; margin-right: 4.15pt; color: #000000;">-4.47</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 14.79%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">11/30/18</div>
            </td>
            <td style="width: 0.84%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 11.78%; vertical-align: top;">
              <div style="text-align: right; margin-right: 12.75pt; color: #000000;">9.48</div>
            </td>
            <td nowrap="nowrap" style="width: 0.82%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 11.79%; vertical-align: top;">
              <div style="text-align: right; margin-right: 14.1pt; color: #000000;">9.37</div>
            </td>
            <td nowrap="nowrap" style="width: 0.82%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 11.79%; vertical-align: top;">
              <div style="text-align: right; margin-right: 14.1pt; color: #000000;">9.72</div>
            </td>
            <td nowrap="nowrap" style="width: 0.82%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 11.79%; vertical-align: top;">
              <div style="text-align: right; margin-right: 12.75pt; color: #000000;">9.69</div>
            </td>
            <td nowrap="nowrap" style="width: 0.82%; vertical-align: top;">&#160;</td>
            <td style="width: 0.82%; vertical-align: top;">&#160;</td>
            <td style="width: 11.82%; vertical-align: top;">
              <div style="text-align: right; margin-right: 8.25pt; color: #000000;">-2.47</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.82%; vertical-align: top;">&#160;</td>
            <td style="width: 11.82%; vertical-align: top;">
              <div style="text-align: right; margin-right: 4.15pt; color: #000000;">-3.30</div>
            </td>
            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 14.79%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: center; color: #000000;">02/28/19</div>
            </td>
            <td style="width: 0.84%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 11.78%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; margin-right: 12.75pt; color: #000000;">9.42</div>
            </td>
            <td nowrap="nowrap" style="width: 0.82%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 11.79%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; margin-right: 14.1pt; color: #000000;">8.90</div>
            </td>
            <td nowrap="nowrap" style="width: 0.82%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 11.79%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; margin-right: 14.1pt; color: #000000;">9.73</div>
            </td>
            <td nowrap="nowrap" style="width: 0.82%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 11.79%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; margin-right: 12.75pt; color: #000000;">9.32</div>
            </td>
            <td nowrap="nowrap" style="width: 0.82%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 0.82%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 11.82%; vertical-align: top; background-color: #DCDCDC;">
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            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
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            <td style="width: 0.84%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
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            <td nowrap="nowrap" style="width: 0.82%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 11.79%; vertical-align: top;">
              <div style="text-align: right; margin-right: 14.1pt; color: #000000;">8.24</div>
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            <td nowrap="nowrap" style="width: 0.82%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 11.79%; vertical-align: top;">
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            <td nowrap="nowrap" style="width: 0.82%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 11.79%; vertical-align: top;">
              <div style="text-align: right; margin-right: 12.75pt; color: #000000;">9.34</div>
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            <td nowrap="nowrap" style="width: 0.82%; vertical-align: top;">&#160;</td>
            <td style="width: 0.82%; vertical-align: top;">&#160;</td>
            <td style="width: 11.82%; vertical-align: top;">
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            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.82%; vertical-align: top;">&#160;</td>
            <td style="width: 11.82%; vertical-align: top;">
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            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
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            <td style="width: 0.84%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
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            <td style="width: 1.18%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 11.79%; vertical-align: top; background-color: #DCDCDC;">
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            <td nowrap="nowrap" style="width: 0.82%; vertical-align: top;">&#160;</td>
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            <td nowrap="nowrap" style="width: 0.82%; vertical-align: top;">&#160;</td>
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            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
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            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
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              <div style="text-align: right; margin-right: 12.75pt; color: #000000;">9.52</div>
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              <div style="text-align: right; margin-right: 14.1pt; color: #000000;">8.51</div>
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            <td style="width: 11.79%; vertical-align: top; background-color: #DCDCDC;">
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            <td style="width: 1.18%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 11.79%; vertical-align: top; background-color: #DCDCDC;">
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            <td style="width: 0.82%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 11.82%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; margin-right: 8.25pt; color: #000000;">-3.74</div>
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            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 0.82%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
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            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
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            <td style="width: 14.79%; vertical-align: top;">
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            <td style="width: 0.84%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 11.78%; vertical-align: top;">
              <div style="text-align: right; margin-right: 12.75pt; color: #000000;">8.97</div>
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            <td nowrap="nowrap" style="width: 0.82%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 11.79%; vertical-align: top;">
              <div style="text-align: right; margin-right: 14.1pt; color: #000000;">5.17</div>
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            <td nowrap="nowrap" style="width: 0.82%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 11.79%; vertical-align: top;">
              <div style="text-align: right; margin-right: 14.1pt; color: #000000;">9.68</div>
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            <td nowrap="nowrap" style="width: 0.82%; vertical-align: top;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top;">&#160;</td>
            <td style="width: 11.79%; vertical-align: top;">
              <div style="text-align: right; margin-right: 12.75pt; color: #000000;">6.41</div>
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            <td nowrap="nowrap" style="width: 0.82%; vertical-align: top;">&#160;</td>
            <td style="width: 0.82%; vertical-align: top;">&#160;</td>
            <td style="width: 11.82%; vertical-align: top;">
              <div style="text-align: right; margin-right: 8.25pt; color: #000000;">-7.33</div>
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            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
            <td style="width: 0.82%; vertical-align: top;">&#160;</td>
            <td style="width: 11.82%; vertical-align: top;">
              <div style="text-align: right; margin-right: 4.15pt; color: #000000;">-19.34</div>
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            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top;">&#160;</td>
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            <td style="width: 14.79%; vertical-align: top; background-color: #DCDCDC;">
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            <td style="width: 0.84%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 11.78%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; margin-right: 12.75pt; color: #000000;">8.16</div>
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            <td nowrap="nowrap" style="width: 0.82%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 11.79%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; margin-right: 14.1pt; color: #000000;">7.44</div>
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            <td nowrap="nowrap" style="width: 0.82%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 11.79%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; margin-right: 14.1pt; color: #000000;">8.69</div>
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            <td nowrap="nowrap" style="width: 0.82%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 1.18%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 11.79%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; margin-right: 12.75pt; color: #000000;">8.20</div>
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            <td nowrap="nowrap" style="width: 0.82%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 0.82%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
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              <div style="text-align: right; margin-right: 8.25pt; color: #000000;">-6.10</div>
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            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 0.82%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
            <td style="width: 11.82%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; margin-right: 4.15pt; color: #000000;">-9.27</div>
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            <td nowrap="nowrap" style="width: 1.97%; vertical-align: top; background-color: #DCDCDC;">&#160;</td>
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              <div style="color: #000000;">At the Fund&#8217;s 2018 annual meeting, a new Board was elected and the Fund&#8217;s former investment adviser was terminated as of July 23, 2018.</div>
            </td>
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      <div style="text-align: justify; color: #000000; font-weight: bold;">Repurchase of Shares</div>
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      <div style="text-align: justify; color: #000000;">In 2019, the Fund conducted an offer to purchase up to 55% of its outstanding shares which expired at 5:00 p.m., Eastern Time on March 18, 2019. A total of 7,365,350 shares or approximately 56.96% of
        the Fund&#8217;s outstanding shares at the time were validly tendered and purchased by the Fund at a price per share of $9.25.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Fund may, pursuant to Section 23 of the Investment Company Act, purchase Shares on the open market from time to time, at such times, and in such amounts as may be deemed advantageous to the Fund.
        Nothing herein shall be considered a commitment to purchase such Shares. No limit has been placed on the number of Shares to be repurchased by the Fund other than those imposed by federal securities laws. All purchases will be made in accordance
        with federal securities laws, with Shares repurchased held in treasury for future use by the Fund. In determining to repurchase Shares, the Board of Trustees will consider such factors as the market price of the Shares, the net asset value of the
        Shares, the liquidity of the assets of the Fund, effect on the Fund&#8217;s expenses, whether such transactions would impair the Fund&#8217;s status as a regulated investment company or result in a failure to comply with applicable asset coverage requirements,
        general economic conditions and such other events or conditions, which may have a material effect on the Fund&#8217;s ability to consummate such transactions.</div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">38</font></div>
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      <div style="text-align: justify; color: #000000; font-weight: bold;">Additional Provisions of the Charter and By-laws</div>
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      <div style="text-align: justify; color: #000000;">The Fund's agreement and declaration of trust includes provisions that could have the effect of limiting the ability of other entities or persons to acquire control of the fund, or to cause it to
        engage in certain transactions or to modify its structure. The affirmative vote of at least two-thirds of the outstanding Shares of the Fund is required to authorize any of the following actions (unless such action has been authorized by the
        affirmative vote of two-thirds of the total number of Trustees, in which case the affirmative vote of a majority of the shares entitled to vote is required):</div>
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              <div style="color: #000000;">merger or consolidation of the fund,</div>
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              <div style="color: #000000;">sale of all or substantially all of the assets of the fund, or</div>
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      <div>&#160;</div>
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              <div style="color: #000000;">conversion of the fund to an open-end investment company.</div>
            </td>
          </tr>

      </table>
      <div><br>
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      <div style="text-align: justify; color: #000000;">The Trustees have determined that the two-thirds requirement described above, which is greater than the minimum requirements under the 1940 Act, is in the best interests of the Fund and its
        shareholders generally. Please refer to the Fund&#8217;s agreement and declaration of trust, on file with the SEC, for the full text of these provisions. These provisions could have the effect of depriving shareholders of an opportunity to sell their
        shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control of a fund in a tender offer or similar transaction and may have the effect of inhibiting the Fund's conversion to open-end status.</div>
      <div><br>
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      <div><br>
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      <div style="text-align: center; color: #000000; font-weight: bold;">LEGAL MATTERS</div>
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      <div style="text-align: justify; color: #000000;">Certain legal matters in connection with the Shares will be passed upon for the Fund by Sullivan &amp; Worcester LLP.</div>
      <div><br>
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      <div style="text-align: center; color: #000000; font-weight: bold;">REPORTS TO STOCKHOLDERS</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Fund sends its Shareholders unaudited semi-annual and audited annual reports, including a list of investments held.</div>
      <div><br>
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      <div style="text-align: center; color: #000000; font-weight: bold;">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>
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      <div>&#160;</div>
      <div style="text-align: justify;">Tait, Weller &amp; Baker LLP is the independent registered public accounting firm for the Fund and will audit the Fund&#8217;s financial statements. Tait, Weller &amp; Baker LLP is located at 50 South 16th Street, Suite
        2900, Philadelphia, PA 19102.</div>
      <div style="text-align: justify; color: #000000;">&#160;</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">ADDITIONAL INFORMATION</div>
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      <div style="text-align: justify; color: #000000;">The prospectus and the Statement of Additional Information do not contain all of the information set forth in the Registration Statement that the Fund has filed with the SEC (File No. 333-248509). The
        complete Registration Statement may be obtained from the SEC at www.sec.gov. See the cover page of this Prospectus for information about how to obtain a paper copy of the Registration Statement or Statement of Additional Information without charge.</div>
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      <div style="text-align: center; color: #000000; font-weight: bold;">TABLE OF CONTENTS OF THE STATEMENT OF ADDITIONAL INFORMATION</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">&#160;</div>
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          <tr>
            <td style="width: 93.88%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 6.12%; vertical-align: top; text-align: right;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Page</div>
            </td>
          </tr>
          <tr>
            <td style="width: 93.88%; vertical-align: top;">
              <div style="color: #000000;">FORWARD-LOOKING STATEMENTS</div>
            </td>
            <td style="width: 6.12%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 93.88%; vertical-align: top; background-color: #DCDCDC;">
              <div style="color: #000000;">GENERAL INFORMATION AND HISTORY</div>
            </td>
            <td style="width: 6.12%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; color: #000000;">1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 93.88%; vertical-align: top;">
              <div style="color: #000000;">INVESTMENT RESTRICTIONS</div>
            </td>
            <td style="width: 6.12%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 93.88%; vertical-align: top; background-color: #D9D9D9;">
              <div style="color: #000000;">MANAGEMENT</div>
            </td>
            <td style="width: 6.12%; vertical-align: top; background-color: #D9D9D9;">
              <div style="text-align: right; color: #000000;">2</div>
            </td>
          </tr>
          <tr>
            <td style="width: 93.88%; vertical-align: top;">
              <div style="color: #000000;">CODE OF ETHICS</div>
            </td>
            <td style="width: 6.12%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">13</div>
            </td>
          </tr>
          <tr>
            <td style="width: 93.88%; vertical-align: top; background-color: #DCDCDC;">
              <div style="color: #000000;">PROXY VOTING PROCEDURES</div>
            </td>
            <td style="width: 6.12%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; color: #000000;">13</div>
            </td>
          </tr>
          <tr>
            <td style="width: 93.88%; vertical-align: top;">
              <div style="color: #000000;">ADMINISTRATIVE SERVICES, TRANSFER AGENT, CUSTODIAN</div>
            </td>
            <td style="width: 6.12%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">14</div>
            </td>
          </tr>
          <tr>
            <td style="width: 93.88%; vertical-align: top; background-color: #DCDCDC;">
              <div style="color: #000000;">PORTFOLIO MANAGERS</div>
            </td>
            <td style="width: 6.12%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; color: #000000;">15</div>
            </td>
          </tr>
          <tr>
            <td style="width: 93.88%; vertical-align: top;">
              <div style="color: #000000;">ALLOCATION OF BROKERAGE</div>
            </td>
            <td style="width: 6.12%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">16</div>
            </td>
          </tr>
          <tr>
            <td style="width: 93.88%; vertical-align: top; background-color: #DCDCDC;">
              <div style="color: #000000;">CERTAIN MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</div>
            </td>
            <td style="width: 6.12%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; color: #000000;">17</div>
            </td>
          </tr>
          <tr>
            <td style="width: 93.88%; vertical-align: top;">
              <div style="color: #000000;">FINANCIAL STATEMENTS</div>
            </td>
            <td style="width: 6.12%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">24</div>
            </td>
          </tr>
          <tr>
            <td style="width: 93.88%; vertical-align: top; background-color: #DCDCDC;">
              <div style="color: #000000;">OTHER INFORMATION</div>
            </td>
            <td style="width: 6.12%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; color: #000000;">24</div>
            </td>
          </tr>
          <tr>
            <td style="width: 93.88%; vertical-align: top;">
              <div style="color: #000000;">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>
            </td>
            <td style="width: 6.12%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">24</div>
            </td>
          </tr>

      </table>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">40</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">THE FUND&#8217;S PRIVACY POLICY</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">Privacy Policy Notice</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The following is a description of the Fund&#8217;s policies regarding disclosure of nonpublic personal information that you provide to the Fund or that the Fund collects from other sources. In the event
        that you hold shares of the Fund through a broker-dealer or other financial intermediary, the privacy policy of the financial intermediary would govern how your nonpublic personal information would be shared with unaffiliated third parties.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">CATEGORIES OF INFORMATION THE FUND COLLECTS. The Fund collects the following nonpublic personal information about you:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za682c86e52d2407faed3f2d8f2e81a63">

          <tr>
            <td style="width: 22.5pt;"><br>
            </td>
            <td style="width: 13.5pt; vertical-align: top; align: right; color: #000000;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">Information from the Consumer: this category includes information the Fund receives from you on or in applications or other forms, correspondence, or conversations (such as your name, address, phone number, social
                security number, assets, income and date of birth)&#894; and</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4ba03eed019941fbb04a6c690ee476fd">

          <tr>
            <td style="width: 22.5pt;"><br>
            </td>
            <td style="width: 13.5pt; vertical-align: top; align: right; color: #000000;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;">Information about the Consumer&#8217;s transactions: this category includes information about your transactions with the Fund, its affiliates, or others (such as your account number and balance, payment history, parties
                to transactions, cost basis information, and other financial information).</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-weight: bold;">CATEGORIES OF INFORMATION THE FUND DISCLOSES.</font> The Fund does not disclose any nonpublic personal information about its current or former shareholders to
        unaffiliated third parties, except as required or permitted by law. The Fund is permitted by law to disclose all of the information it collects, as described above, to its service providers (such as the custodian, administrator and transfer agent)
        to process your transactions and otherwise provide services to you.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-weight: bold;">CONFIDENTIALITY AND SECURITY.</font> The Fund restricts access to your nonpublic personal information to those persons who require such information to provide products
        or services to you. The Fund maintains physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.</div>
      <div style="text-align: justify; color: #000000;"> <br>
      </div>
      <div style="text-align: justify; color: #000000;">Not part of the Prospectus </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <br>
      <div style="text-align: center; color: #000000; font-size: 18pt; font-weight: bold;">High Income Securities Fund</div>
      <div style="text-align: center; color: #000000;">&#160;</div>
      <div style="text-align: center; color: #000000; font-size: 18pt;"><font style="font-weight: bold;">[</font>&#9679;<font style="font-weight: bold;">]</font><font style="font-weight: bold;"> Rights for</font></div>
      <div style="text-align: center; color: #000000;">&#160;</div>
      <div style="text-align: center; color: #000000; font-size: 18pt;"><font style="font-weight: bold;">[</font>&#9679;<font style="font-weight: bold;">] </font><font style="font-weight: bold;">Shares of Beneficial Interest</font></div>
      <div style="text-align: center; color: #000000;">&#160;</div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000;">&#160;</div>
      <div style="text-align: center; color: #000000; font-size: 18pt; font-weight: bold;">PROSPECTUS</div>
      <div style="text-align: center; color: #000000;">&#160;</div>
      <div style="text-align: center; color: #000000; font-size: 18pt;"><font style="font-weight: bold;">[</font>&#9679;<font style="font-weight: bold;">]</font><font style="font-weight: bold;">, 2020</font></div>
      <div style="text-align: center; color: #000000;">&#160;</div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">STATEMENT OF ADDITIONAL INFORMATION</div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000;">[&#9679;]<font style="font-weight: bold;">, 2020</font></div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">HIGH INCOME SECURITIES FUND</div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">C/O US BANCORP FUND SERVICES, LLC</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">615 EAST MICHIGAN STREET</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">MILWAUKEE, WI 53202</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-weight: bold;">THIS STATEMENT OF ADDITIONAL INFORMATION (&#8220;SAI&#8221;) IS NOT A PROSPECTUS. THIS SAI SHOULD BE READ IN CONJUNCTION WITH THE PROSPECTUS OF HIGH INCOME SECURITIES FUND (THE
          &#8220;FUND&#8221;), DATED </font>[&#9679;]<font style="font-weight: bold;">, 2020 (THE &#8220;PROSPECTUS&#8221;), AS IT MAY BE SUPPLEMENTED FROM TIME TO TIME. CAPITALIZED TERMS USED BUT NOT DEFINED IN THIS SAI HAVE THE MEANINGS GIVEN TO THEM IN THE PROSPECTUS.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-weight: bold;">A COPY OF THE PROSPECTUS MAY BE OBTAINED WITHOUT CHARGE BY CALLING THE FUND TOLL FREE AT </font><font style="font-weight: bold;">1-888-898-4107 </font><font style="font-weight: bold;">OR BY VISITING THE FUND&#8217;S WEBSITE AT </font><font style="font-weight: bold;">WWW.HIGHINCOMESECURITIESFUND.COM</font>. <font style="font-weight: bold;">THE REGISTRATION STATEMENT OF WHICH THE PROSPECTUS IS A PART CAN
          BE REVIEWED AND COPIED AT THE PUBLIC REFERENCE ROOM OF THE SECURITIES AND EXCHANGE COMMISSION (THE &#8220;SEC&#8221;) AT 100 F STREET NE, WASHINGTON, D.C. YOU MAY OBTAIN INFORMATION ON THE OPERATION OF THE PUBLIC REFERENCE ROOM BY CALLING THE SEC AT (800)
          SEC-0330. THE FUND&#8217;S FILINGS WITH THE SEC ARE ALSO AVAILABLE TO THE PUBLIC ON THE SEC&#8217;S WEBSITE AT WWW.SEC.GOV. COPIES OF THESE FILINGS MAY BE OBTAINED, AFTER PAYING A DUPLICATING FEE, BY ELECTRONIC REQUEST AT THE FOLLOWING E-MAIL ADDRESS:
          PUBLICINFO@SEC.GOV, OR BY WRITING THE SEC&#8217;S PUBLIC REFERENCE SECTION, 100 F ST. NE, WASHINGTON, D.C. 20549-0102.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">TABLE OF CONTENTS OF THE STATEMENT OF ADDITIONAL INFORMATION</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z92ad14070d394f08af4ee652d11770aa">

          <tr>
            <td style="width: 93.88%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 6.12%; vertical-align: top; text-align: right;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Page</div>
            </td>
          </tr>
          <tr>
            <td style="width: 93.88%; vertical-align: top;">
              <div style="color: #000000;">FORWARD-LOOKING STATEMENTS</div>
            </td>
            <td style="width: 6.12%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 93.88%; vertical-align: top; background-color: #DCDCDC;">
              <div style="color: #000000;">GENERAL INFORMATION AND HISTORY</div>
            </td>
            <td style="width: 6.12%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; color: #000000;">1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 93.88%; vertical-align: top;">
              <div style="color: #000000;">INVESTMENT RESTRICTIONS</div>
            </td>
            <td style="width: 6.12%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 93.88%; vertical-align: top; background-color: #D9D9D9;">
              <div style="color: #000000;">MANAGEMENT</div>
            </td>
            <td style="width: 6.12%; vertical-align: top; background-color: #D9D9D9;">
              <div style="text-align: right; color: #000000;">2</div>
            </td>
          </tr>
          <tr>
            <td style="width: 93.88%; vertical-align: top;">
              <div style="color: #000000;">CODE OF ETHICS</div>
            </td>
            <td style="width: 6.12%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">13</div>
            </td>
          </tr>
          <tr>
            <td style="width: 93.88%; vertical-align: top; background-color: #DCDCDC;">
              <div style="color: #000000;">PROXY VOTING PROCEDURES</div>
            </td>
            <td style="width: 6.12%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; color: #000000;">13</div>
            </td>
          </tr>
          <tr>
            <td style="width: 93.88%; vertical-align: top;">
              <div style="color: #000000;">ADMINISTRATIVE SERVICES, TRANSFER AGENT, CUSTODIAN</div>
            </td>
            <td style="width: 6.12%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">14</div>
            </td>
          </tr>
          <tr>
            <td style="width: 93.88%; vertical-align: top; background-color: #DCDCDC;">
              <div style="color: #000000;">PORTFOLIO MANAGERS</div>
            </td>
            <td style="width: 6.12%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; color: #000000;">15</div>
            </td>
          </tr>
          <tr>
            <td style="width: 93.88%; vertical-align: top;">
              <div style="color: #000000;">ALLOCATION OF BROKERAGE</div>
            </td>
            <td style="width: 6.12%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">16</div>
            </td>
          </tr>
          <tr>
            <td style="width: 93.88%; vertical-align: top; background-color: #DCDCDC;">
              <div style="color: #000000;">CERTAIN MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</div>
            </td>
            <td style="width: 6.12%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; color: #000000;">17</div>
            </td>
          </tr>
          <tr>
            <td style="width: 93.88%; vertical-align: top;">
              <div style="color: #000000;">FINANCIAL STATEMENTS</div>
            </td>
            <td style="width: 6.12%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">24</div>
            </td>
          </tr>
          <tr>
            <td style="width: 93.88%; vertical-align: top; background-color: #DCDCDC;">
              <div style="color: #000000;">OTHER INFORMATION</div>
            </td>
            <td style="width: 6.12%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; color: #000000;">24</div>
            </td>
          </tr>
          <tr>
            <td style="width: 93.88%; vertical-align: top;">
              <div style="color: #000000;">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>
            </td>
            <td style="width: 6.12%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">24</div>
            </td>
          </tr>

      </table>
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        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <!--PROfilePageNumberReset%Num%1%%%-->
      <div style="text-align: center; color: #000000; font-weight: bold;">FORWARD-LOOKING STATEMENTS</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">This SAI contains or incorporates by reference &#8220;forward-looking statements&#8221; (within the meaning of the federal securities laws) that involve risks and uncertainties. Forward-looking statements are
        excluded from the safe harbor protection provided by Section 27A of the Securities Act of 1933. These statements describe our plans, strategies and goals and our beliefs and assumptions concerning future economic or other conditions and the outlook
        for the Fund, based on currently available information. In this SAI, words such as &#8220;anticipates,&#8221; &#8220;believes,&#8221; &#8220;expects,&#8221; &#8220;objectives,&#8221; &#8220;goals,&#8221; &#8220;future,&#8221; &#8220;intends,&#8221; &#8220;seeks,&#8221; &#8220;will,&#8221; &#8220;may,&#8221; &#8220;could,&#8221; &#8220;should,&#8221; and similar expressions are used in an
        effort to identify forward-looking statements, although some forward-looking statements may be expressed differently.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Fund&#8217;s actual results could differ materially from those anticipated in the forward-looking statements because of various risks and uncertainties, including the factors set forth in the section
        headed &#8220;Risk Factors&#8221; in the Fund&#8217;s prospectus and elsewhere in the prospectus and this SAI. You should consider carefully the discussions of risks and uncertainties in the &#8220;Risk Factors&#8221; section in the prospectus. The forward-looking statements
        contained in this SAI are based on information available to the Fund on the date of this SAI, and the Fund assumes no obligation to update any such forward-looking statements, except as required by law.</div>
      <div style="text-align: justify; color: #000000;"> <br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">GENERAL INFORMATION AND HISTORY</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">High Income Securities Fund (formerly, Putnam High Income Securities Fund) (the &#8220;Fund&#8221;) is a Massachusetts business trust, which is registered under the Investment Company Act of 1940, as amended, as
        a diversified closed-end management investment company.&#160; At the Fund&#8217;s annual meeting of shareholders in 2018, a new Board of Trustees was elected.&#160; The Fund&#8217;s agreement with its former investment adviser terminated as of July 23, 2018.&#160; Effective
        July 24, 2018 the Fund changed its name to High Income Securities Fund.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The investment objective of the Fund is to provide high current income as a primary objective and capital appreciation as a secondary objective. The Fund pursues its objective primarily by investing,
        under normal circumstances, at least 80% of its net assets in fixed income securities, including debt instruments, convertible securities and preferred stocks. The Fund also invests in high-yielding non-convertible securities with the potential for
        capital appreciation.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">INVESTMENT RESTRICTIONS</div>
      <div style="color: #000000; font-style: italic; font-weight: bold;">Fundamental Policies</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Fund has adopted the following investment restrictions that may not be changed without the affirmative vote of a "majority of the outstanding voting securities" of the fund, which is defined in
        the 1940 Act to mean the affirmative vote of the lesser of (1) more than 50% of the outstanding shares of the Fund, or (2) 67% or more of the shares present at a meeting if more than 50% of the outstanding shares of the fund are represented at the
        meeting in person or by proxy. The Fund may not:</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">1</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2bef3d98754947858e303d3ade701907">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt; color: #000000;">1.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; color: #000000;">Borrow money or issue senior securities (as defined in the 1940 Act), except that the fund may borrow amounts not exceeding 15% of the value (taken at the lower of cost or current value) of
                  its total assets (not including the amount borrowed) at the time the borrowing is made for temporary purposes (including repurchasing its shares while effecting an orderly liquidation of portfolio securities) or for emergency purposes.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb2624a414f3d4f1a9b39d62ebce9edeb">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt; color: #000000;">2.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; color: #000000;">Underwrite securities issued by other persons except to the extent that, in connection with the disposition of its portfolio investments, it may be deemed to be an underwriter under the
                  federal securities laws.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z34e15ab2d5fc4cd492e21d980f99d9c5">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt; color: #000000;">3.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; color: #000000;">Purchase securities restricted as to resale if, as a result, such investments would exceed 10% of the value of the Fund's net assets.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdf8a96605ef74f04a1e6bfddea61bdcc">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt; color: #000000;">4.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; color: #000000;">Purchase or sell real estate, although it may purchase securities of issuers which deal in real estate, securities which are secured by interests in real estate and securities which
                  represent interests in real estate or interests in real estate acquired through the exercise of its rights as a holder of debt obligations secured by real estate or interests therein.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za051ac0896fa4487976a1ffbec3b1a5f">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt; color: #000000;">5.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; color: #000000;">Purchase or sell commodities or commodity contracts, except that it may purchase or sell financial futures contracts and related options.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc9b3d102106f40c6b74bd527c20449bf">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt; color: #000000;">6.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; color: #000000;">Make loans, except by purchase of debt obligations in which the Fund may invest consistent with its investment policies, by entering into repurchase agreements or by lending its portfolio
                  securities.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z30f8f3c727e9419ba3ae53e11f441910">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt; color: #000000;">7.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; color: #000000;">With respect to 75% of its total assets, invest in the securities of any issuer if, immediately after such investment, more than 5% of the total assets of the Fund (taken at current value)
                  would be invested in the securities of such issuer; provided that this limitation does not apply to obligations issued or guaranteed as to interest or principal by the U.S. government or its agencies or instrumentalities.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z79b8de8d4da24c33acbd60260f8ad214">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt; color: #000000;">8.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; color: #000000;">With respect to 75% of its total assets, acquire more than 10% of the outstanding voting securities of any issuer.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z71d77fc023064e75be4a82842b280570">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt; color: #000000;">9.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; color: #000000;">Purchase securities (other than securities of the U.S. government, its agencies or instrumentalities) if, as a result of such purchase, more than 25% of the Fund's total assets would be
                  invested in any one industry.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="color: #000000; font-style: italic; font-weight: bold;">Non-Fundamental Policy</div>
      <div><br>
      </div>
      <div style="color: #000000;">The following non-fundamental investment policy of the Fund may be changed by the Trustees without shareholder approval:</div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z64645c6ef07d49d39382d3cd141509c7">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt; color: #000000;">1.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">The Fund may not invest in the securities of registered open-end investment companies, except as they may be acquired as part of a merger or consolidation or acquisition of assets or by purchases in the open
                  market involving only customary brokers' commissions.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">All percentage limitations on investments will apply at the time of investment and shall not be considered violated unless an excess or deficiency occurs or exists immediately after and as a result of
        such investment. Except for the fundamental investment restrictions listed above, the other investment policies described in this SAI or the Prospectus are not fundamental and may be changed by approval of the Trustees.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Board is currently reviewing and may determine it is in the best interests of the Fund and its Shareholders to make changes to the Fund&#8217;s current investment objective, investment strategies and
        fundamental and non-fundamental investment restrictions of the Fund, subject, where required, to the approval of the Shareholders.&#160; Any such changes would be disclosed in a future registration statement. The Board may also determine in the future
        that it is in the best interests of the Fund and its Shareholders to engage an investment advisory firm to manage the Fund&#8217;s assets.</div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">MANAGEMENT</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Our business and affairs are managed under the direction of our Board. The Board currently consists of seven individuals, four of whom are not &#8220;interested persons&#8221; as that term is defined in Section 2(a)(19) of the
        1940 Act. We refer to these individuals as our Independent Trustees. Our Board elects our officers, who serve at the discretion of the Board.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; font-style: italic; font-weight: bold;">&#160;Trustees and Executive Officers</div>
      <div>&#160; <br>
      </div>
      <div style="text-align: justify;">The following table sets forth the Trustees and executive officers of the Fund, their name, address, age, position with the Fund, term of office and length of service with the Fund, principal occupation or employment
        during the past five years and other directorships held at August 31, 2020.&#160; The address for all Trustees and officers of the Fund is c/o High Income Securities Fund, 615 East Michigan Street, Milwaukee, WI 53202.</div>
      <div>&#160;</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z82bc0d8eae724272b3b1f7b091382463">

          <tr>
            <td style="width: 17.83%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="color: #000000; font-weight: bold;">Name, Address</div>
              <div style="color: #000000; font-weight: bold;">and Age</div>
            </td>
            <td style="width: 13.68%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="color: #000000; font-weight: bold;">Position(s)</div>
              <div style="color: #000000; font-weight: bold;">Held with</div>
              <div style="color: #000000; font-weight: bold;">the Fund</div>
            </td>
            <td style="width: 12.06%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Term of</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Office</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">and</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Length</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">of Time</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Served</div>
            </td>
            <td style="width: 23.7%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Principal Occupation</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">During the Past</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Five Years</div>
            </td>
            <td style="width: 15.45%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Number of</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Portfolios</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">in Fund</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Complex</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Overseen</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">by Trustee*</div>
            </td>
            <td style="width: 17.29%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Other</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Directorships</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">held by</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Trustee</div>
            </td>
          </tr>
          <tr>
            <td colspan="6" style="width: 100%; vertical-align: middle; border-top: #000000 2px solid;">
              <div style="text-align: center; color: #000000; font-weight: bold;">INTERESTED TRUSTEES</div>
            </td>
          </tr>
          <tr>
            <td style="width: 17.83%; vertical-align: top;">
              <div style="color: #000000;">Andrew Dakos**</div>
              <div style="color: #000000;">(54)</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">
              <div style="color: #000000;">President</div>
              <div style="color: #000000;">as of</div>
              <div style="color: #000000;">July 2018.</div>
            </td>
            <td style="width: 12.06%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">1 year&#894;</div>
              <div style="text-align: center; color: #000000;">Since</div>
              <div style="text-align: center; color: #000000;">2018</div>
            </td>
            <td style="width: 23.7%; vertical-align: top;">
              <div style="color: #000000;">Member of Bulldog Investors,</div>
              <div style="color: #000000;">LLC since 2009&#894; Principal of</div>
              <div style="color: #000000;">the former general partner of several</div>
              <div style="color: #000000;">private investment partnerships</div>
              <div style="color: #000000;">in the Bulldog Investors group</div>
              <div style="color: #000000;">of private funds.</div>
            </td>
            <td style="width: 15.45%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">1</div>
            </td>
            <td style="width: 17.29%; vertical-align: top;">
              <div style="color: #000000;">Director, Brookfield</div>
              <div style="color: #000000;">DTLA Fund Office</div>
              <div style="color: #000000;">Trust Investor, Inc.&#894;</div>
              <div style="color: #000000;">Director, Emergent</div>
              <div style="color: #000000;">Capital, Inc. (until</div>
              <div style="color: #000000;">2017)&#894; Trustee,</div>
              <div style="color: #000000;">Crossroads</div>
              <div style="color: #000000;">Liquidating Trust&#894;</div>
              <div style="color: #000000;">Director, Special</div>
              <div style="color: #000000;">Opportunities</div>
              <div style="color: #000000;">Fund, Inc.&#894;</div>
              <div style="color: #000000;">Chairman, Swiss</div>
              <div style="color: #000000;">Helvetia Fund, Inc.</div>
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 17.83%; vertical-align: top;">
              <div style="color: #000000;">Phillip Goldstein**</div>
              <div style="color: #000000;">(75)</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">
              <div style="color: #000000;">Secretary</div>
              <div style="color: #000000;">as of</div>
              <div style="color: #000000;">July 2018.</div>
            </td>
            <td style="width: 12.06%; vertical-align: top;">
              <div style="color: #000000;">1 year&#894;</div>
              <div style="color: #000000;">Since</div>
              <div style="color: #000000;">2018</div>
            </td>
            <td style="width: 23.7%; vertical-align: top;">
              <div style="color: #000000;">Member of Bulldog Investors,</div>
              <div style="color: #000000;">LLC since 2009&#894; Principal of</div>
              <div style="color: #000000;">The former general partner of several</div>
              <div style="color: #000000;">private investment partnerships</div>
              <div style="color: #000000;">in the Bulldog Investors group</div>
              <div style="color: #000000;">of private funds.</div>
            </td>
            <td style="width: 15.45%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">1</div>
            </td>
            <td style="width: 17.29%; vertical-align: top;">
              <div style="color: #000000;">Chairman, The</div>
              <div style="color: #000000;">Mexico Equity and</div>
              <div style="color: #000000;">Income Fund, Inc.&#894;</div>
              <div style="color: #000000;">Chairman, Special</div>
              <div style="color: #000000;">Opportunities</div>
              <div style="color: #000000;">Fund, Inc.&#894; Director,</div>
              <div style="color: #000000;">Brookfield DTLA</div>
              <div style="color: #000000;">Fund Office Trust</div>
              <div style="color: #000000;">Investor Inc.&#894;</div>
              <div style="color: #000000;">Director, MVC</div>
              <div style="color: #000000;">Capital, Inc.&#894;</div>
              <div style="color: #000000;">Trustee, Crossroads</div>
              <div style="color: #000000;">Liquidating Trust&#894;</div>
              <div style="color: #000000;">Director, Swiss</div>
              <div style="color: #000000;">Helvetia Fund, Inc.&#894;</div>
              <div style="color: #000000;">Chairman,</div>
              <div style="color: #000000;">Emergent Capital,</div>
              <div style="color: #000000;">Inc. (until 2017).</div>
              <div>&#160;</div>
            </td>
          </tr>

      </table>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 17.83%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                <div style="color: #000000; font-weight: bold;">Name, Address</div>
                <div style="color: #000000; font-weight: bold;">and Age</div>
              </td>
              <td style="width: 13.68%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                <div style="color: #000000; font-weight: bold;">Position(s)</div>
                <div style="color: #000000; font-weight: bold;">Held with</div>
                <div style="color: #000000; font-weight: bold;">the Fund</div>
              </td>
              <td style="width: 12.06%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                <div style="text-align: center; color: #000000; font-weight: bold;">Term of</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">Office</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">and</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">Length</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">of Time</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">Served</div>
              </td>
              <td style="width: 23.7%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                <div style="text-align: center; color: #000000; font-weight: bold;">Principal Occupation</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">During the Past</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">Five Years</div>
              </td>
              <td style="width: 15.45%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                <div style="text-align: center; color: #000000; font-weight: bold;">Number of</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">Portfolios</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">in Fund</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">Complex</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">Overseen</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">by Trustee*</div>
              </td>
              <td style="width: 17.29%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                <div style="text-align: center; color: #000000; font-weight: bold;">Other</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">Directorships</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">held by</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">Trustee</div>
              </td>
            </tr>

        </table>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 17.83%; vertical-align: top;">
              <div style="color: #000000;">Rajeev Das**</div>
              <div style="color: #000000;">(51)</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">
              <div style="color: #000000;">-</div>
            </td>
            <td style="width: 12.06%; vertical-align: top;">
              <div style="color: #000000;">1 year&#894;</div>
              <div style="color: #000000;">Since</div>
              <div style="color: #000000;">2018</div>
            </td>
            <td style="width: 23.7%; vertical-align: top;">
              <div style="color: #000000;">Principal of Bulldog</div>
              <div style="color: #000000;">Investors, LLC</div>
            </td>
            <td style="width: 15.45%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">1</div>
            </td>
            <td style="width: 17.29%; vertical-align: top;">
              <div style="color: #000000;">Director, The</div>
              <div style="color: #000000;">Mexico Equity &amp;</div>
              <div style="color: #000000;">Income Fund, Inc.</div>
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td colspan="6" style="width: 100%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-weight: bold;">INDEPENDENT TRUSTEES</div>
            </td>
          </tr>
          <tr>
            <td style="width: 17.83%; vertical-align: top;">
              <div style="color: #000000;">Gerald Hellerman</div>
              <div style="color: #000000;">(82)</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">
              <div style="color: #000000;">-</div>
            </td>
            <td style="width: 12.06%; vertical-align: top;">
              <div style="color: #000000;">1 year&#894;</div>
              <div style="color: #000000;">Since</div>
              <div style="color: #000000;">2018</div>
            </td>
            <td style="width: 23.7%; vertical-align: top;">
              <div style="color: #000000;">Chief Compliance Officer</div>
              <div style="color: #000000;">of The Mexico Equity and</div>
              <div style="color: #000000;">Income Fund, Inc. and</div>
              <div style="color: #000000;">Special Opportunities Fund, Inc. (through March 2020)</div>
            </td>
            <td style="width: 15.45%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">1</div>
            </td>
            <td style="width: 17.29%; vertical-align: top;">
              <div style="color: #000000;">Director, The</div>
              <div style="color: #000000;">Mexico Equity and</div>
              <div style="color: #000000;">Income Fund, Inc.&#894;</div>
              <div style="color: #000000;">Director, Special</div>
              <div style="color: #000000;">Opportunities</div>
              <div style="color: #000000;">Fund, Inc.&#894; Director,</div>
              <div style="color: #000000;">MVC Capital, Inc.&#894;</div>
              <div style="color: #000000;">Trustee, Crossroad</div>
              <div style="color: #000000;">Liquidating Trust&#894;</div>
              <div style="color: #000000;">Trustee, Fiera</div>
              <div style="color: #000000;">Capital Series Trust&#894;</div>
              <div style="color: #000000;">Director, Swiss</div>
              <div style="color: #000000;">Helvetia Fund, Inc.&#894;</div>
              <div style="color: #000000;">Director, Emergent</div>
              <div style="color: #000000;">Capital, Inc. (until</div>
              <div style="color: #000000;">2017)&#894; Director,</div>
              <div style="color: #000000;">Ironsides Partners</div>
              <div style="color: #000000;">Opportunity</div>
              <div style="color: #000000;">Offshore Fund Ltd.</div>
              <div style="color: #000000;">(until 2016).</div>
              <div>&#160;</div>
            </td>
          </tr>

      </table>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 17.83%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                <div style="color: #000000; font-weight: bold;">Name, Address</div>
                <div style="color: #000000; font-weight: bold;">and Age</div>
              </td>
              <td style="width: 13.68%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                <div style="color: #000000; font-weight: bold;">Position(s)</div>
                <div style="color: #000000; font-weight: bold;">Held with</div>
                <div style="color: #000000; font-weight: bold;">the Fund</div>
              </td>
              <td style="width: 12.06%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                <div style="text-align: center; color: #000000; font-weight: bold;">Term of</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">Office</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">and</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">Length</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">of Time</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">Served</div>
              </td>
              <td style="width: 23.7%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                <div style="text-align: center; color: #000000; font-weight: bold;">Principal Occupation</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">During the Past</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">Five Years</div>
              </td>
              <td style="width: 15.45%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                <div style="text-align: center; color: #000000; font-weight: bold;">Number of</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">Portfolios</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">in Fund</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">Complex</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">Overseen</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">by Trustee*</div>
              </td>
              <td style="width: 17.29%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                <div style="text-align: center; color: #000000; font-weight: bold;">Other</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">Directorships</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">held by</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">Trustee</div>
              </td>
            </tr>

        </table>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 17.83%; vertical-align: top;">
              <div style="color: #000000;">Moritz Sell</div>
              <div style="color: #000000;">(52)</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">
              <div style="color: #000000;">-</div>
            </td>
            <td style="width: 12.06%; vertical-align: top;">
              <div style="color: #000000;">1 year&#894;</div>
              <div style="color: #000000;">Since</div>
              <div style="color: #000000;">2018</div>
            </td>
            <td style="width: 23.7%; vertical-align: top;">
              <div style="color: #000000;">Founder and Principal of</div>
              <div style="color: #000000;">Edison Holdings GmbH and</div>
              <div style="color: #000000;">Senior Advisor to Markston</div>
              <div style="color: #000000;">International LLC.</div>
            </td>
            <td style="width: 15.45%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">1</div>
            </td>
            <td style="width: 17.29%; vertical-align: top;">
              <div style="color: #000000;">Director, Aberdeen</div>
              <div style="color: #000000;">Australia Equity</div>
              <div style="color: #000000;">Fund&#894; Director,</div>
              <div style="color: #000000;">Swiss Helvetia Fund,</div>
              <div style="color: #000000;">Inc.&#894; Director,</div>
              <div style="color: #000000;">Aberdeen Global</div>
              <div style="color: #000000;">Income Fund, Inc,&#894;</div>
              <div style="color: #000000;">Director, Aberdeen</div>
              <div style="color: #000000;">Asia-Pacific Income</div>
              <div style="color: #000000;">Fund, Inc.&#894; Chairman,</div>
              <div style="color: #000000;">Aberdeen</div>
              <div style="color: #000000;">Singapore Fund</div>
              <div style="color: #000000;">(until 2018)&#894;</div>
              <div style="color: #000000;">Director, Aberdeen</div>
              <div style="color: #000000;">Greater China Fund</div>
              <div style="color: #000000;">(until 2018).</div>
              <div>&#160;</div>
            </td>
          </tr>

      </table>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 17.83%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                <div style="color: #000000; font-weight: bold;">Name, Address</div>
                <div style="color: #000000; font-weight: bold;">and Age</div>
              </td>
              <td style="width: 13.68%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                <div style="color: #000000; font-weight: bold;">Position(s)</div>
                <div style="color: #000000; font-weight: bold;">Held with</div>
                <div style="color: #000000; font-weight: bold;">the Fund</div>
              </td>
              <td style="width: 12.06%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                <div style="text-align: center; color: #000000; font-weight: bold;">Term of</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">Office</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">and</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">Length</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">of Time</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">Served</div>
              </td>
              <td style="width: 23.7%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                <div style="text-align: center; color: #000000; font-weight: bold;">Principal Occupation</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">During the Past</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">Five Years</div>
              </td>
              <td style="width: 15.45%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                <div style="text-align: center; color: #000000; font-weight: bold;">Number of</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">Portfolios</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">in Fund</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">Complex</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">Overseen</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">by Trustee*</div>
              </td>
              <td style="width: 17.29%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                <div style="text-align: center; color: #000000; font-weight: bold;">Other</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">Directorships</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">held by</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">Trustee</div>
              </td>
            </tr>

        </table>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 17.83%; vertical-align: top;">
              <div style="color: #000000;">Richard Dayan</div>
              <div style="color: #000000;">(76)</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">
              <div style="color: #000000;">-</div>
            </td>
            <td style="width: 12.06%; vertical-align: top;">
              <div style="color: #000000;">1 year&#894;</div>
              <div style="color: #000000;">Since</div>
              <div style="color: #000000;">2018</div>
            </td>
            <td style="width: 23.7%; vertical-align: top;">
              <div style="color: #000000;">Owner of CactusTrading</div>
            </td>
            <td style="width: 15.45%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">1</div>
            </td>
            <td style="width: 17.29%; vertical-align: top;">
              <div style="color: #000000;">Director, Swiss</div>
              <div style="color: #000000;">Helvetia Fund, Inc.&#894;</div>
              <div style="color: #000000;">Director, Emergent</div>
              <div style="color: #000000;">Capital Inc.</div>
              <div style="color: #000000;">(until 2017).</div>
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 17.83%; vertical-align: top;">
              <div style="color: #000000;">Ben Harris (52)</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">
              <div style="color: #000000;">-</div>
            </td>
            <td style="width: 12.06%; vertical-align: top;">
              <div style="color: #000000;">1 year&#894;</div>
              <div style="color: #000000;">Since</div>
              <div style="color: #000000;">2018</div>
            </td>
            <td style="width: 23.7%; vertical-align: top;">
              <div style="color: #000000;">Chief Executive Officer of Hormel Harris Investments, LLC&#894; Principal of NBC</div>
              <div style="color: #000000;">Bancshares,</div>
              <div style="color: #000000;">LLC&#894; Chief Executive Officer of</div>
              <div style="color: #000000;">Crossroads Capital, Inc.&#894;</div>
              <div style="color: #000000;">Administrator of Crossroads</div>
              <div style="color: #000000;">Liquidating Trust.</div>
              <div>&#160;</div>
            </td>
            <td style="width: 15.45%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">1</div>
            </td>
            <td style="width: 17.29%; vertical-align: top;">
              <div style="color: #000000;">Director, Special</div>
              <div style="color: #000000;">Opportunities</div>
              <div style="color: #000000;">Fund, Inc.</div>
            </td>
          </tr>
          <tr>
            <td colspan="6" style="width: 100%; vertical-align: middle;">
              <div style="text-align: center; color: #000000; font-weight: bold;">OFFICERS</div>
            </td>
          </tr>
          <tr>
            <td style="width: 17.83%; vertical-align: top;">
              <div style="color: #000000;">Andrew Dakos***</div>
              <div style="color: #000000;">(54)</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">
              <div style="color: #000000;">President</div>
              <div style="color: #000000;">as of</div>
              <div style="color: #000000;">July 2018.</div>
            </td>
            <td style="width: 12.06%; vertical-align: top;">
              <div style="color: #000000;">1 year&#894;</div>
              <div style="color: #000000;">Since</div>
              <div style="color: #000000;">2018</div>
            </td>
            <td style="width: 23.7%; vertical-align: top;">
              <div style="color: #000000;">Member of Bulldog Investors,</div>
              <div style="color: #000000;">LLC&#894; Principal of the former general</div>
              <div style="color: #000000;">partner of several private</div>
              <div style="color: #000000;">investment partnerships in the</div>
              <div style="color: #000000;">Bulldog Investors group of</div>
              <div style="color: #000000;">funds.</div>
              <div>&#160;</div>
            </td>
            <td style="width: 15.45%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">n/a</div>
            </td>
            <td style="width: 17.29%; vertical-align: top;">
              <div style="color: #000000;">n/a</div>
            </td>
          </tr>
          <tr>
            <td style="width: 17.83%; vertical-align: top;">
              <div style="color: #000000;">Thomas Antonucci**</div>
              <div style="color: #000000;">(51)</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">
              <div style="color: #000000;">Treasurer</div>
              <div style="color: #000000;">as of</div>
              <div style="color: #000000;">July 2018.</div>
            </td>
            <td style="width: 12.06%; vertical-align: top;">
              <div style="color: #000000;">1 year&#894;</div>
              <div style="color: #000000;">Since</div>
              <div style="color: #000000;">2018</div>
              <div>&#160;</div>
            </td>
            <td style="width: 23.7%; vertical-align: top;">
              <div style="color: #000000;">Director of Operations of</div>
              <div style="color: #000000;">Bulldog Investors, LLC.</div>
            </td>
            <td style="width: 15.45%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">n/a</div>
            </td>
            <td style="width: 17.29%; vertical-align: top;">
              <div style="color: #000000;">n/a</div>
            </td>
          </tr>
          <tr>
            <td style="width: 17.83%; vertical-align: top;">
              <div style="color: #000000;">Phillip Goldstein**</div>
              <div style="color: #000000;">(75)</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">
              <div style="color: #000000;">Secretary</div>
              <div style="color: #000000;">as of</div>
              <div style="color: #000000;">July 2018.</div>
            </td>
            <td style="width: 12.06%; vertical-align: top;">
              <div style="color: #000000;">1 year&#894;</div>
              <div style="color: #000000;">Since</div>
              <div style="color: #000000;">2018</div>
            </td>
            <td style="width: 23.7%; vertical-align: top;">
              <div style="color: #000000;">Member of Bulldog Investors,</div>
              <div style="color: #000000;">LLC&#894; Principal of the former general</div>
              <div style="color: #000000;">partner of several private</div>
              <div style="color: #000000;">investment partnerships in the</div>
              <div style="color: #000000;">Bulldog Investors group of</div>
              <div style="color: #000000;">funds.</div>
              <div>&#160;</div>
            </td>
            <td style="width: 15.45%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">n/a</div>
            </td>
            <td style="width: 17.29%; vertical-align: top;">
              <div style="color: #000000;">n/a</div>
            </td>
          </tr>

      </table>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 17.83%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                <div style="color: #000000; font-weight: bold;">Name, Address</div>
                <div style="color: #000000; font-weight: bold;">and Age</div>
              </td>
              <td style="width: 13.68%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                <div style="color: #000000; font-weight: bold;">Position(s)</div>
                <div style="color: #000000; font-weight: bold;">Held with</div>
                <div style="color: #000000; font-weight: bold;">the Fund</div>
              </td>
              <td style="width: 12.06%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                <div style="text-align: center; color: #000000; font-weight: bold;">Term of</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">Office</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">and</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">Length</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">of Time</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">Served</div>
              </td>
              <td style="width: 23.7%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                <div style="text-align: center; color: #000000; font-weight: bold;">Principal Occupation</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">During the Past</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">Five Years</div>
              </td>
              <td style="width: 15.45%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                <div style="text-align: center; color: #000000; font-weight: bold;">Number of</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">Portfolios</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">in Fund</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">Complex</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">Overseen</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">by Trustee*</div>
              </td>
              <td style="width: 17.29%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                <div style="text-align: center; color: #000000; font-weight: bold;">Other</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">Directorships</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">held by</div>
                <div style="text-align: center; color: #000000; font-weight: bold;">Trustee</div>
              </td>
            </tr>

        </table>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 17.83%; vertical-align: top;">
              <div style="color: #000000;">Stephanie Darling**</div>
              <div style="color: #000000;">(50)</div>
            </td>
            <td style="width: 13.68%; vertical-align: top;">
              <div style="color: #000000;">Chief</div>
              <div style="color: #000000;">Compliance</div>
              <div style="color: #000000;">Officer</div>
              <div style="color: #000000;">as of</div>
              <div style="color: #000000;">July 2018.</div>
            </td>
            <td style="width: 12.06%; vertical-align: top;">
              <div style="color: #000000;">1 year&#894;</div>
              <div style="color: #000000;">Since</div>
              <div style="color: #000000;">2018</div>
            </td>
            <td style="width: 23.7%; vertical-align: top;">
              <div style="color: #000000;">General Counsel and Chief</div>
              <div style="color: #000000;">Compliance Officer of Bulldog</div>
              <div style="color: #000000;">Investors, LLC&#894; Chief Compliance Officer of Special Opportunities Fund, Swiss Helvetia Fund and Mexico Equity and Income Fund; Principal, the</div>
              <div style="color: #000000;">Law Office of Stephanie Darling&#894;</div>
              <div style="color: #000000;">Editor-In-Chief, the Investment</div>
              <div style="color: #000000;">Lawyer.</div>
            </td>
            <td style="width: 15.45%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">n/a</div>
            </td>
            <td style="width: 17.29%; vertical-align: top;">
              <div style="color: #000000;">n/a</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="color: #000000;">* The Fund Complex is comprised of only the Fund.</div>
      <div style="text-align: justify; color: #000000;">** Messrs. Dakos, Goldstein, Das, and Antonucci and Ms. Darling are each considered an &#8220;interested person&#8221; of the Fund within the meaning of the 1940 Act because of their positions as officers of the
        Fund. Messrs. Dakos, Goldstein and Das are each considered an &#8220;interested person&#8221; of the Fund within the meaning of the 1940 act because of their positions on the Fund&#8217;s Investment Committee.</div>
      <div>&#160;</div>
      <div style="text-align: justify; margin-right: 5.85pt;">The Board believes that the significance of each Trustee&#8217;s experience, qualifications, attributes or skills is an individual matter (meaning that experience that is important for one Trustee may
        not have the same&#160; value for another) and that these factors are best evaluated at the Board level, with no single Trustee, or particular factor, being indicative of the Board&#8217;s effectiveness.&#160; The Board currently does not have a formal diversity
        policy in place. The Board determined that each of the Trustees is qualified to serve as a Trustee of the Fund based on a review of the experience, qualifications, attributes and skills of each Trustee.&#160; In reaching this determination, the Board&#160;
        has considered a variety of criteria, including, among&#160;&#160; other things: character and integrity&#894; ability to review critically, evaluate, question and discuss information provided, to exercise effective business judgment in protecting shareholder
        interests and to interact effectively with the other Trustees, service providers, counsel and the independent registered public accounting firm (&#8220;independent auditors&#8221;)&#894; and willingness and ability to commit the time necessary to perform the duties
        of a Trustee. Each Trustee&#8217;s ability to perform his duties effectively is evidenced by his experience or achievements in the following areas: management or board experience in the investment management industry or companies in other fields,
        educational background and professional training&#894; and experience as a Trustee of the Fund.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-style: italic;">Andrew Dakos</font>.<font style="font-weight: bold;">&#160; </font>Mr. Dakos has been the President and a Trustee of the Fund since 2018. Mr. Dakos has over 15 years of
        investment management experience. He is currently a member of Bulldog Investors, LLC, an investment adviser registered with the SEC. He is also a principal of the former general partner of several private investment partnerships in the Bulldog
        Investors group of private funds. Mr. Dakos is also a director of two other closed-end funds, one real estate investment trust and one liquidating trust.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-style: italic;">Phillip Goldstein</font>. Mr. Goldstein has been the Chairman of the Board and the Secretary of the Fund since 2018.&#160; Mr. Goldstein has over 25 years of investment
        management experience. He is currently a member of Bulldog Investors, LLC, an investment adviser registered with the SEC. He is also a principal of the former general partner of several private investment partnerships in the Bulldog Investors group
        of funds. Mr. Goldstein is also a director of three other closed-end funds, one real estate investment trust, a business development company and a liquidating trust.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-style: italic;">Rajeev Das</font>. Mr. Das has been a Trustee of the Fund since 2018. He has over 20 years of investment management experience and currently serves as the Head of
        Trading for Bulldog Investors, LLC, an investment adviser registered with the SEC. In addition to the Fund, Mr. Das serves as a director of one other closed-end fund. Mr. Das is currently the vice-president of a closed-end fund, where he previously
        served as a director.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-style: italic;">Gerald Hellerman</font>. Mr. Hellerman has been a Trustee of the Fund since 2018. Mr. Hellerman has more than 40 years of financial experience, including serving as a
        Financial Analyst and Branch Chief at the U.S. Securities and Exchange Commission, Special Adviser to the U.S. Senate Antitrust and Monopoly Subcommittee and as Chief Financial Analyst at the Antitrust Division of the U.S. Department of Justice for
        17 years.&#160;&#160; He has served as a director of a number of public companies, including registered investment companies, and as a financial and corporate consultant during the period from 1993 to 2014.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-style: italic;">Mortiz Sell</font>. Mr. Sell has been a Trustee of the Fund since 2018. Mr. Sell currently serves as Principal of Edison Holdings GMBH, a commercial real estate and
        venture capital firm, and as Senior Advisor to Markston International LLC, an independent investment manager. From 1996 to 2013, he served as a Director, Market Strategist and Head of Proprietary Trading (London Branch) of Landesbank Berlin AG and
        its predecessor, Landesbank Berlin Holding AG (formerly named Bankgesellschaft Berlin AG). Mr. Sell currently serves as a director of Aberdeen Australia Equity Fund, Swiss Helvetia Fund, Aberdeen Global Income Fund and Aberdeen Asia Pacific Income
        Fund and previously served as a director of Aberdeen Singapore Fund (including as chairman of the board) and Aberdeen Greater China Fund.</div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-style: italic; color: #000000;">Richard Dayan</font><font style="color: #000000;">.</font> <font style="color: #000000;">Mr. Dayan has been a Trustee of the Fund since 2018. Mr. Dayan has been the
          President and owner of Cactus Trading, an importer and exporter of clothing and accessories since 1990. Mr. Dayan formerly served for fifteen years as controller for Biltmore Textiles, a major textile company. Prior to that, he was an auditor for
          a public accounting firm.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-style: italic;">Ben H. Harris</font>. Mr. Harris has been a Trustee of the Fund since 2018. He has extensive experience in the management of private and public entities, highly
        regulated entities and corporate restructurings. In addition to the Fund, Mr. Harris is currently a director of ten private companies and one other closed-end fund.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Specific details regarding each Trustee&#8217;s principal occupations during the past five years are included in the table above. The summaries set forth above as to the experience, qualifications,
        attributes and/or skills of the Trustees do not constitute holding out the Board or any Trustee as having any special expertise or experience, and do not impose any greater responsibility or liability on any such person or on the Board as a whole
        than would otherwise be the case.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">8</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="color: #000000; font-style: italic; font-weight: bold;">Board Composition and Leadership Structure</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Board currently consists of seven individuals, three of whom are Interested Trustees of the Fund.&#160; The Chairman of the Board, Mr. Goldstein, is an Interested Trustee and is the Secretary of the
        Fund. The Board does not have a lead independent trustee.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Board believes that its structure facilitates the orderly and efficient flow of information to the Trustees from the service providers with respect to services provided to the Fund, potential
        conflicts of interest that could arise from these relationships and other risks that the Fund may face. The Board further believes that its structure allows all of the Trustees to participate in the full range of the Board&#8217;s oversight
        responsibilities. The Board believes that the orderly and efficient flow of information and the ability to bring each Trustee&#8217;s talents to bear in overseeing the Fund&#8217;s operations is important, in light of the size and complexity of the Fund and
        the risks that the Fund faces. Based on each Trustee&#8217;s experience and expertise with closed-end funds the Board believes that its leadership structure is appropriate and efficient. The Board and its committees review their structures regularly, to
        help ensure that they remain appropriate as the business and operations of the Fund, and the environment in which the Fund operates, changes.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Currently, the Board has an Audit &amp; Valuation Committee and Investment Committee. The Audit and Valuation Committee of the Board was created at the Board&#8217;s meeting on June 12, 2019; prior to that
        meeting, the Fund had a separate Audit Committee and Valuation Committee.&#160; The Board&#8217;s Investment Search Committee was disbanded in September 2020.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Board&#8217;s Role in Risk Oversight of the Fund</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Board oversees risk management for the Fund directly and, as to certain matters, through its committees. The Board exercises its oversight in this regard primarily through requesting and receiving
        reports from and otherwise working with the Fund&#8217;s senior officers (including the Fund&#8217;s President, Chief Compliance Officer and Treasurer), members of the Investment Committee, and other personnel of the Fund&#8217;s independent auditors, legal counsel
        and personnel from the Fund&#8217;s other service providers. The Board has adopted, on behalf of the Fund, and periodically reviews with the assistance of the Fund&#8217;s Chief Compliance Officer, policies and procedures designed to address certain risks
        associated with the Fund&#8217;s activities. In addition, the Fund&#8217;s service providers also have adopted policies, processes and procedures designed to identify, assess and manage certain risks associated with the Fund&#8217;s activities, and the Board
        receives reports from service providers with respect to the operation of these policies, processes and procedures as required and/or as the Board deems appropriate.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Compensation of Trustees</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Board does not have a standing compensation committee. Currently, each Trustee (including Trustees who are &#8220;interested persons&#8221;) receives an annual retainer equal to $25,000 for serving as a
        Trustee and attending the quarterly meetings of the Board, paid quarterly in advance. In addition, each officer of the Fund (except the CCO) receives an annual retainer equal to $25,000, paid quarterly in advance. Each of Messrs. Dakos and
        Goldstein receives compensation for his service as both a Trustee and an officer. Each Trustee is entitled to receive such compensation for any partial quarter for which he serves. In addition, the members of the Investment Committee are
        compensated by the Fund for their positions on the Investment Committee in the amount of $100,000 each for Phillip Goldstein and Andrew Dakos, and $50,000 for Rajeev Das on an annual basis paid monthly in advance.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">9</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; color: #000000;">Other than described above, Trustees who are &#8220;interested persons&#8221; of the Fund will not receive any compensation for their services as Trustees. The Fund does not have a bonus, profit sharing, pension
        or retirement plan. No other entity affiliated with the Fund pays any compensation to the Trustees. The table below details the amount of compensation the Fund&#8217;s Trustees received from the Fund during the year ended August 31, 2020.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zfd256896665d407c9bb26b683f4b6e2e">

          <tr>
            <td rowspan="2" style="width: 23.39%; vertical-align: top;">&#160;</td>
            <td style="width: 11.23%; vertical-align: top;">&#160;</td>
            <td style="width: 16.35%; vertical-align: top;">
              <div>&#160;</div>
              <div>&#160;</div>
              <div>&#160;</div>
              <div style="color: #000000; font-weight: bold;">Aggregate</div>
            </td>
            <td style="width: 15.38%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Pension or Retirement Benefits</div>
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Accrued as</div>
            </td>
            <td style="width: 18.27%; vertical-align: bottom;">
              <div>&#160;</div>
              <div>&#160;</div>
              <div>&#160;</div>
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Estimated</div>
            </td>
            <td style="width: 15.38%; vertical-align: bottom;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Total Compensation From Fund</div>
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">and Fund</div>
            </td>
          </tr>
          <tr>
            <td style="width: 11.23%; vertical-align: top;">
              <div>&#160;</div>
              <div style="color: #000000; font-weight: bold;">Trustee</div>
            </td>
            <td style="width: 16.35%; vertical-align: top;">
              <div style="color: #000000; font-weight: bold;">Compensation</div>
              <div style="color: #000000; font-weight: bold;">From</div>
            </td>
            <td style="width: 15.38%; vertical-align: top;">
              <div style="color: #000000; font-weight: bold;">Part of</div>
              <div style="color: #000000; font-weight: bold;">Fund</div>
            </td>
            <td style="width: 18.27%; vertical-align: top;">
              <div style="color: #000000; font-weight: bold;">Annual</div>
              <div style="color: #000000; font-weight: bold;">Benefits Upon</div>
            </td>
            <td style="width: 15.38%; vertical-align: top;">
              <div style="color: #000000; font-weight: bold;">Complex**</div>
              <div style="color: #000000; font-weight: bold;">Paid to</div>
            </td>
          </tr>
          <tr>
            <td style="width: 23.39%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="color: #000000; font-weight: bold;">Name of Trustee</div>
            </td>
            <td style="width: 11.23%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="color: #000000; font-weight: bold;">Since*</div>
            </td>
            <td style="width: 16.35%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="color: #000000; font-weight: bold;">Fund</div>
            </td>
            <td style="width: 15.38%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="color: #000000; font-weight: bold;">Expenses</div>
            </td>
            <td style="width: 18.27%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="color: #000000; font-weight: bold;">Retirement</div>
            </td>
            <td style="width: 15.38%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="color: #000000; font-weight: bold;">Trustee</div>
            </td>
          </tr>
          <tr>
            <td style="width: 23.39%; vertical-align: top; border-top: #000000 2px solid;">
              <div style="color: #000000;">Independent Trustees</div>
            </td>
            <td style="width: 11.23%; vertical-align: top; border-top: #000000 2px solid;">&#160;</td>
            <td style="width: 16.35%; vertical-align: top; border-top: #000000 2px solid;">&#160;</td>
            <td style="width: 15.38%; vertical-align: top; border-top: #000000 2px solid;">&#160;</td>
            <td style="width: 18.27%; vertical-align: top; border-top: #000000 2px solid;">&#160;</td>
            <td style="width: 15.38%; vertical-align: top; border-top: #000000 2px solid;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 23.39%; vertical-align: top;">
              <div style="color: #000000;">Gerald Hellerman</div>
            </td>
            <td style="width: 11.23%; vertical-align: top;">
              <div style="color: #000000;">2018</div>
            </td>
            <td style="width: 16.35%; vertical-align: top;">
              <div style="color: #000000;">$25,000</div>
            </td>
            <td style="width: 15.38%; vertical-align: top;">
              <div style="color: #000000;">None</div>
            </td>
            <td style="width: 18.27%; vertical-align: top;">
              <div style="color: #000000;">None</div>
            </td>
            <td style="width: 15.38%; vertical-align: top;">
              <div style="color: #000000;">$25,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 23.39%; vertical-align: top;">
              <div style="color: #000000;">Mortiz Sell</div>
            </td>
            <td style="width: 11.23%; vertical-align: top;">
              <div style="color: #000000;">2018</div>
            </td>
            <td style="width: 16.35%; vertical-align: top;">
              <div style="color: #000000;">$25,000</div>
            </td>
            <td style="width: 15.38%; vertical-align: top;">
              <div style="color: #000000;">None</div>
            </td>
            <td style="width: 18.27%; vertical-align: top;">
              <div style="color: #000000;">None</div>
            </td>
            <td style="width: 15.38%; vertical-align: top;">
              <div style="color: #000000;">$25,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 23.39%; vertical-align: top;">
              <div style="color: #000000;">Richard Dayan</div>
            </td>
            <td style="width: 11.23%; vertical-align: top;">
              <div style="color: #000000;">2018</div>
            </td>
            <td style="width: 16.35%; vertical-align: top;">
              <div style="color: #000000;">$25,000</div>
            </td>
            <td style="width: 15.38%; vertical-align: top;">
              <div style="color: #000000;">None</div>
            </td>
            <td style="width: 18.27%; vertical-align: top;">
              <div style="color: #000000;">None</div>
            </td>
            <td style="width: 15.38%; vertical-align: top;">
              <div style="color: #000000;">$25,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 23.39%; vertical-align: top;">
              <div style="color: #000000;">Ben H. Harris</div>
              <div style="color: #000000;">Interested Trustees</div>
            </td>
            <td style="width: 11.23%; vertical-align: top;">
              <div style="color: #000000;">2018</div>
            </td>
            <td style="width: 16.35%; vertical-align: top;">
              <div style="color: #000000;">$25,000</div>
            </td>
            <td style="width: 15.38%; vertical-align: top;">
              <div style="color: #000000;">None</div>
            </td>
            <td style="width: 18.27%; vertical-align: top;">
              <div style="color: #000000;">None</div>
            </td>
            <td style="width: 15.38%; vertical-align: top;">
              <div style="color: #000000;">$25,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 23.39%; vertical-align: top;">
              <div style="color: #000000;">Andrew Dakos</div>
            </td>
            <td style="width: 11.23%; vertical-align: top;">
              <div style="color: #000000;">2018</div>
            </td>
            <td style="width: 16.35%; vertical-align: top;">
              <div style="color: #000000;">$150,000</div>
            </td>
            <td style="width: 15.38%; vertical-align: top;">
              <div style="color: #000000;">None</div>
            </td>
            <td style="width: 18.27%; vertical-align: top;">
              <div style="color: #000000;">None</div>
            </td>
            <td style="width: 15.38%; vertical-align: top;">
              <div style="color: #000000;">$150,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 23.39%; vertical-align: top;">
              <div style="color: #000000;">Phillip Goldstein</div>
            </td>
            <td style="width: 11.23%; vertical-align: top;">
              <div style="color: #000000;">2018</div>
            </td>
            <td style="width: 16.35%; vertical-align: top;">
              <div style="color: #000000;">$150,000</div>
            </td>
            <td style="width: 15.38%; vertical-align: top;">
              <div style="color: #000000;">None</div>
            </td>
            <td style="width: 18.27%; vertical-align: top;">
              <div style="color: #000000;">None</div>
            </td>
            <td style="width: 15.38%; vertical-align: top;">
              <div style="color: #000000;">$150,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 23.39%; vertical-align: top;">
              <div style="color: #000000;">Rajeev Das</div>
            </td>
            <td style="width: 11.23%; vertical-align: top;">
              <div style="color: #000000;">2018</div>
            </td>
            <td style="width: 16.35%; vertical-align: top;">
              <div style="color: #000000;">$75,000</div>
            </td>
            <td style="width: 15.38%; vertical-align: top;">
              <div style="color: #000000;">None</div>
            </td>
            <td style="width: 18.27%; vertical-align: top;">
              <div style="color: #000000;">None</div>
            </td>
            <td style="width: 15.38%; vertical-align: top;">
              <div style="color: #000000;">$75,000</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><img width="634" height="3" src="image2.jpg"></div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z93d304b60a5c497e985c145fc2b74c9e">

          <tr>
            <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">*</td>
            <td style="width: auto; vertical-align: top;">
              <div style="color: #000000;">Trustees were elected at the Fund&#8217;s annual meeting of shareholders convened on April 27, 2018 and adjourned until May 21, 2018.</div>
            </td>
          </tr>

      </table>
      <div><font style="color: #000000;">**</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="color: #000000;">The Fund Complex is comprised of only the Fund.</font></div>
      <div><br>
      </div>
      <div style="color: #000000; font-weight: bold;">Management Ownership</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">To the knowledge of the Fund&#8217;s management, as of November 20, 2020, the Trustees and officers of the Fund beneficially owned, as a group, less than 2% of the shares of beneficial interest of the Fund.
        The following table sets forth the aggregate dollar range of equity securities in the Fund that is owned by each Trustee and officer as of December 31, 2019. The information as to beneficial ownership is based on statements furnished to the Fund by
        each Trustee and officer:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za523d3240c2040f3b355708fad6d0918">

          <tr>
            <td style="width: 22.09%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div>&#160;</div>
              <div>&#160;</div>
              <div>&#160;</div>
              <div>&#160;</div>
              <div>&#160;</div>
              <div>&#160;</div>
              <div style="color: #000000; font-weight: bold;">Name</div>
            </td>
            <td style="width: 27.9%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div>&#160;</div>
              <div>&#160;</div>
              <div>&#160;</div>
              <div>&#160;</div>
              <div>&#160;</div>
              <div>&#160;</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Position</div>
            </td>
            <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
              <div>&#160;</div>
              <div>&#160;</div>
              <div>&#160;</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Dollar Range of<br>
                Equity<br>
                Securities in the<br>
                Fund</div>
            </td>
            <td style="width: 25.01%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Aggregate Dollar<br>
                Range of Equity Securities<br>
                In<br>
                All Funds<br>
                overseen by Trustee in<br>
                Family of<br>
                Investment Companies*</div>
            </td>
          </tr>
          <tr>
            <td style="width: 22.09%; vertical-align: top; border-top: #000000 2px solid;">
              <div style="color: #000000;">Gerald Hellerman</div>
            </td>
            <td style="width: 27.9%; vertical-align: top; border-top: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">Independent Trustee</div>
            </td>
            <td style="width: 25.01%; vertical-align: top; border-top: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">$10,001-$50,000</div>
            </td>
            <td style="width: 25.01%; vertical-align: top; border-top: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">$10,001-$50,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 22.09%; vertical-align: top;">
              <div style="color: #000000;">Mortiz Sell</div>
            </td>
            <td style="width: 27.9%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">Independent Trustee</div>
            </td>
            <td style="width: 25.01%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">$10,001-$50,000</div>
            </td>
            <td style="width: 25.01%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">$10,001-$50,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 22.09%; vertical-align: top;">
              <div style="color: #000000;">Richard Dayan</div>
            </td>
            <td style="width: 27.9%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">Independent Trustee</div>
            </td>
            <td style="width: 25.01%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">None</div>
            </td>
            <td style="width: 25.01%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">None</div>
            </td>
          </tr>

      </table>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">10</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 22.09%; vertical-align: top;">
              <div style="color: #000000;">Ben H. Harris</div>
            </td>
            <td style="width: 27.9%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">Independent Trustee</div>
            </td>
            <td style="width: 25.01%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">None</div>
            </td>
            <td style="width: 25.01%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">None</div>
            </td>
          </tr>
          <tr>
            <td style="width: 22.09%; vertical-align: top;">
              <div style="color: #000000;">Andrew Dakos**</div>
            </td>
            <td style="width: 27.9%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">Interested Trustee and President</div>
            </td>
            <td style="width: 25.01%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">Over $100,000</div>
            </td>
            <td style="width: 25.01%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">Over $100,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 22.09%; vertical-align: top;">
              <div style="color: #000000;">Phillip Goldstein**</div>
            </td>
            <td style="width: 27.9%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">Interested Trustee and Secretary</div>
            </td>
            <td style="width: 25.01%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">Over $100,000</div>
            </td>
            <td style="width: 25.01%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">Over $100,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 22.09%; vertical-align: top;">
              <div style="color: #000000;">Rajeev Das**</div>
            </td>
            <td style="width: 27.9%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">Interested Trustee</div>
            </td>
            <td style="width: 25.01%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">None</div>
            </td>
            <td style="width: 25.01%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">None</div>
            </td>
          </tr>
          <tr>
            <td style="width: 22.09%; vertical-align: top;">
              <div style="color: #000000;">Thomas Antonucci**</div>
            </td>
            <td style="width: 27.9%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">Treasurer</div>
            </td>
            <td style="width: 25.01%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">None</div>
            </td>
            <td style="width: 25.01%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">None</div>
            </td>
          </tr>
          <tr>
            <td style="width: 22.09%; vertical-align: top;">
              <div style="color: #000000;">Stephanie Darling**</div>
            </td>
            <td style="width: 27.9%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">Chief Compliance Officer</div>
            </td>
            <td style="width: 25.01%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">None</div>
            </td>
            <td style="width: 25.01%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">None</div>
            </td>
          </tr>
          <tr>
            <td colspan="4" style="width: 100%; vertical-align: top;">
              <div>&#160;</div>
              <div><font style="color: #000000;">*</font>&#160;&#160;&#160;&#160;&#160; <font style="color: #000000;">The Family of Investment Companies is comprised of only the Fund.</font></div>
            </td>
          </tr>
          <tr>
            <td colspan="4" style="width: 100%; vertical-align: top;">
              <div style="text-indent: -17.15pt; margin-left: 17.15pt;"><font style="color: #000000;">**</font>&#160;&#160;&#160; <font style="color: #000000;">Messrs.&#160; Dakos, Goldstein, and Antonucci and Ms. Darling are each considered an &#8220;interested person&#8221; of the
                  Fund within the meaning of the 1940 Act because of their positions as officers of the Fund.&#160; Messrs.&#160; Dakos,&#160;&#160;&#160;&#160; Goldstein and Das are each considered an &#8220;interested person&#8221; of the Fund within the meaning of the 1940 act because of their
                  positions on the Fund&#8217;s Investment Committee.</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">Additional Information about the Board</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">Board Meetings and Committees.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">During the year ended August 31, 2020, the Board met <font style="color: #000000;">5 t</font>imes. Each Trustee has attended at least 75% of the meetings of the Board and of the Committees of which he is a member,
        held between his election and August 31, 2020.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">&#160;<font style="font-style: italic;">Audit &amp; Valuation Committee</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; margin-right: 5.6pt;">The Board has established an Audit &amp; Valuation Committee whose responsibilities are generally: (i) to oversee the accounting and financial reporting processes of the Fund and its internal
        control over financial reporting and, as the Audit Committee deems appropriate, to inquire into the internal control over financial reporting of certain third-party providers&#894; (ii) to oversee the quality and integrity of the Fund&#8217;s financial
        statements and the independent audit thereof&#894; (iii) to oversee, or, as appropriate, assist Board oversight of, the Fund&#8217;s compliance with legal and regulatory requirements that relate to the Fund&#8217;s accounting and financial reporting, internal
        control over financial reporting and independent audits&#894; (iv) to approve prior to appointment the engagement of the Fund&#8217;s independent auditors and, in connection therewith, to review and evaluate the qualifications, independence and performance of
        the Fund&#8217;s independent auditors&#894; (v) to act as liaison between the Fund&#8217;s independent auditors and the full Board&#894; (vi) review all monthly reports and any other interim reports regarding the valuation of securities in the Fund&#8217;s portfolio, and
        (vii) review and approve the valuation of all fair valued securities.</div>
      <div>&#160;</div>
      <div style="text-align: justify; margin-right: 5.6pt;">Although the Audit &amp; Valuation Committee is expected to take a detached and questioning approach to the matters that come before it, the review of the Fund&#8217;s financial statements by the Audit
        &amp; Valuation Committee is not an audit, nor does the Audit &amp; Valuation Committee&#8217;s review substitute for the responsibilities of the Fund&#8217;s management for preparing, or the independent auditors for auditing, the financial statements. Members
        of the Audit &amp; Valuation Committee are not full-time employees of the Fund and, in serving on the Audit &amp; Valuation Committee, are not, and do not hold themselves out to be, acting as accountants or auditors. As such, it is not the duty or
        responsibility of the Audit &amp; Valuation Committee or its members to conduct &#8220;field work&#8221; or other types of auditing or accounting reviews. In discharging their duties, the members of the Audit &amp; Valuation Committee are entitled to rely on
        information, opinions, reports, or statements, including financial statements and other financial data, if prepared or presented by: (1) one or more officers of the Fund whom such Trustee reasonably believes to be reliable and competent in the
        matters presented&#894; (2) legal counsel, public accountants, or other persons as to matters the Trustee reasonably believes are within the person&#8217;s professional or expert competence&#894; or (3) a Board committee of which the Trustee is not a member.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">11</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; margin-right: 5.85pt;">The Audit &amp; Valuation Committee currently consists of Messrs. Hellerman, Sell and Dayan. None of the members of the Audit &amp; Valuation Committee has any relationship to the Fund that may
        interfere with the exercise of his independence from management of the Fund, and each is independent as defined under the listing standards of the NYSE applicable to closed-end funds. Mr. Hellerman is the Chairman of the Audit &amp; Valuation
        Committee. The Board has determined that Mr. Dayan is an &#8220;audit committee financial expert&#8221; as such term is defined by the Securities Exchange Act of 1934, as amended.</div>
      <div>&#160;</div>
      <div style="text-align: justify; margin-right: 5.7pt;">The Board&#8217;s Audit &amp; Valuation Committee was created on June 12, 2019 by combining the Board&#8217;s Audit Committee (the &#8220;Former Audit Committee&#8221;) and Valuation Committee, each of which functioned
        as a separate committee prior to June 12, 2019. The Board&#8217;s Audit &amp; Valuation Committee met 5 times during the year ended August 31, 2020.</div>
      <div>&#160;</div>
      <div style="text-align: justify; margin-right: 5.7pt; font-style: italic; font-weight: bold;">Investment Search Committee</div>
      <div>&#160;</div>
      <div style="text-align: justify; margin-right: 5.7pt;">In June 2018, the Board established an Investment Search Committee. The Investment Search Committee was disbanded in September 2020. The Investment Search Committee was responsible for, among
        other things, exploring potential acquisitions of controlling stakes in operating companies and other investments that are not securities. The Investment Search Committee consisted of Messrs. Sell, Harris, Dakos and Goldstein. Mr. Sell was the
        Chairman of the Investment Search Committee. The Investment Search Committee met 4 times during the year ended August 31, 2020.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-right: 5.7pt; font-style: italic; font-weight: bold;">Investment Committee</div>
      <div>&#160;</div>
      <div style="text-align: justify; margin-right: 5.7pt;">In April 2019, the Board established an Investment Committee. The Investment Committee is responsible for, among other things, internally managing the Fund&#8217;s assets. The Investment Committee
        invests the Fund&#8217;s assets within the parameters of the Fund&#8217;s existing investment policies and restrictions, and strives to invest in securities that are likely to generate income. The Investment Committee currently consists of Messrs. Goldstein,
        Dakos and Das. The Investment Committee met 4 times during the year ended August 31, 2020.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">Nominees for Trustee</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Board does not have a standing nominating committee. The full Board participates in the process of identifying and selecting qualified individuals to become Board members and members of Board
        committees. In nominating candidates, the Board believes that no specific qualifications or disqualifications are controlling or paramount, and that there are no specific qualities or skills necessary for each candidate to possess. In identifying
        and evaluating nominees for Trustee, the Board takes into consideration such factors as it deems appropriate. These factors may include: (i) whether or not the person is an &#8220;interested person&#8221; as defined in the 1940 Act, meets the independence and
        experience requirements of the NYSE applicable to closed-end funds and is otherwise qualified under applicable laws and regulations to serve as a member of the Board&#894; (ii) whether or not the person has any relationships that might impair his or her
        independence, such as any business, financial or family relationships with Fund management or Fund service providers or their affiliates&#894; (iii) whether or not the person is willing to serve, and willing and able to commit the time necessary for the
        performance of the duties of a Board member&#894; (iv) the person&#8217;s judgment, skill, diversity and experience with investment companies and other organizations of comparable purpose, complexity and size and subject to similar legal restrictions and
        oversight&#894; (v)&#160; the interplay of the candidate&#8217;s experience with the experience of other Board members&#894; and (vi) the extent to which the candidate would be a desirable addition to the Board and any committees thereof.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">12</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; color: #000000;">The Board will consider nominees recommended by shareholders if a vacancy occurs. In order to recommend a nominee, a shareholder should send a letter to the Chairman of the Board, c/o High Income
        Securities Fund, 615 East Michigan Street, Milwaukee, Wisconsin 53202, and indicate on the envelope &#8220;Trustee Nominee.&#8221; The shareholder&#8217;s letter should state the nominee&#8217;s name and should include the nominee&#8217;s r&#233;sum&#233; or curriculum vitae, and must be
        accompanied by a written consent of the individual to stand for election if nominated by the Board and to serve if elected by shareholders. Shareholders can send other communications to the Board, c/o the High Income Securities Fund, 615 East
        Michigan Street, Milwaukee, Wisconsin 53202.</div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">CODE OF ETHICS</div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="color: #000000;">The Fund has adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act that establishes procedures for personal investments and restricts certain personal securities
          transactions. Personnel subject to such code may invest in securities for their personal investment accounts, including securities that may be purchased or held by the Fund, so long as such investments are made pursuant to the code&#8217;s
          requirements. The Fund&#8217;s code of ethics was filed with the Fund&#8217;s annual N-CSR filing for the year ended August 31, 2018.&#160; In addition (i) a copy of the code is available for inspection at the Public Reference Room of the SEC in Washington, D.C.
          Information regarding the&#160; operation of the Public Reference Room is available by calling the SEC at 1-202-551-8090 and (ii) a copy of the code is available on the EDGAR Database on the SEC&#8217;s website at </font><font style="color: #0563C1;"><u>www.sec.gov</u></font><font style="color: #0563C1;">, </font><font style="color: #000000;">and may also be obtained, after paying a duplicating fee, by electronic request at the following e-mail address:</font><font style="color: #0563C1;"><u> publicinfo@sec.gov</u></font><font style="color: #0563C1;">, </font><font style="color: #000000;">or by writing the SEC&#8217;s Public Reference Section, Washington, D.C. 20549-0102.</font></div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">PROXY VOTING PROCEDURES</div>
      <div><br>
      </div>
      <div style="color: #000000;">The Board of Trustees has delegated the voting of proxies with respect to securities owned by the Fund to the Investment Committee.</div>
      <div><br>
      </div>
      <div style="color: #000000; font-weight: bold;">Proxy Voting Policies</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Investment Committee generally analyzes the proxy statements of issuers of stock owned by the Fund, as necessary and votes proxies on behalf of the Fund.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Investment Committee&#8217;s decisions with respect to proxy issues are made in light of the anticipated impact of the issue on the value of the investment. Proxies are voted solely in the interests of
        Fund shareholders.</div>
      <div><br>
      </div>
      <div style="color: #000000; font-weight: bold;">Proxy Voting Procedures</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">In evaluating proxy statements, the Investment Committee relies upon its own fundamental research, and information presented by company management and others. It does not delegate its proxy voting
        responsibility to a third party proxy voting service.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">13</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="color: #000000; font-weight: bold;">Proxy Voting Guidelines</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Fund will generally vote proxies in favor of proposals that, in the opinion of the members of the Investment Committee, seek to enhance shareholder value and shareholder democracy.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">With respect to proxies of closed-end investment companies held by the Fund, in order to comply with Section 12(d) of the Investment Company Act of 1940, the Fund will &#8220;mirror vote&#8221; all such proxies
        received by the Fund, unless the Investment Committee deems it appropriate to seek instructions from Fund shareholders with regard to such vote. In such circumstances, the Fund will vote such proxies as determined by a majority of the proxy voting
        instructions received by shareholders.</div>
      <div><br>
      </div>
      <div style="color: #000000; font-weight: bold;">Form N-PX/Annual Report of Proxy Voting Record</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Policy: Form N-PX is used by funds to file reports with the SEC containing the Fund&#8217;s proxy voting record for the most recent 12-month period ended June 30. The Form must be filed no later than August
        31 of each year. The following information must be collected for the Fund in order to complete and file Form N-PX:</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcb09ca9e47484a62a08f65998e51d0b3">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt; color: #000000;">1.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">The name of the issuer of the portfolio security&#894;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z98bdd6358de5478f8c60525abed2486f">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt; color: #000000;">2.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">The exchange ticker symbol of the portfolio security&#894;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaf3705202292453f9e2181cc3536c258">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt; color: #000000;">3.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">The CUSIP number (may be omitted if it is not available through reasonably practicable means)&#894;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc635c03f20d74fb7b2c0bf9b85726418">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt; color: #000000;">4.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">The shareholder meeting date&#894;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z42691548d184493899bbc5f622092599">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt; color: #000000;">5.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">A brief description of the matter voted on&#894;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za9c9b275374c42069aa88dce620fa4f1">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt; color: #000000;">6.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Whether the matter was proposed by the issuer or the security holder&#894;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf3a97959a00f46a88a77ef59ac072ae7">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt; color: #000000;">7.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Whether the Fund cast its vote on the matter&#894;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za37332408abf451b910a6b6e7f5aa35e">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt; color: #000000;">8.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">How the Fund cast its vote (e.g., for or against proposal, or abstain&#894; for or withhold regarding election of directors)&#894; and</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z68dbce7a27864486b09b5cab8c4c54ce">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt; color: #000000;">9.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Whether the Fund cast its vote for or against management.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">More Information</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Information regarding how the Fund voted any proxies related to portfolio securities during the most recent 12-month period ended June 30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> is available (1) without charge, upon request by
        contacting the Fund&#8217;s Shareholder Services at 1-888-898-4107, or (2) on the EDGAR Database on the SEC&#8217;s Web site (http://www.sec.gov).</div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">ADMINISTRATIVE SERVICES, TRANSFER AGENT, CUSTODIAN</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">U.S. Bancorp Fund Services, LLC doing business as U.S. Bank Global Fund Services (&#8220;Fund Services&#8221;), an indirect wholly owned subsidiary of U.S. Bancorp, acts as the Fund&#8217;s Administrator under an
        Administration Agreement. Fund Services prepares various federal and state regulatory filings, reports and returns for the Fund; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Fund&#8217;s custodian,
        transfer agent and accountants; coordinates the preparation and payment of the Fund&#8217;s expenses; and reviews the Fund&#8217;s expense accruals. For the fiscal year ended August 31, 2020, the Fund paid the Fund Services $108,783 for its administration
        services.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Fund Services also serves as the Fund&#8217;s fund accountant.&#160; In addition, Fund Services acts as the transfer agent of the Fund.&#160; The principal business address for Fund Services is 615 East Michigan
        Street Milwaukee, WI 53202.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">U.S. Bank, N.A. (&#8220;U.S. Bank&#8221;), an affiliate of Fund Services, serves as the Fund&#8217;s custodian. The principal business address for U.S. Bank is 1555 North RiverCenter Drive, Suite 302, Milwaukee, WI
        53212.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">14</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">PORTFOLIO MANAGERS</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Fund is managed by its Investment Committee, which is comprised of Phillip Goldstein, Andrew Dakos, and Rajeev Das. The business experience of each of Messrs. Goldstein, Dakos, and Das during the
        past 5 years is as follows:</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Phillip Goldstein: Managing Member of Bulldog Investors, LLC since its inception in October 2009. Mr. Goldstein also is a member of Bulldog Holdings, LLC, the owner of several entities previously
        serving as the general partner of several private investment partnerships in the Bulldog Investors group of funds, and the owner of Kimball &amp; Winthrop, LLC, the managing general partner of Bulldog Investors General Partnership, since 2012. He
        is a director of the following closed-end funds: Swiss Helvetia Fund, Inc. since 2018, Special Opportunities Fund, Inc. since 2009, and Mexico Equity and Income Fund since 2000. He also is a director of: MVC Capital, Inc., a business development
        company, since 2012, Brookfield DTLA Fund Office Trust Investor, a subsidiary of a large commercial real estate company, since 2017, and is a trustee of Crossroads Liquidating Trust (f/k/a Crossroads Capital, Inc., a business development company),
        since 2016. He served as a director of Emergent Capital, Inc. (f/k/a Imperial Holdings, Inc.), a specialty finance company, from 2012-2017.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Andrew Dakos: Managing Member of Bulldog Investors, LLC since its inception in October 2009. Mr. Dakos also is a member of Bulldog Holdings, LLC, the owner of several entities previously serving as
        the general partner of several private investment partnerships in the Bulldog Investors group of funds, and the owner of Kimball &amp; Winthrop, LLC, the managing general partner of Bulldog Investors General Partnership, since 2012. He has served
        as a director of Special Opportunities Fund, Inc., a closed-end fund, since 2009, the Mexico Equity and Income Fund, a closed-end fund, from 2001-2015, Emergent Capital, Inc. (f/k/a Imperial Holdings, Inc.), a specialty finance company, from
        2012-2017, Swiss Helvetia Fund, Inc., a closed-end fund, since 2017, Brookfield DTLA Fund Office Trust Investor, a subsidiary of a large commercial real estate company, since 2017, and as a trustee of Crossroads Liquidating Trust (f/k/a Crossroads
        Capital, Inc., a business development company), since 2015.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Rajeev Das: Head Trader of Bulldog Investors, LLC since its inception in October 2009. Since 2004, Mr. Das has been a Principal of the entities previously serving as the general partner of the private
        investment partnerships in the Bulldog Investors group of funds. He has been a director of The Mexico Equity and Income Fund, Inc., a closed-end fund, since 2001. Mr. Das provides investment research and analysis. Mr. Das buys and sells securities
        for the Fund&#8217;s portfolio under the supervision of Mr. Goldstein and Mr. Dakos.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-weight: bold; font-style: italic;">Other Accounts Managed</font>. The following table shows the number of other accounts managed by Messrs. Goldstein, Dakos and Das as of August 31,
        2020</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="ze3002a0498fa44428a63a4dfca38a2e2">

          <tr>
            <td style="width: 47.07%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 17.65%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td colspan="2" style="width: 35.28%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">ADVISORY FEE BASED&#160;ON PERFORMANCE</div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.07%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">TYPE OF ACCOUNTS</div>
            </td>
            <td style="width: 17.65%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">NUMBER OF ACCOUNTS</div>
            </td>
            <td style="width: 17.65%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">NUMBER OF ACCOUNTS</div>
            </td>
            <td style="width: 17.63%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">TOTAL ASSETS ($ IN MILLIONS)*</div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.07%; vertical-align: top; background-color: #DCDCDC;">
              <div style="color: #000000;">Registered Investment Companies</div>
            </td>
            <td style="width: 17.65%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: center; color: #000000;">1</div>
            </td>
            <td style="width: 17.65%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: center; color: #000000;">0</div>
            </td>
            <td style="width: 17.63%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: center; color: #000000;">0</div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.07%; vertical-align: top;">
              <div style="color: #000000;">Other Pooled Investments</div>
            </td>
            <td style="width: 17.65%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">6</div>
            </td>
            <td style="width: 17.65%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">6</div>
            </td>
            <td style="width: 17.63%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">$11.2</div>
            </td>
          </tr>
          <tr>
            <td style="width: 47.07%; vertical-align: top; background-color: #DCDCDC;">
              <div style="color: #000000;">Other Accounts</div>
            </td>
            <td style="width: 17.65%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: center; color: #000000;">67</div>
            </td>
            <td style="width: 17.65%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: center; color: #000000;">2</div>
            </td>
            <td style="width: 17.63%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: center; color: #000000;">$25.5</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; color: #000000;">*Estimated</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">15</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-weight: bold; font-style: italic;">Conflicts of Interest</font>.&#160; Certain conflicts of interest may arise in connection with the Investment Committee&#8217;s management of the Fund&#8217;s
        portfolio and the portfolios of other accounts managed by members of the Investment Committee. For example, certain inherent conflicts of interest exist in connection with managing accounts that pay a performance-based fee or allocation alongside
        an account that does not. These conflicts may include an incentive to favor such accounts over the Fund because the investment advisor of such accounts can potentially receive greater fees from accounts paying a performance-based fee than from the
        Fund. As a result, certain members of the Investment Committee may have an incentive to direct their best investment ideas to, or allocate or sequence trades in favor of such accounts. In addition, in cases where the investment strategies are the
        same or very similar, various factors (including, but not limited to, tax considerations, amount of available cash, and risk tolerance) may result in substantially different portfolios in such accounts.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-weight: bold; font-style: italic;">Compensation</font><font style="font-weight: bold;">.</font> The members of the Investment Committee are compensated by the Fund for their
        positions on the Investment Committee in the amount of $100,000 each for Phillip Goldstein and Andrew Dakos, and $50,000 for Rajeev Das on an annual basis paid monthly in advance.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><font style="font-weight: bold; font-style: italic;">Ownership of Securities</font><font style="font-weight: bold;">.</font> As of August 31, 2020, Mr. Goldstein beneficially owned 150,000 shares
        (held Directly) and 106 shares (held Indirectly) of beneficial interest the Fund; Mr. Dakos beneficially owned 70,000 shares (held Directly) and 106 shares (held Indirectly) of beneficial interest the Fund; and Mr. Das beneficially owned no shares
        of beneficial interest the Fund.</div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">ALLOCATION OF BROKERAGE</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Subject to the supervision of the Board, decisions to buy and sell securities for the Fund are made by the Investment Committee. The Investment Committee is authorized by the Board to allocate the
        orders placed by them on behalf of the Fund to brokers and dealers who may, but need not, provide research or statistical material or other services to the Fund or the Investment Committee for the Fund&#8217;s use. Such allocation is to be in such
        amounts and proportions as the Investment Committee may determine.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Investment Committee may employ such brokers and dealers as may, in the judgment of the Investment Committee, obtain the best results taking into account such factors as price, including dealer
        spread, the size, type and difficulty of the transaction involved, the firm's general execution and operational facilities and the firm's risk in positioning the securities involved. In addition, the Investment Committee may select broker-dealers
        for portfolio transactions who provide services over and above simple trade execution. For example, with respect to certain complex or difficult trades, the Investment Committee will utilize the services of a broker-dealer with the proven
        capability to effect such trades, and in such case, the Investment Committee may be willing to pay higher commission rates than those of other execution-only type desks. When, in the view of the Investment Committee, execution is the only criteria
        relevant to a particular investment, competitive commission rates will be a priority.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Brokers or dealers executing a portfolio transaction on behalf of the Fund may receive a commission in excess of the amount of commission another broker or dealer would have charged for executing the
        transaction if the Investment Committee determines in good faith that such commission is reasonable in relation to the value of brokerage, research and other services provided to the Investment Committee member&#8217;s clients, including the Fund.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">In allocating portfolio brokerage, the Investment Committee may select brokers or dealers who also provide brokerage, research and other services to other accounts over which the Investment Committee
        exercises investment discretion. Some of the services received as the result of the Fund&#8217;s transactions may primarily benefit accounts other than the Fund&#8217;s, while services received as the result of portfolio transactions effected on behalf of
        those other accounts may primarily benefit the Fund.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">16</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; color: #000000;">During the fiscal years ended August 31, 2018, 2019 and 2020, the Fund paid $9,046, $78,248 and $93,003&#160; respectively, in brokerage commissions.</div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">CERTAIN MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">THE FOLLOWING IS A SUMMARY DISCUSSION OF THE MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES THAT MAY BE RELEVANT TO A STOCKHOLDER OF ACQUIRING, HOLDING AND DISPOSING OF SHARES OF THE
        FUND. THIS DISCUSSION DOES NOT ADDRESS THE SPECIAL TAX RULES APPLICABLE TO CERTAIN CLASSES OF INVESTORS, SUCH AS TAX-EXEMPT ENTITIES, FOREIGN INVESTORS (EXCEPT AS EXPRESSLY PROVIDED BELOW), INSURANCE COMPANIES AND FINANCIAL INSTITUTIONS. THIS
        DISCUSSION ADDRESSES ONLY U.S. FEDERAL INCOME TAX CONSEQUENCES TO U.S. STOCKHOLDERS WHO HOLD THEIR SHARES AS CAPITAL ASSETS AND DOES NOT ADDRESS ALL OF THE U.S. FEDERAL INCOME TAX CONSEQUENCES THAT MAY BE RELEVANT TO PARTICULAR STOCKHOLDERS IN
        LIGHT OF THEIR INDIVIDUAL CIRCUMSTANCES. IN ADDITION, THE DISCUSSION DOES NOT ADDRESS ANY STATE, LOCAL OR FOREIGN TAX CONSEQUENCES, AND IT DOES NOT ADDRESS ANY U.S. FEDERAL TAX CONSEQUENCES OTHER THAN U.S. FEDERAL INCOME TAX CONSEQUENCES. THE
        DISCUSSION IS BASED UPON PRESENT PROVISIONS OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE &#8220;CODE&#8221;), THE REGULATIONS PROMULGATED THEREUNDER, AND JUDICIAL AND ADMINISTRATIVE RULING AUTHORITIES, ALL OF WHICH ARE SUBJECT TO CHANGE OR DIFFERING
        INTERPRETATIONS (POSSIBLY WITH RETROACTIVE EFFECT). NO ATTEMPT IS MADE TO PRESENT A DETAILED EXPLANATION OF ALL U.S. FEDERAL INCOME TAX CONCERNS AFFECTING THE FUND AND ITS STOCKHOLDERS, AND THE DISCUSSION SET FORTH HEREIN DOES NOT CONSTITUTE TAX
        ADVICE. INVESTORS ARE URGED TO CONSULT THEIR OWN TAX ADVISORS TO DETERMINE THE SPECIFIC TAX CONSEQUENCES TO THEM OF INVESTING IN THE FUND, INCLUDING THE APPLICABLE FEDERAL, STATE, LOCAL AND FOREIGN TAX CONSEQUENCES TO THEM AND THE EFFECT OF
        POSSIBLE CHANGES IN TAX LAWS, INCLUDING COMPREHENSIVE UNITED STATES FEDERAL INCOME TAX REFORM CURRENTLY BEING DISCUSSED BY THE UNITED STATES CONGRESS.</div>
      <div style="color: #000000;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">The discussion primarily describes the U.S. federal income tax treatment of a U.S. Holder and, unless expressly provided, does not discuss the application of these rules to a
        Non-U.S. Holder. A &#8220;U.S. Holder&#8221; means a beneficial owner of the Fund&#8217;s shares that is any of the following for U.S. federal income tax purposes:</div>
      <div style="color: #000000;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="ze490b056344f4bf5b4ba86a4352b9578">

          <tr>
            <td style="width: 7.69%; vertical-align: middle;">&#160;</td>
            <td style="width: 7.69%; vertical-align: top;">
              <div style="color: #000000;">&#8226;</div>
            </td>
            <td style="width: 84.62%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">An individual who is a citizen or resident of the United States or someone treated as a U.S. citizen for U.S. federal income tax purposes;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.69%; vertical-align: middle;">&#160;</td>
            <td style="width: 7.69%; vertical-align: top;">
              <div style="color: #000000;">&#8226;</div>
            </td>
            <td style="width: 84.62%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">A corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof, or the District
                of Columbia;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.69%; vertical-align: middle;">&#160;</td>
            <td style="width: 7.69%; vertical-align: top;">
              <div style="color: #000000;">&#8226;</div>
            </td>
            <td style="width: 84.62%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">An estate, the income of which is subject to U.S. federal income taxation regardless of its source; or</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.69%; vertical-align: middle;">&#160;</td>
            <td style="width: 7.69%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">&#8226;</div>
            </td>
            <td style="width: 84.62%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">A trust if: (a) a U.S. court can exercise primary supervision over the trust&#8217;s administration and one or more U.S. persons are authorized to control all substantial decisions of the trust, or
                (b) the trust was in existence on August 20, 1996 and has a valid election in effect under applicable Treasury Regulations (as defined below) to be treated as a U.S. person.</div>
            </td>
          </tr>

      </table>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">17</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; color: #000000;">For purposes of this summary, the term &#8220;Non-U.S. Holder&#8221; means a beneficial owner of the Fund&#8217;s shares that is not a U.S. Holder.</div>
      <div style="color: #000000;">&#160;</div>
      <div style="text-align: justify; color: #000000;">In addition, the possible application of U.S. federal estate or gift taxes or any aspect of state, local, or non-U.S. tax laws is not considered. This summary does not address all aspects of U.S.
        federal income taxation that may be important to a particular U.S. Holder in light of its investment or tax circumstances or to a U.S. Holder that is subject to special tax rules, including if the Holder is:</div>
      <div style="color: #000000;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z51bf0d456f4847f38bc45ef298ba7347">

          <tr>
            <td style="width: 7.69%; vertical-align: middle;">&#160;</td>
            <td style="width: 7.69%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">&#8226;</div>
            </td>
            <td style="width: 84.62%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">a dealer in securities or currencies;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.69%; vertical-align: middle;">&#160;</td>
            <td style="width: 7.69%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">&#8226;</div>
            </td>
            <td style="width: 84.62%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">a financial institution;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.69%; vertical-align: middle;">&#160;</td>
            <td style="width: 7.69%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">&#8226;</div>
            </td>
            <td style="width: 84.62%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">a regulated investment company;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.69%; vertical-align: middle;">&#160;</td>
            <td style="width: 7.69%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">&#8226;</div>
            </td>
            <td style="width: 84.62%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">a real estate investment trust;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.69%; vertical-align: middle;">&#160;</td>
            <td style="width: 7.69%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">&#8226;</div>
            </td>
            <td style="width: 84.62%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">an insurance company;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.69%; vertical-align: middle;">&#160;</td>
            <td style="width: 7.69%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">&#8226;</div>
            </td>
            <td style="width: 84.62%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">a tax-exempt organization;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.69%; vertical-align: middle;">&#160;</td>
            <td style="width: 7.69%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">&#8226;</div>
            </td>
            <td style="width: 84.62%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">a person holding shares as part of a hedging, integrated or conversion transaction, a constructive sale or a straddle;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.69%; vertical-align: middle;">&#160;</td>
            <td style="width: 7.69%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">&#8226;</div>
            </td>
            <td style="width: 84.62%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">a trader in securities that has elected the mark-to-market method of accounting for its securities;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.69%; vertical-align: middle;">&#160;</td>
            <td style="width: 7.69%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">&#8226;</div>
            </td>
            <td style="width: 84.62%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">a person liable for alternative minimum tax;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.69%; vertical-align: middle;">&#160;</td>
            <td style="width: 7.69%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">&#8226;</div>
            </td>
            <td style="width: 84.62%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">a partnership or other pass-through entity for U.S. federal income tax purposes; or</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.69%; vertical-align: middle;">&#160;</td>
            <td style="width: 7.69%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">&#8226;</div>
            </td>
            <td style="width: 84.62%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">a U.S. Holder whose &#8220;functional currency&#8221; is not the U.S. dollar.</div>
            </td>
          </tr>

      </table>
      <div style="color: #000000;">&#160;</div>
      <div style="text-align: justify; color: #000000;">If an entity treated as a partnership for U.S. federal income tax purposes holds shares, the U.S. federal income tax treatment of a partner in the partnership will generally depend upon the status of
        the partner and the activities of the partnership. A Holder of shares in a partnership and partners in such partnership should consult their own tax advisors regarding the U.S. federal income tax consequences of holding and disposing of the shares.</div>
      <div style="color: #000000;">&#160;</div>
      <div style="text-align: justify; color: #000000;">Prospective U.S. Holders are urged to consult their tax advisors as to the particular tax consequences of purchasing, owning and disposing of the shares, including the application of U.S. federal,
        state and local tax laws.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">Taxation as a Regulated Investment Company</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Fund intends to elect to be treated and to qualify each year as a regulated investment company (a &#8220;RIC&#8221;) under the Code. Accordingly, the Fund must, among other things, (i) derive in each taxable
        year at least 90% of its gross income (including tax-exempt interest) from (a) dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other
        income (including but not limited to gain from forward contracts) derived with respect to its business of investing in such stock, securities or currencies; and (b) net income from interests in &#8220;qualified publicly traded partnerships&#8221; (as defined
        in the Code); (ii) diversify its holdings so that, at the end of each quarter of each taxable year (a) at least 50% of the value of the Fund&#8217;s total assets is represented by cash and cash items, U.S. government securities, the securities of other
        regulated investment companies and other securities, with such other securities limited, in respect of any one issuer, to an amount not greater than 5% of the value of the Fund&#8217;s total assets and not more than 10% of the outstanding voting
        securities of such issuer and (b) not more than 25% of the value of the Fund&#8217;s total assets is invested in the securities (other than U.S. government securities and the securities of other regulated investment companies) of (I) any one issuer; (II)
        any two or more issuers that the Fund controls and that are determined to be engaged in the same business or similar or related trades or businesses or (III) any one or more &#8220;qualified publicly traded partnerships&#8221; (as defined in the Code); and
        (iii) distribute at least 90% of its investment company taxable income (as defined in the Code, but without regard to the deduction for dividends paid) and 90% of its tax-exempt interest income (net of certain deductions and amortizable bond
        premiums) for such taxable year in accordance with the timing requirements imposed by the Code, so as to maintain its RIC status and to avoid paying any U.S. federal income tax. For purposes of the 90% of gross income requirement described above,
        the Code expressly provides the U.S. Treasury with authority to issue regulations that would exclude foreign currency gains from qualifying income if such gains are not directly related to the Fund&#8217;s business of investing in stock or securities.
        While to date the U.S. Treasury has not exercised this regulatory authority, there can be no assurance that it will not issue regulations in the future (possibly with retroactive application) that would treat some or all of the Fund&#8217;s foreign
        currency gains as non-qualifying income. To the extent it qualifies for treatment as a RIC and satisfies the above-mentioned distribution requirements, the Fund will not be subject to U.S. federal income tax on income paid to its shareholders in
        the form of dividends or capital gain distributions.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">18</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; color: #000000;">In order to avoid incurring a U.S. federal excise tax obligation, the Code requires that the Fund distribute (or be deemed to have distributed) by December 31 of each calendar year an amount at least
        equal to the sum of (i) 98% of its ordinary income for such year and (ii) 98.2% of its capital gain net income (which is the excess of its realized capital gain over its realized capital loss), generally computed on the basis of the one-year period
        ending on October 31 of such year, after reduction by any available capital loss carryforwards, plus (iii) 100% of any ordinary income and capital gain net income from previous years (as previously computed) that were not paid out during such years
        and on which the Fund paid no U.S. federal income tax.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">Failure to Qualify as a RIC</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">If the Fund does not qualify as a RIC for any taxable year, the Fund&#8217;s taxable income will be subject to corporate income taxes, and all distributions from earnings and profits, including
        distributions of net capital gain (if any), will be taxable to the shareholder as ordinary income. Such distributions generally will be eligible (i) for the dividends received deduction in the case of corporate shareholders and (ii) for treatment
        as &#8220;qualified dividends&#8221; as discussed below, in the case of individual shareholders provided certain holding period and other requirements are met, as described below. In addition, in order to requalify for taxation as a RIC, the Fund may be
        required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions.</div>
      <div style="text-align: justify; color: #000000;">&#160;</div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">Taxation of Distributions to U.S. Holders</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Distributions from the Fund, except in the case of distributions of qualified dividend income or capital gain dividends, as described below, generally will be taxable to U.S. Holders as ordinary
        dividend income to the extent of the Fund&#8217;s current and accumulated earnings and profits. Distributions of net capital gains (that is, the excess of net gains from the sale of capital assets held more than one year over net losses from the sale of
        capital assets held for not more than one year) properly designated as capital gain dividends (&#8220;Capital Gain Dividends&#8221;) will be taxable to U.S. Holders as long-term capital gain, regardless of how long a shareholder has held the shares in the
        Fund.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Under current law, certain income distributions paid by the Fund to individual taxpayers are taxed at rates equal to those applicable to net long-term capital gains (generally, 20%). This tax
        treatment applies only if certain holding period requirements and other requirements are satisfied by the shareholder and the dividends are attributable to qualified dividend income received by the Fund itself. For this purpose, &#8220;qualified dividend
        income&#8221; means dividends received by the Fund from certain United States corporations and qualifying foreign corporations, provided that the Fund satisfies certain holding period and other requirements in respect of the stock of such corporations.
        For these purposes, a &#8220;qualified foreign corporation&#8221; means any foreign corporation if (i) such corporation is incorporated in a possession of the United States, (ii) such corporation is eligible for benefits of a qualified comprehensive income tax
        treaty with the United States and which includes an exchange of information program, or (iii) the stock of such corporation with respect to which such dividend is paid is readily tradable on an established securities market in the United States. A
        &#8220;qualified foreign corporation&#8221; does not include any foreign corporation which for the taxable year of the corporation in which the dividend was paid, or the preceding taxable year, is a &#8220;passive foreign investment company&#8221; (as defined in the
        Code). In the case of securities lending transactions, payments in lieu of dividends are not qualified dividends. Thereafter, the Fund&#8217;s dividends, other than capital gains dividends, will be fully taxable at ordinary income tax rates unless
        further Congressional legislative action is taken.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">19</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; color: #000000;">A dividend will not be treated as qualified dividend income (whether received by the Fund or paid by the Fund to a shareholder) if (1) the dividend is received with respect to any share held for fewer
        than 61 days during the 121-day period beginning on the date which is 60 days before the date on which such share becomes ex-dividend with respect to such dividend, (or fewer than 91 days during the associated 181-day period in the case of certain
        preferred stocks), (2) to the extent that the recipient is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property, or (3) if the recipient
        elects to have the dividend treated as investment income for purposes of the limitation on deductibility of investment interest. Distributions of income by the Fund, other than qualified dividend income and capital gains dividends, are taxed as
        ordinary income, at rates currently up to 37% for taxpayers other than corporations.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">We cannot assure you as to what percentage of the dividends paid on the shares will consist of qualified dividend income or long-term capital gains, both of which are taxed at lower rates for
        individuals than are ordinary income and short-term capital gains.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Dividends and interest received, and gains realized, by the Fund on foreign securities may be subject to income, withholding or other taxes imposed by foreign countries and U.S. possessions
        (collectively &#8220;foreign taxes&#8221;) that would reduce the return on its securities. Tax conventions between certain countries and the United States, however, may reduce or eliminate foreign taxes, and many foreign countries do not impose taxes on
        capital gains in respect of investments by foreign investors. If more than 50% of the value of the Fund&#8217;s total assets at the close of its taxable year consists of securities of foreign corporations, it will be eligible to, and may, file an
        election with the Internal Revenue Service (the &#8220;IRS&#8221;) that will enable its shareholders, in effect, to receive the benefit of the foreign tax credit with respect to any foreign taxes paid by the Fund. Pursuant to the election, the Fund would treat
        those taxes as dividends paid to its shareholders and each shareholder (1) would be required to include in gross income, and treat as paid by such shareholder, a proportionate share of those taxes, (2) would be required to treat such share of those
        taxes and of any dividend paid by the Fund that represents income from foreign or U.S. possessions sources as such shareholder&#8217;s own income from those sources, and, if certain conditions are met, (3) could either deduct such shareholder&#8217;s pro rata
        share of the foreign taxes deemed paid in computing taxable income or, alternatively, use the foregoing information in calculating such shareholder&#8217;s pro rata share of the foreign tax credit against such Shareholder&#8217;s U.S. federal income tax
        liability (but IRA accounts may not be able to use the foreign tax credit). The Fund will report to its shareholders shortly after each taxable year their respective shares of foreign taxes paid and the income from sources within, and taxes paid
        to, foreign countries and U.S. possessions if it makes this election. The rules relating to the foreign tax credit are complex. Each shareholder should consult his own tax adviser regarding the potential application of foreign tax credits.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">If the Fund acquires any equity interest in certain foreign corporations that receive at least 75% of their annual gross income from passive sources (such as interest, dividends, certain rents and
        royalties, or capital gains) or that hold at least 50% of their assets in investments producing such passive income (&#8220;passive foreign investment companies&#8221;), the Fund could be subject to U.S. federal income tax and additional interest charges on
        &#8220;excess distributions&#8221; received from such companies or on gain from the sale of stock in such companies, even if all income or gain actually received by the Fund is timely distributed to its shareholders. The Fund would not be able to pass through
        to its shareholders any credit or deduction for such a tax. An election may generally be available that would ameliorate these adverse tax consequences, but any such election could require the Fund to recognize taxable income or gain (subject to
        tax distribution requirements) without the concurrent receipt of cash and would require certain information to be furnished by the foreign corporation, which may not be provided. These investments could also result in the treatment of associated
        capital gains as ordinary income. The Fund may limit and/or manage its holdings in passive foreign investment companies to limit its tax liability or maximize its return from these investments. Dividends paid by passive foreign investment companies
        will not qualify as qualified dividend income eligible for taxation at reduced tax rates.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">20</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; color: #000000;">If the Fund utilizes leverage through borrowing, it may be restricted by loan covenants with respect to the declaration of, and payment of, dividends in certain circumstances. Limits on the Fund&#8217;s
        payments of dividends may prevent the Fund from meeting the distribution requirements, described above, and may, therefore, jeopardize the Fund&#8217;s qualification for taxation as a RIC and possibly subject the Fund to the 4% excise tax. The Fund will
        endeavor to avoid restrictions on its ability to make dividend payments.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">Taxation of Sales, Exchanges, or Other Dispositions</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The sale, exchange or redemption of Fund shares may give rise to a gain or loss. Such gain or loss would generally be treated as capital gain or loss if the Fund shares are held as a capital asset. In
        general, any gain or loss realized upon a taxable disposition of shares will be treated as long-term capital gain or loss if the shares have been held for more than one year. Otherwise, the gain or loss on the taxable disposition of Fund shares
        will be treated as short-term capital gain or loss. The maximum capital gain rate applicable to individuals is 20%. Any loss realized upon the sale or exchange of Fund shares with a holding period of 6 months or less will be treated as a long-term
        capital loss to the extent of any capital gain distributions received with respect to such shares. The use of capital losses is subject to limitations. In addition, all or a portion of a loss realized on a redemption or other disposition of Fund
        shares may be disallowed under &#8220;wash sale&#8221; rules to the extent the shares disposed of are replaced with other substantially identical shares (whether through the reinvestment of distributions or otherwise) within a 61-day period beginning 30 days
        before the redemption of the loss shares and ending 30 days after such date. Any disallowed loss will result in an adjustment to the shareholder&#8217;s tax basis in some or all of the other shares acquired.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Dividends and distributions on the Fund&#8217;s shares are generally subject to U.S. federal income tax as described herein to the extent they do not exceed the Fund&#8217;s realized income and gains, even though
        such dividends and distributions may economically represent a return of a particular shareholder&#8217;s investment. Such distributions are likely to occur in respect of shares purchased at a time when the Fund&#8217;s net asset value reflects gains that are
        either unrealized, or realized but not distributed. Such realized gains may be required to be distributed even when the Fund&#8217;s net asset value also reflects unrealized losses. Certain distributions declared in October, November or December and paid
        in the following January will be taxed to shareholders as if received on December 31 of the year in which they were declared. In addition, certain other distributions made after the close of a taxable year of the Fund may be &#8220;spilled back&#8221; and
        treated as paid by the Fund (except for purposes of the 4% excise tax) during such taxable year. In such case, shareholders will nevertheless be treated as having received such dividends in the taxable year in which the distributions were actually
        made.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">Information Reporting and Backup Withholding</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Generally, information reporting requirements will apply to distributions on our common shares or proceeds on the disposition of our common shares or warrants paid within the U.S. (and, in certain
        cases, outside the U.S.) to U.S. Holders. Such payments will generally be subject to backup withholding tax at the rate of 24% if: (a) a U.S. Holder fails to furnish such U.S. Holder&#8217;s correct U.S. taxpayer identification number to the payor
        (generally on IRS Form W-9), as required by the Code and Treasury Regulations, (b) the IRS notifies the payor that the U.S. Holder&#8217;s taxpayer identification number is incorrect, (c) a U.S. Holder is notified by the IRS that it has previously failed
        to properly report interest and dividend income, or (d) a U.S. Holder fails to certify, under penalty of perjury, that such U.S. Holder has furnished its correct U.S. taxpayer identification number. However, certain exempt persons generally are
        excluded from these information reporting and backup withholding rules. A Non-U.S. Holder will not be subject to backup withholding on dividends paid to such Non-U.S. Holder as long as such Non-U.S. Holder certifies under penalty of perjury
        (generally on the applicable IRS Form W-8) that it is a Non-U.S. Holder (and the applicable withholding agent does not have actual knowledge or reason to know that such Non-U.S. Holder is a United States person as defined under the Code), or such
        Non-U.S. Holder otherwise establishes an exemption. Depending on the circumstances, information reporting and backup withholding may apply to the proceeds received from a sale or other disposition of shares unless the beneficial owner certifies
        under penalty of perjury that it is a Non-U.S. Holder (and the applicable withholding agent does not have actual knowledge or reason to know that the beneficial owner is a United States person as defined under the Code), or such owner otherwise
        establishes an exemption.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">21</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; color: #000000;">Under Treasury regulations, if a shareholder recognizes a loss on disposition of the Fund&#8217;s shares of $2 million or more for an individual shareholder or $10 million or more for a corporate
        shareholder, the shareholder generally must file with the IRS a disclosure statement on Form 8886 except to the extent such losses are from assets that have a qualifying basis and meet certain other requirements. Direct shareholders of portfolio
        securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a regulated investment company are not excepted. Future guidance may extend the current exception from this reporting requirement to
        shareholders of most or all regulated investment companies. In addition, pursuant to recently enacted legislation, significant penalties may be imposed for the failure to comply with the reporting requirements. The fact that a loss is reportable
        under these regulations does not affect the legal determination of whether the taxpayer&#8217;s treatment of the loss is proper. Shareholders should consult their tax advisers to determine the applicability of these regulations in light of their
        individual circumstances.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The foregoing discussion does not address the special tax rules applicable to certain classes of investors, such as tax-exempt entities, foreign investors, insurance companies and financial
        institutions. Shareholders should consult their own tax advisers with respect to special tax rules that may apply in their particular situations, as well as the state, local, and, where applicable, foreign tax consequences of investing in the Fund.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Fund will inform shareholders of the source and tax status of all distributions promptly after the close of each calendar year. The IRS currently requires that a RIC that has two or more classes
        of stock allocate to each such class proportionate amounts of each type of its income (such as ordinary income, capital gains, dividends qualifying for the dividends received deduction and qualified dividend income) based upon the percentage of
        total dividends paid out of earnings or profits to each class for the tax year. Accordingly, if the Fund issues preferred shares in the future, the Fund intends each year to allocate capital gain dividends, dividends qualifying for the dividends
        received deduction and dividends derived from qualified dividend income, if any, between its common shares and preferred shares in proportion to the total dividends paid out of earnings or profits to each class with respect to such tax year.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">Taxation of Non-U.S. Shareholders</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Dividends paid to a Non-U.S. Holder generally will be subject to U.S. withholding tax at a 30% rate or a reduced rate specified by an applicable income tax treaty. If a Non-U.S. Holder is eligible for
        a reduced rate of withholding tax under an applicable tax treaty, the Non-U.S. Holder will be required to provide an applicable IRS Form W-8 certifying its entitlement to benefits under the treaty in order to obtain a reduced rate of withholding
        tax.&#160; However, if the distributions are effectively connected with a U.S. trade or business of the Non-U.S. Holder (or, if an income tax treaty applies, attributable to a permanent establishment in the United States of the Non-U.S. Holder), then
        the distributions will be subject to U.S. federal income tax at the rates applicable to U.S. persons, plus, in certain cases where the Non-U.S. Holder is a corporation, a branch profits tax at a 30% rate (or lower rate provided in an applicable
        treaty). If the Non-U.S. Holder is subject to such U.S. income tax on a distribution, then the Fund is not required to withhold U.S. federal tax if the Non-U.S. Holder complies with applicable certification and disclosure requirements.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">22</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; color: #000000;">Special certification requirements apply to a Non-U.S. Holder that is a foreign partnership or a foreign trust, and such entities are urged to consult their own tax advisors.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Section 871(k) of the Code provides certain &#8220;look-through&#8221; treatment to Non-U.S. Holders, permitting interest-related dividends and short-term capital gains not to be subject to U.S. withholding tax.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Special U.S. federal income tax rules will apply to Non-U.S. Holders that hold shares in the Fund.</div>
      <div style="text-align: justify; color: #000000;">Non-U.S. Holders should consult their own tax advisors to determine the U.S. federal, state, local and other tax consequences that may be relevant to them.</div>
      <div><br>
      </div>
      <div style="color: #000000; font-weight: bold;">Net Investment Income Tax</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">A U.S. Holder that is an individual or estate, or a trust that does not fall into a special class of trusts that is exempt from such tax, will be subject to a 3.8% tax on the lesser of (1) the U.S.
        Holder&#8217;s &#8220;net investment income&#8221; for the relevant taxable year and (2) the excess of the U.S. Holder&#8217;s modified adjusted gross income for the taxable year over a certain threshold (which, in the case of individuals, will be between $125,000 and
        $250,000 depending on the individual&#8217;s circumstances).&#160; A U.S. Holder&#8217;s &#8220;net investment income&#8221; may generally include portfolio income (such as interest and dividends), and income and net gains from an activity that is subject to certain passive
        activity limitations, unless such income or net gains are derived in the ordinary course of the conduct of a trade or business (other than a trade or business that consists of certain passive or trading activities).&#160; If you are a U.S. Holder that
        is an individual, estate or trust, you should consult your tax advisors regarding the applicability of the net investment income tax to your ownership and disposition of shares of the Fund.</div>
      <div style="color: #000000;">&#160;</div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">Payments to Foreign Financial Institutions</div>
      <div style="color: #000000;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">Sections 1471 through 1474 of the Code (provisions which are commonly referred to as &#8220;FACTA&#8221;), and Treasury regulations promulgated thereunder, generally provide that a 30%
        withholding tax may be imposed on payments of U.S. source income, including U.S. source interest and dividends, to certain non-U.S. entities unless such entities enter into an agreement with the IRS to disclose the name, address and taxpayer
        identification number of certain U.S. persons that own, directly or indirectly, interests in such entities, as well as certain other information relating to such interests.&#160;While withholding under FATCA would have also applied to payments of gross
        proceeds from the sale or other disposition of Shares on or after January 1, 2019, recently proposed Treasury regulations eliminate FATCA withholding on payments of gross proceeds entirely. The preamble to these proposed regulations indicates that
        taxpayers may rely on them pending their finalization. Non-U.S. Holders are encouraged to consult with their own tax advisors regarding the possible implications and obligations of FATCA.</div>
      <div><br>
      </div>
      <div style="color: #000000; font-weight: bold;">STATE AND LOCAL TAXES</div>
      <div><br>
      </div>
      <div style="color: #000000;">Shareholders should consult their own tax advisers as to the state or local tax consequences of investing in the Fund.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">23</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; color: #000000;">THE FOREGOING SUMMARY OF U.S. FEDERAL INCOME TAX CONSIDERATIONS IS FOR GENERAL INFORMATION ONLY AND IS NOT TAX ADVICE.&#160; IT DOES NOT DISCUSS ALL ASPECTS OF U.S. FEDERAL INCOME TAXATION THAT MAY BE
        RELEVANT TO A STOCKHOLDER IN LIGHT OF ITS PARTICULAR CIRCUMSTANCES AND INCOME TAX SITUATION.&#160; PROSPECTIVE STOCKHOLDERS SHOULD CONSULT THEIR OWN TAX ADVISORS AS TO THE SPECIFIC TAX CONSEQUENCES THAT WOULD RESULT FROM THE PURCHASE, OWNERSHIP AND
        DISPOSITION OF THE SHARES, INCLUDING THE APPLICATION AND EFFECT OF FEDERAL, STATE, LOCAL, FOREIGN AND OTHER TAX LAWS (INCLUDING ESTATE AND GIFT TAX RULES) AND THE POSSIBLE EFFECTS OF CHANGES IN FEDERAL OR OTHER TAX LAWS.</div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">FINANCIAL STATEMENTS</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The financial statements included in the Fund&#8217;s Annual Report for the year ended August 31, 2020&#160; filed with the Securities and Exchange Commission on November 6, 2020 (File No. 811-05133), are herein
        incorporated by reference.</div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">OTHER INFORMATION</div>
      <div><br>
      </div>
      <div style="text-align: justify;">The Fund is a Massachusetts business trust under the laws of the Commonwealth of Massachusetts<font style="color: #000000;"> Pursuant to the Fund&#8217;s Amended and Restated Agreement and Declaration of Trust, the Fund
          will indemnify each of its Trustees and officers (including persons who serve at the Trust's request as directors, officers or trustees of another organization in which the Fund has any interest as a shareholder, creditor or otherwise).</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The Fund&#8217;s Prospectus and this SAI do not contain all of the information set forth in the Registration Statement that the Fund has filed with the SEC. The complete Registration Statement may be
        obtained as described on the cover page of this SAI.</div>
      <div style="text-align: justify; color: #000000;">&#160;</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Tait, Weller &amp; Baker LLP is the independent registered public accounting firm for the Fund and provides audit services, tax return preparation and assistance with respect to the preparation of
        filings with the SEC.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">24</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: center; color: #000000;">&#160; <font style="font-weight: bold;">PART C</font></div>
      <div>&#160;</div>
      <div>&#160; <br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">OTHER INFORMATION</div>
      <div>&#160; <br>
      </div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">Item 25. Financial Statements and Exhibits</div>
      <div>&#160;</div>
      <div>&#160; <br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zbd5c28ae419945d78b35d4df90cf2449">

          <tr>
            <td style="width: 8.65%; vertical-align: top;">
              <div style="color: #000000;">(1)</div>
            </td>
            <td style="width: 91.35%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">Financial Statements (included in Part B)</div>
            </td>
          </tr>

      </table>
      <div>&#160;&#160; <br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; margin-left: 90pt;">&#160; Portfolio Summary as of August 31, 2020</div>
      <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; margin-left: 90pt;">&#160; Schedule of Investments as of August 31, 2020</div>
      <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; margin-left: 90pt;">&#160; Statement of Assets and Liabilities as of August 31, 2020</div>
      <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; margin-left: 90pt;">&#160; Statement of Operations for the year ended August 31, 2020</div>
      <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; margin-left: 90pt;">&#160; Statement of Changes in Net Assets for the years ended August 31, 2020, 2019, 2018, 2017, 2016</div>
      <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; margin-left: 90pt;">&#160; Financial Highlights*</div>
      <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; margin-left: 90pt;">&#160; Notes to Financial Statements*</div>
      <div style="text-align: justify; margin-left: 90pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160; Report of Independent Registered Public Accounting Firm*</div>
      <div>&#160; <br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z1584c905a531400f87b8df3a5a3234b5">

          <tr>
            <td style="width: 4.35%; vertical-align: top;">
              <div style="color: #000000;">*</div>
            </td>
            <td style="width: 95.65%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">Incorporated by reference to the Fund&#8217;s Annual Report on Form N-CSR for the year ended August 31, 2020 filed on November 6, 2020 (File No. 811-05133).</div>
            </td>
          </tr>

      </table>
      <div><br>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

              <tr>
                <td style="width: 15.38%; vertical-align: top;">
                  <div style="color: #000000;">(2)</div>
                </td>
                <td style="width: 84.62%; vertical-align: top;">
                  <div style="text-align: justify; color: #000000;">Exhibits</div>
                </td>
              </tr>

          </table>
          <div>&#160; <br>
          </div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

              <tr>
                <td style="width: 15.38%; vertical-align: top;">
                  <div style="color: #000000;">(a)(i)</div>
                </td>
                <td style="width: 84.62%; vertical-align: top;">
                  <div style="text-align: justify; color: #000000;">Amended and Restated Agreement and Declaration of Trust, dated September 19, 2014</div>
                  <div style="text-align: justify; color: #000000;">&#160;(1)</div>
                </td>
              </tr>
              <tr>
                <td style="width: 15.38%; vertical-align: top;">
                  <div style="color: #000000;">(a)(ii)</div>
                </td>
                <td style="width: 84.62%; vertical-align: top;">
                  <div style="text-align: justify; color: #000000;"><a href="dot.htm">Amendment No. 1 to Amended and Restated Agreement and Declaration of Trust,
                      dated as of July 13, 2018 (3)</a></div>
                </td>
              </tr>
              <tr>
                <td style="width: 15.38%; vertical-align: top;">
                  <div style="color: #000000;">(b)</div>
                </td>
                <td style="width: 84.62%; vertical-align: top;">
                  <div style="text-align: justify; color: #000000;">Amended and Restated Bylaws, dated as of October 17, 2014 (1)</div>
                </td>
              </tr>
              <tr>
                <td style="width: 15.38%; vertical-align: top;">
                  <div style="color: #000000;">(c)</div>
                </td>
                <td style="width: 84.62%; vertical-align: top;">
                  <div style="text-align: justify; color: #000000;">Not applicable</div>
                </td>
              </tr>
              <tr>
                <td style="width: 15.38%; vertical-align: top;">
                  <div style="color: #000000;">(d)</div>
                </td>
                <td style="width: 84.62%; vertical-align: top;">
                  <div style="text-align: justify; color: #000000;"><a href="subscriptioncert.htm">Form of Non-Transferable Subscription Rights Certificate (3)</a></div>
                </td>
              </tr>
              <tr>
                <td style="width: 15.38%; vertical-align: top;">
                  <div style="color: #000000;">(e)</div>
                </td>
                <td style="width: 84.62%; vertical-align: top;">
                  <div style="text-align: justify; color: #000000;">Not applicable</div>
                </td>
              </tr>
              <tr>
                <td style="width: 15.38%; vertical-align: top;">
                  <div style="color: #000000;">(f)</div>
                </td>
                <td style="width: 84.62%; vertical-align: top;">
                  <div style="text-align: justify; color: #000000;">Not applicable</div>
                </td>
              </tr>
              <tr>
                <td style="width: 15.38%; vertical-align: top;">
                  <div style="color: #000000;">(g)</div>
                </td>
                <td style="width: 84.62%; vertical-align: top;">
                  <div style="text-align: justify; color: #000000;">Not applicable</div>
                </td>
              </tr>
              <tr>
                <td style="width: 15.38%; vertical-align: top;">
                  <div style="color: #000000;">(h)</div>
                </td>
                <td style="width: 84.62%; vertical-align: top;">
                  <div style="text-align: justify; color: #000000;">Not applicable</div>
                </td>
              </tr>
              <tr>
                <td style="width: 15.38%; vertical-align: top;">
                  <div style="color: #000000;">(i)</div>
                </td>
                <td style="width: 84.62%; vertical-align: top;">
                  <div style="text-align: justify; color: #000000;">Not applicable</div>
                </td>
              </tr>
              <tr>
                <td style="width: 15.38%; vertical-align: top;">
                  <div style="color: #000000;">(j)</div>
                </td>
                <td style="width: 84.62%; vertical-align: top;">
                  <div style="text-align: justify; color: #000000;"><a href="custodyagree.htm">Custody Agreement between the Fund and U.S. Bank, N.A. (3)</a></div>
                </td>
              </tr>
              <tr>
                <td style="width: 15.38%; vertical-align: top;">
                  <div style="color: #000000;">(k)(i)</div>
                </td>
                <td style="width: 84.62%; vertical-align: top;">
                  <div style="text-align: justify; color: #000000;"><a href="servagree.htm">Servicing Agreement Agreement between the Fund and U.S. Bancorp Fund
                      Services, LLC (3)</a></div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

              <tr>
                <td style="width: 15.38%; vertical-align: top;">
                  <div style="color: #000000;">(k)(ii)</div>
                </td>
                <td style="width: 84.62%; vertical-align: top;">
                  <div style="text-align: justify; color: #000000;"><a href="tranagree.htm">Transfer Agent Servicing Agreement between the Fund and U.S. Bancorp
                      Fund Services, LLC (3)</a></div>
                </td>
              </tr>
              <tr>
                <td style="width: 15.38%; vertical-align: top;">
                  <div style="color: #000000;">(l)</div>
                </td>
                <td style="width: 84.62%; vertical-align: top;">
                  <div style="text-align: justify; color: #000000;"><a href="legalconsent.htm">Opinion and Consent of Counsel (3)</a></div>
                </td>
              </tr>
              <tr>
                <td style="width: 15.38%; vertical-align: top;">
                  <div style="color: #000000;">(m)</div>
                </td>
                <td style="width: 84.62%; vertical-align: top;">
                  <div style="text-align: justify; color: #000000;">Not applicable</div>
                </td>
              </tr>
              <tr>
                <td style="width: 15.38%; vertical-align: top;">
                  <div style="color: #000000;">(n)</div>
                </td>
                <td style="width: 84.62%; vertical-align: top;">
                  <div style="text-align: justify; color: #000000;"><a href="auditorconsent.htm">Consent of Independent Auditor (3)</a></div>
                </td>
              </tr>
              <tr>
                <td style="width: 15.38%; vertical-align: top;">
                  <div style="color: #000000;">(o)</div>
                </td>
                <td style="width: 84.62%; vertical-align: top;">
                  <div style="text-align: justify; color: #000000;">Not applicable</div>
                </td>
              </tr>
              <tr>
                <td style="width: 15.38%; vertical-align: top;">
                  <div style="color: #000000;">(p)</div>
                </td>
                <td style="width: 84.62%; vertical-align: top;">
                  <div style="text-align: justify; color: #000000;">Not applicable</div>
                </td>
              </tr>
              <tr>
                <td style="width: 15.38%; vertical-align: top;">
                  <div style="color: #000000;">(q)</div>
                </td>
                <td style="width: 84.62%; vertical-align: top;">
                  <div style="text-align: justify; color: #000000;">Not applicable</div>
                </td>
              </tr>
              <tr>
                <td style="width: 15.38%; vertical-align: top;">
                  <div style="color: #000000;">(r)</div>
                </td>
                <td style="width: 84.62%; vertical-align: top;">
                  <div style="text-align: justify; color: #000000;">Code of Ethics of the Fund (2)</div>
                </td>
              </tr>

          </table>
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div><br>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

              <tr>
                <td style="width: 15.38%; vertical-align: top;">
                  <div style="color: #000000;">(s)</div>
                </td>
                <td style="width: 84.62%; vertical-align: top;">
                  <div style="text-align: justify; color: #000000;"><a href="agentagree.htm">Information Agent Agreement (3)</a></div>
                </td>
              </tr>
              <tr>
                <td style="width: 15.38%; vertical-align: top;">
                  <div style="color: #000000;">(t)</div>
                </td>
                <td style="width: 84.62%; vertical-align: top;">
                  <div style="text-align: justify; color: #000000;"><a href="subagree.htm">Subscription Agent Agreement (3)</a></div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

              <tr>
                <td style="width: 15.38%; vertical-align: top;">
                  <div style="color: #000000;">(1)</div>
                </td>
                <td style="width: 84.62%; vertical-align: top;">
                  <div style="text-align: justify; color: #000000;"><a href="http://www.sec.gov/Archives/edgar/data/810943/000086939214000150/0000869392-14-000150-index.htm">Incorporated by reference to the Fund&#8217;s Form NSAR-B filed on October 29, 2014,
                      Exhibit 99 (File No. 811-05133).</a></div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

              <tr>
                <td style="width: 15.38%; vertical-align: top;">
                  <div style="color: #000000;">(2)</div>
                </td>
                <td style="width: 84.62%; vertical-align: top;">
                  <div style="text-align: justify; color: #000000;"><a href="http://www.sec.gov/Archives/edgar/data/810943/000089853118000615/0000898531-18-000615-index.htm">Incorporated by reference to the Fund&#8217;s Form N-CSR filed on November 7, 2018,
                      Exhibit 99 (File No. 811-05133)</a></div>
                </td>
              </tr>

          </table>
          <div>&#160;</div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

              <tr>
                <td style="width: 15.38%; vertical-align: top;">
                  <div style="color: #000000;">(3)</div>
                </td>
                <td style="width: 84.62%; vertical-align: top;">
                  <div style="text-align: justify; color: #000000;">Filed herewith.</div>
                </td>
              </tr>

          </table>
          <div>&#160; <br>
          </div>
          <div style="color: #000000; font-weight: bold;">Item 26. Marketing Arrangements</div>
          <div>&#160;</div>
          <div style="text-indent: 36pt; color: #000000;">Not applicable.</div>
        </div>
      </div>
      <div>&#160;</div>
      <div style="color: #000000; font-weight: bold;">Item 27. Other Expenses of Issuance and Distribution</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; color: #000000;">The approximate expenses in connection with the offering are as follows:</div>
      <div>&#160;&#160; <br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z29bbf727318c48f2968ef8d3777809ad">

          <tr>
            <td style="width: 84.95%; vertical-align: bottom; background-color: #DCDCDC;">
              <div style="color: #000000;">Information Agent&#8217;s Fees and Expenses</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: #DCDCDC;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: bottom; background-color: #DCDCDC;">
              <div style="color: #000000;">$</div>
            </td>
            <td style="width: 11.96%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; color: #000000;">5,000</div>
            </td>
            <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: #DCDCDC;">
              <div style="color: #000000;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 84.95%; vertical-align: bottom;">
              <div style="color: #000000;">Subscription Agent&#8217;s Fees and Expenses</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 11.96%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">14,000</div>
            </td>
            <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 84.95%; vertical-align: bottom; background-color: #DCDCDC;">
              <div style="color: #000000;">Auditing Fees and Expenses</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: #DCDCDC;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: bottom; background-color: #DCDCDC;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 11.96%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; color: #000000;">-</div>
            </td>
            <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: #DCDCDC;">
              <div style="color: #000000;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 84.95%; vertical-align: bottom;">
              <div style="color: #000000;">Registration Fees</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 11.96%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">5,703</div>
            </td>
            <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 84.95%; vertical-align: bottom; background-color: #DCDCDC;">
              <div style="color: #000000;">Legal Fees and Expenses</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: #DCDCDC;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: bottom; background-color: #DCDCDC;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 11.96%; vertical-align: top; background-color: #DCDCDC;">
              <div style="text-align: right; color: #000000;">75,000</div>
            </td>
            <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: #DCDCDC;">
              <div style="color: #000000;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 84.95%; vertical-align: bottom;">
              <div style="color: #000000;">Printing, Typesetting, and Edgar Fees</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 11.96%; vertical-align: top;">
              <div style="text-align: right; color: #000000;">11,000</div>
            </td>
            <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 84.95%; vertical-align: bottom; background-color: #DCDCDC;">
              <div style="color: #000000;">Miscellaneous</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: #DCDCDC;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: bottom; background-color: #DCDCDC; border-bottom: #000000 2px solid;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 11.96%; vertical-align: top; background-color: #DCDCDC; border-bottom: #000000 2px solid;">
              <div style="text-align: right; color: #000000;">6,600</div>
            </td>
            <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: #DCDCDC;">
              <div style="color: #000000;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 84.95%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 1.18%; vertical-align: bottom; border-bottom: #000000 4px double;">
              <div style="color: #000000;">$</div>
            </td>
            <td style="width: 11.96%; vertical-align: top; border-bottom: #000000 4px double;">
              <div style="text-align: right; color: #000000;">117,303</div>
            </td>
            <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="color: #000000; font-weight: bold;">Item 28. Persons Controlled by or Under Common Control With Registrant</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; color: #000000;">None.</div>
      <div>&#160;</div>
      <div style="color: #000000; font-weight: bold;">Item 29. Number of Holders of Securities</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; color: #000000;">Set forth below is the number of record holders as of September 30, 2020, of each class of securities of the Registrant:</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zee5430528b4c41ad9d5e9cd0f725e194">

          <tr>
            <td style="width: 72.96%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="color: #000000; font-weight: bold;">Title of Class</div>
            </td>
            <td style="width: 27.04%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Number of</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Record Holders</div>
            </td>
          </tr>
          <tr>
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              <div style="text-align: center; color: #000000;">4,041</div>
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      <div>&#160;</div>
      <div>&#160;</div>
      <div style="color: #000000; font-weight: bold;">Item 30. Indemnification</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">Article VIII of the Registrant&#8217;s Amended and Restated Agreement and Declaration of Trust, as amended (incorporated by reference as an Exhibit 2(a) to this Registration Statement)
        provides for indemnification of trustees and officers of the Registrant (including persons who serve at the Registrant&#8217;s request as directors, officers or trustees of another organization in which the Registrant has any interest as a shareholder,
        creditor or otherwise).</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">Insofar as indemnification for liability arising under the Securities Act of 1933, as amended (the &#8220;Act&#8221;) may be permitted to directors, officers and controlling persons of the
        Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore,
        unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of
        any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling
        precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="color: #000000; font-weight: bold;">Item 31. Business and Other Connections of Investment Adviser</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; color: #000000;">Not applicable.</div>
      <div>&#160;</div>
      <div style="color: #000000; font-weight: bold;">Item 32. Location of Accounts and Records</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">All applicable accounts, books and documents required to be maintained by the Registrant by Section 31(a) of the 1940 Act and the rules promulgated thereunder are in the possession
        and custody of the Registrant&#8217;s administrator, U.S. Bancorp Fund Services, LLC doing business as U.S. Bank Global Fund Services, located at 615 East Michigan Street Milwaukee, WI 53202.</div>
      <div style="color: #000000; font-weight: bold;">Item 33. Management Services</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; color: #000000;">Not applicable.</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="color: #000000; font-weight: bold;">Item 34. Undertakings</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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            <td style="width: 7.69%; vertical-align: middle;">&#160;</td>
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            <td style="width: 84.62%; vertical-align: top;">
              <div style="color: #000000;">The Registrant undertakes to suspend the offering of its Rights until the prospectus is amended if (1) subsequent to the effective date of this registration statement, the net asset value declines more than ten
                percent from its net asset value as of the effective date of the registration statement or (2) the net asset value increases to an amount greater than its net proceeds as stated in the prospectus.</div>
            </td>
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      <div>&#160;</div>
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            <td style="width: 7.69%; vertical-align: middle;">&#160;</td>
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              <div style="color: #000000;">Not applicable.</div>
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      <div>&#160;</div>
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            <td style="width: 7.69%; vertical-align: middle;">&#160;</td>
            <td style="width: 7.69%; vertical-align: top;">
              <div style="color: #000000;">3.</div>
            </td>
            <td style="width: 84.62%; vertical-align: top;">
              <div style="color: #000000;">Not applicable.</div>
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      <div>&#160;</div>
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          <tr>
            <td style="width: 7.69%; vertical-align: middle;">&#160;</td>
            <td style="width: 7.69%; vertical-align: top;">
              <div style="color: #000000;">4.</div>
            </td>
            <td style="width: 84.62%; vertical-align: top;">
              <div style="color: #000000;">Not applicable.</div>
            </td>
          </tr>

      </table>
      <br>
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            <td style="width: 7.69%; vertical-align: middle;">&#160;</td>
            <td style="width: 7.69%; vertical-align: top;">
              <div style="color: #000000;">5.</div>
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            <td style="width: 84.62%; vertical-align: top;">
              <div style="color: #000000;">The Registrant undertakes that:</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
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          <tr>
            <td style="width: 15.38%; vertical-align: middle;">&#160;</td>
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              <div style="color: #000000;">(a)</div>
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            <td style="width: 76.92%; vertical-align: top;">
              <div style="color: #000000;">for the purpose of determining any liability under the Securities Act of 1933, as amended, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule
                430A and contained in the form of prospectus filed by the Registrant under Rule 497(h) under the 1933 Act shall be deemed to be part of this registration statement as of the time it was declared effective; and</div>
            </td>
          </tr>

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      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z243b4f1b56124622801575381fd843a5">

          <tr>
            <td style="width: 15.38%; vertical-align: middle;">&#160;</td>
            <td style="width: 7.69%; vertical-align: top;">
              <div style="color: #000000;">(b)</div>
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            <td style="width: 76.92%; vertical-align: top;">
              <div style="color: #000000;">for the purpose of determining any liability under the Securities Act of 1933, as amended, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement
                relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
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          <tr>
            <td style="width: 7.69%; vertical-align: middle;">&#160;</td>
            <td style="width: 7.69%; vertical-align: top;">
              <div style="color: #000000;">6.</div>
            </td>
            <td style="width: 84.62%; vertical-align: top;">
              <div style="color: #000000;">The Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery, within two business days of receipt of a written or oral request, its Statement of Additional
                Information.</div>
            </td>
          </tr>

      </table>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
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      <div style="text-align: center; color: #000000; font-weight: bold;">&#160;&#160; SIGNATURES</div>
      <div>&#160;</div>
      <div>&#160;&#160; <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this Registration Statement to be signed on its
        behalf by the undersigned, thereunto duly authorized in the city of New York, and the State of New York on the 23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> day of November, 2020.</div>
      <div>&#160;</div>
      <div>&#160; <br>
      </div>
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          <tr>
            <td style="width: 50%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td colspan="2" style="width: 40%; vertical-align: top;">
              <div style="color: #000000; font-weight: bold;">HIGH INCOME SECURITIES FUND</div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 35%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: #000000;">By:</div>
            </td>
            <td style="width: 35%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="color: #000000;">/s/ Andrew Dakos</div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 35%; vertical-align: top;">
              <div style="color: #000000;">President (Principal Executive Officer)</div>
            </td>
            <td style="width: 10%; vertical-align: top;">&#160;</td>
          </tr>

      </table>
      <div>&#160;</div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">&#160;Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.</div>
      <div>&#160;</div>
      <div>&#160; <br>
      </div>
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              <div style="text-align: center; color: #000000; font-weight: bold;">Signature</div>
            </td>
            <td style="width: 5%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 40%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Title</div>
            </td>
            <td style="width: 5%; vertical-align: bottom;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 20%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Date</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 40%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 20%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">/s/ Andrew Dakos</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 40%; vertical-align: top;">
              <div style="color: #000000;">President (Principal Executive Officer)</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 20%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">November 23, 2020</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">Andrew Dakos</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 30%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 40%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 30%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">/s/ Thomas Antonucci</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 40%; vertical-align: top;">
              <div style="color: #000000;">Treasurer (Principal Financial Officer)</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 20%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">November 23, 2020</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">Thomas Antonucci</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 30%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 30%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">/s/ Andrew Dakos</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 40%; vertical-align: top;">
              <div style="color: #000000;">Trustee</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 20%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">November 23, 2020</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">Andrew Dakos</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 30%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 30%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">/s/ Phillip Goldstein</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 40%; vertical-align: top;">
              <div style="color: #000000;">Trustee</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 20%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">November 23, 2020</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">Phillip Goldstein</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 30%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 30%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">/s/ Rajeev Das</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 40%; vertical-align: top;">
              <div style="color: #000000;">Trustee</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 20%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">November 23, 2020</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">Rajeev Das</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 30%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 30%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">/s/ Gerald Hellerman</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 40%; vertical-align: top;">
              <div style="color: #000000;">Trustee</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 20%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">November 23, 2020</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30%; vertical-align: top;">
              <div style="text-align: center; color: #000000;">Gerald Hellerman</div>
            </td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 30%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
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          <tr>
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          <tr>
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            <td style="width: 5%; vertical-align: top;">
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          <tr>
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          <tr>
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            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 30%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
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            </td>
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            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 30%; vertical-align: top; border-bottom: #000000 2px solid;">
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          </tr>
          <tr>
            <td style="width: 30%; vertical-align: top;">
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            <td style="width: 40%; vertical-align: top;">&#160;</td>
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<DOCUMENT>
<TYPE>EX-99.(A)(II)
<SEQUENCE>2
<FILENAME>dot.htm
<DESCRIPTION>AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: usbancorp
         Document created using EDGARfilings PROfile 7.1.0.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div>
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    <div style="text-align: center; margin-right: 92.85pt; margin-left: 42.05pt; font-weight: bold;">PUTNAM IDGH
        INCOME SECURITIES FUND</div>
    <div>&#160;</div>
    <div><br>
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    <div style="text-align: center; margin-right: 92.35pt; margin-left: 42.05pt; font-weight: bold;">AMENDMENT NO. 1</div>
    <div>&#160;</div>
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    <div style="text-align: center; margin-right: 92.7pt; margin-left: 42.05pt; font-size: 14pt; font-weight: bold;">TO</div>
    <div>&#160;</div>
    <div style="text-align: center; margin-right: 93.3pt; margin-left: 42.05pt; font-weight: bold;">AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST</div>
    <div>&#160;</div>
    <div><br>
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    <div>&#160;</div>
    <div style="text-align: center; margin-right: 92.45pt; margin-left: 42.05pt; font-weight: bold;">Dated us of July 13, 2018</div>
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    <div style="text-indent: 33.7pt; margin-right: 73.95pt; margin-left: 34pt;">The undersigned, a
      duly elected and qualified Trustee of Putnam High Income Securities Fund (the "Trust''), a Massachusetts business trust organized and existing under the laws of the Commonwealth of Massachusetts pursuant to an Agreement and Declaration of Trust dated
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    <div>&#160;</div>
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    <div>&#160;</div>
    <div style="text-align: justify; text-indent: -0.45pt; margin-right: 89.65pt; margin-left: 34.1pt;">"Article I,
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    <div>&#160;</div>
    <div><br>
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    <div>&#160;</div>
    <div><br>
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    <div>&#160;</div>
    <div style="margin-left: 67.75pt;">The amendment herein provided for has been authorized and approved by a majority of the</div>
    <div>&#160;</div>
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    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>&#160;</div>
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    <div style="text-indent: 34.9pt; margin-right: 83.15pt; margin-left: 30.35pt;"><font style="font-weight: bold;">IN WITNESS WHEREOF, </font>this Amendment No. 1 to Amended and Restated Agreement and Declaration of Trust of the Trust has been executed by the undersigned&#160;
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    <div><br>
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    <div><br>
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    <br>
    <div><br>
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    <div>&#160;</div>
    <div style="text-align: center; margin-left: 81pt; font-family: 'Times New Roman',Times,serif; font-size: 14pt;">THE COMMONWEALTH OF MASSACHUSETTS</div>
    <div><br>
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    <div><br>
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    <div style="text-align: center; margin-right: 4.65pt; margin-left: 14.6pt;">I hereby certify that, upon examination of this document, duly submitted to me, it appears that the provisions of
      the General Laws relative to corporations have been complied with, and I hereby approve said articles; and the filing fee having been paid, said articles are deemed to have been filed with me on:</div>
    <div>&#160;</div>
    <div style="text-align: center; margin-right: 2.6pt; margin-left: 14.6pt;">July 13, 2018 04:08 PM</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;"><img width="331" height="88" src="image1.jpg"></div>
    <div>&#160;</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>&#160;</div>
    <div><br>
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    <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">WILLIAM FRANCIS GALVIN</div>
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    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-style: italic;">Secretary of the Commonwealth</div>
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    </div>
  </div>
  <div>
    <div>
      <hr align="center" style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(D)
<SEQUENCE>3
<FILENAME>subscriptioncert.htm
<DESCRIPTION>FORM OF NON-TRANSFERABLE SUBSCRIPTION RIGHTS CERTIFICATE
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: usbancorp
         Document created using EDGARfilings PROfile 7.1.0.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <hr align="center" style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;">
    <div>
      <div><br>
      </div>
      <div id="EFPFTCL" style="float: left; width: 48%;">
        <div><font style="font-weight: bold;">RIGHTS CERTIFICATE #:&#160; </font></div>
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      <div id="EFPFTCR" style="float: right; width: 48%;">
        <div style="text-align: right;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">NUMBER OF RIGHTS</font><font style="font-family: 'Times New Roman',serif; font-size: 1pt;">&#160;</font> <br>
        </div>
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      <div style="text-align: justify; text-indent: 504pt; color: #000000;"><font style="font-weight: bold;">&#160; </font>&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
        &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; <br>
      </div>
      <div style="text-align: center; color: #000000;">THE TERMS AND CONDITIONS OF THE RIGHTS OFFERING ARE SET FORTH IN THE COMPANY'S PROSPECTUS</div>
      <div style="text-align: center; color: #000000;">DATED [________], 2020&#160; (THE "PROSPECTUS") AND ARE INCORPORATED HEREIN BY REFERENCE.&#160;&#160; COPIES OF</div>
      <div style="text-align: center; color: #000000;">THE PROSPECTUS ARE AVAILABLE UPON REQUEST FROM INVESTORCOM, THE INFORMATION AGENT.</div>
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      </div>
      <div style="text-align: center; color: #000000; font-size: 18pt; font-weight: bold;">&#160;High Income Securities Fund</div>
      <div>&#160;</div>
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      <div>&#160;</div>
      <div style="text-align: center; color: #000000; font-size: 14pt;">NON - TRANSFERABLE SUBSCRIPTION RIGHTS CERTIFICATE</div>
      <div>&#160;</div>
      <div style="text-align: center; color: #000000;">Evidencing Non - Transferable Subscription Rights to Purchase Shares of Beneficial Interest of High Income Securities Fund</div>
      <div>&#160;</div>
      <div style="text-align: center;"><font style="color: #000000;">Estimated Subscription Price:</font><font style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</font><font style="color: #000000;"> $[___] per Share</font></div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">THE SUBSCRIPTION RIGHTS WILL EXPIRE IF NOT EXERCISED ON OR BEFORE 5:00 P.M., NEW YORK CITY TIME,</div>
      <div>&#160;</div>
      <div style="text-align: center; text-indent: 93.55pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ON [________], 2020, UNLESS EXTENDED BY THE COMPANY</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
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      <div id="EFPFTCL" style="float: left; width: 48%;">
        <div>
          <div style="color: #000000;">&#160;REGISTERED</div>
          <div style="color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; OWNER:</div>
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        <div>&#160;</div>
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      <br>
      <div>&#160;</div>
      <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">THIS CERTIFIES THAT the registered owner whose name is inscribed hereon is the owner of the <font style="color: rgb(0, 0, 0);">number of non-transferable subscription
          rights (&#8220;Rights&#8221;) set forth above. Each Right entitles the holder thereof to subscribe for and purchase one share of Beneficial Interest, without par value, of High Income Securities Fund, a Massachusetts business trust, at an estimated
          subscription price of $[__] per share (the &#8220;Basic Subscription Privilege&#8221;), pursuant to a rights offering (the &#8220;Rights Offering&#8221;), on the terms and subject to the conditions set forth in the Prospectus and the "Instructions as to Use of High
          Income Securities Fund Subscription Rights Certificates" accompanying this Subscription Rights Certificate. If any shares of Beneficial Interest available for purchase in the Rights Offering are not purchased by other holders of Rights</font>&#160;<font style="color: rgb(0, 0, 0);">pursuant to the exercise of their Basic Subscription Privilege (the &#8220;Excess Shares&#8221;), any Rights holder that</font> exercises its Basic Subscription Privilege in full may subscribe for a number of Excess Shares
        pursuant to the terms and conditions of the Rights Offering, as described in the Prospectus (the "Additional Subscription Privilege"). In addition, the Fund may issue additional shares up to 100% of the shares available in the Rights Offering to
        honor Additional Subscription Privilege requests. The Rights represented by this Subscription Rights Certificate may be exercised by completing Form 1 and any other appropriate forms on the reverse side hereof and by retuning the full payment of
        the subscription price for each share of Beneficial Interest. For Instructions on the use of High Income Securities Fund Subscription Rights Certificates, consult with InvestorCom, the Information Agent, at (877) 972-0090.</div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; color: #000000;">This Subscription Rights Certificate is not valid unless countersigned by the subscription agent and registered by the registrar. Witness the seal of High Income Securities Fund and the signatures of
        its duly authorized officers.</div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="color: #000000;">Dated:&#160; [_____________], 2020</div>
      <div>&#160;</div>
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                <div>&#160;<font style="color: #000000;"><u>/s/ Andrew Dakos</u></font><font style="font-family: 'Times New Roman', serif; font-size: 1pt; color: #000000;"><br>
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                <div><u>&#160;/s/ </u><font style="color: #000000;"><u>Phillip Goldstein</u></font><font style="font-family: 'Times New Roman', serif; font-size: 1pt; color: #000000;"> <br>
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            <tr>
              <td rowspan="1" style="width: 50.00%;">President&#160; </td>
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      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <br>
      <div style="text-align: center; color: #000000;">DELIVERY OPTIONS FOR SUBSCRIPTION RIGHTS CERTIFICATE</div>
      <div>&#160;</div>
      <div style="text-align: center; text-indent: 12pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;"><font style="font-family: 'Times New Roman',serif; font-size: 1pt;">&#160;</font>Delivery other than in the manner or to the addresses
        listed below will not constitute valid delivery.</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z1f0252eb20064fbda873de24297badce">

          <tr>
            <td style="width: 49.82%; vertical-align: top;">
              <div style="text-align: center; color: #000000;"><u>If delivering by first class mail:</u></div>
              <div style="text-align: center; color: #000000;">Broadridge, Inc.</div>
              <div style="text-align: center; color: #000000;">51 Mercedes Way</div>
              <div style="text-align: center; color: #000000;">Edgewood, NY 11717</div>
            </td>
            <td style="width: 50.18%; vertical-align: top;">
              <div style="text-align: center; color: #000000;"><u>If delivering by mail or overnight courier:</u></div>
              <div style="text-align: center; color: #000000;">Broadridge, Inc.</div>
              <div style="text-align: center; color: #000000;">51 Mercedes Way</div>
              <div style="text-align: center; color: #000000;">Edgewood, NY 11717</div>
            </td>
          </tr>

      </table>
      <div style="text-indent: 46.05pt; color: #000000;">&#160;&#160;&#160;&#160;&#160;</div>
      <div style="text-align: center; text-indent: 46.05pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">PLEASE PRINT ALL INFORMATION CLEARLY AND LEGIBLY.</font></div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="color: #000000; font-weight: bold;">FORM 1-EXERCISE OF SUBSCRIPTION RIGHTS</div>
      <div>&#160;</div>
      <div style="text-align: justify; color: #000000;">To subscribe for shares pursuant to your Basic Subscription Right, please complete lines (a) and (c) and sign under Form 3 below.&#160; To subscribe for shares pursuant to your Additional Subscription
        Right, please also complete line (b) and sign under Form 3 below.&#160; To the extent you subscribe for more Shares than you are entitled under either the Basic Subscription Right or the Additional Subscription Right, you will be deemed to have elected
        to purchase the maximum number of shares for which you are entitled to subscribe under the Basic Subscription Right or Additional Subscription Right, as applicable.</div>
      <div>&#160;</div>
      <div style="color: #000000;">(a) EXERCISE OF BASIC SUBSCRIPTION RIGHT:</div>
      <br>
      <div style="color: #000000;">
        <table cellspacing="0" cellpadding="0" border="0" id="zaf4bce7ccfb1473f9c6b9121316a3c09" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

            <tr>
              <td style="width: 33.33%;"><br>
              </td>
              <td style="width: 33.33%;"><br>
              </td>
              <td style="width: 33.33%;"><br>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 33.33%;"><br>
              </td>
              <td rowspan="1" style="width: 33.33%; text-align: left; vertical-align: top;"><br>
              </td>
              <td rowspan="1" style="width: 33.33%; text-align: left; vertical-align: top;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"></font><br>
              </td>
            </tr>

        </table>
      </div>
      <br>
      <div style="color: #000000;">(b) EXERCISE OF ADDITIONAL SUBSCRIPTION RIGHT</div>
      <div>&#160;</div>
      <div style="text-align: justify; color: #000000;">If you have exercised your Basic Subscription Right in full and wish to subscribe for additional shares of Beneficial pursuant to your Additional Subscription Right:</div>
      <div style="text-align: justify; color: #000000;">
        <div style="text-align: left; color: #000000;"> <br>
        </div>
        <div style="text-align: left; color: #000000;">
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

              <tr>
                <td style="width: 33.33%;">
                  <div>I apply for ______________</div>
                </td>
                <td style="width: 33.33%;">
                  <div>&#160;shares x&#160; &#160; &#160; &#160; $[___]<font style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</font></div>
                </td>
                <td style="width: 33.33%;">
                  <div>&#160;= $_______________</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 33.33%;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; <font style="color: #000000;">(no. of new shares)</font><font style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</font></td>
                <td rowspan="1" style="width: 33.33%; text-align: left; vertical-align: top;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(estimated</font><font style="font-family: 'Times New Roman',serif; font-size: 1pt; color: rgb(0, 0, 0);">&#160; </font>subscription price)</td>
                <td rowspan="1" style="width: 33.33%; text-align: left; vertical-align: top;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">&#160;(amount enclosed) </font></td>
              </tr>

          </table>
        </div>
      </div>
      <div>&#160;</div>
      &#160;
      <div style="text-align: justify; color: #000000;">(c) Total Amount of Payment Enclosed&#160;&#160; =&#160;&#160; $__________________</div>
      <div>&#160;</div>
      <div style="text-align: justify; color: #000000;">METHOD OF PAYMENT (CHECK ONE)</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7a6ad2c200184078a1a5aaff67609205">

          <tr>
            <td style="width: 3%; vertical-align: top;">
              <div style="color: #000000;">&#9723;</div>
            </td>
            <td style="width: 97%; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">Check or bank draft payable to &#8220;High Income Securities Fund.&#8221;</div>
            </td>
          </tr>

      </table>
      <div>&#160; <br>
      </div>
      <div style="text-align: justify; color: #000000;">IMPORTANT: In the event that the Estimated Subscription Price is more than the Subscription Price on the Expiration Date, any resulting excess amount paid by you towards the purchase of Shares in this
        Rights Offering will be applied by the Fund towards the purchase of additional Shares under the Basic Subscription Privilege or, if you have exercised all of the Rights initially issued to you under the Basic Subscription Privilege, towards the
        purchase of an additional number of Shares pursuant to the Additional Subscription Privilege. If you desire that such excess not be treated by the Fund as a request to acquire additional Shares in the Rights Offering, and that such excess be
        refunded to you, you must place an "X" in the box at the end of this sentence: [&#160;&#160; ]</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="color: #000000; font-weight: bold;">FORM 2-DELIVERY TO DIFFERENT ADDRESS</div>
      <div>&#160;</div>
      <div style="text-align: justify; color: #000000;">If you wish for the Beneficial Interests underlying your subscription rights, a<br>
        certificate representing unexercised subscription rights or the proceeds of any sale of subscription rights to be delivered to an address different from that shown on the face of this Subscription Rights Certificate, please enter the alternate
        address below, sign under Form 3 and have your signature guaranteed under Form 4.</div>
      <div>&#160;</div>
      <div style="text-align: justify; color: #000000;">________________________________________________________________</div>
      <div>&#160;</div>
      <div style="text-align: justify; color: #000000;">________________________________________________________________</div>
      <div>&#160;</div>
      <div style="text-align: justify; color: #000000;">________________________________________________________________</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="color: #000000; font-weight: bold;">FORM 3-SIGNATURE</div>
      <div>&#160;</div>
      <div style="text-align: justify; color: #000000;">TO SUBSCRIBE: I acknowledge that I have received the Prospectus for this Rights Offering and I hereby irrevocably subscribe for the number of shares indicated above on the terms and conditions
        specified in the Prospectus.</div>
      <div>&#160; <br>
      </div>
      <div style="color: #000000;">Signature(s): ______________________________________________________</div>
      <div>&#160;</div>
      <div style="text-align: justify; color: #000000;">IMPORTANT: The signature(s) must correspond with the name(s) as printed on the reverse of this Subscription Rights Certificate in every particular, without alteration or enlargement, or any other
        change whatsoever.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="color: #000000; font-weight: bold;">FORM 4-SIGNATURE GUARANTEE</div>
      <div>&#160;</div>
      <div style="color: #000000;">This form must be completed if you have completed any portion of Forms 2 or 3.</div>
      <div>&#160;</div>
      <div style="color: #000000;">Signature Guaranteed: _______________________________________________</div>
      <div>&#160;</div>
      <div style="color: #000000;">(Name of Bank or Firm)</div>
      <div>&#160;</div>
      <div style="color: #000000;">By:_______________________________________________________________</div>
      <div>&#160;</div>
      <div style="color: #000000;">(Signature of Officer)</div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; color: #000000;">IMPORTANT:&#160; The signature(s) should be guaranteed by an eligible guarantor institution (bank, stock broker, savings &amp; loan association or credit union) with membership in an approved signature
        guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="color: #000000;">FOR INSTRUCTIONS ON THE USE OF HIGH INCOME SECURITIES FUND SUBSCRIPTION RIGHTS CERTIFICATES, CONSULT INVESTORCOM, THE INFORMATION AGENT, AT (877) 972-0090.</div>
    </div>
    <br>
    <div>
      <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"> </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(J)
<SEQUENCE>4
<FILENAME>custodyagree.htm
<DESCRIPTION>CUSTODY AGREEMENT
<TEXT>
<html>
  <head>
    <title></title>
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    <div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">CUSTODY AGREEMENT</div>
      <div>&#160;</div>
      <div>THIS AGREEMENT is made and entered into as of the last day written below, by and between <font style="font-weight: bold;">HIGH INCOME SECURITIES FUND, </font>a Massachusetts business trust, (the &#8220;Fund&#8221;), and <font style="font-weight: bold;">U.S.
          BANK NATIONAL ASSOCIATION</font>, a national banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota (the &#8220;Custodian&#8221;).</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">WHEREAS, the <font style="color: #000000;">Fund</font> is registered under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;), as <font style="color: #000000;">a closed</font>-end <font style="color: #000000;">non-diversified </font>management investment company and <font style="color: #000000;">shares of the Fund are registered under the Securities Act of 1933, as amended (the &#8220;1933 Act&#8221; and together with the 1940 Act, the &#8220;Acts&#8221;);</font>
        and <font style="color: #000000;">WHEREAS, the Custodian is a bank having the qualifications prescribed in Section 26(a)(1) of the 1940 Act; and</font></div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;"><font style="color: #000000;">WHEREAS, the Board of Trustees (as defined below) has delegated to the Custodian the responsibilities set forth in Rule </font>17f-5(c) under the 1940 Act and the Custodian is willing to
        undertake the responsibilities and serve as the foreign custody manager for the Fund.</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">WHEREAS, the Fund desires to retain the Custodian to act as custodian of its cash and securities; and</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be
        legally bound, do hereby agree as follows:</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">ARTICLE I</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">CERTAIN DEFINITIONS</div>
      <div>&#160;</div>
      <div>Whenever used in this Agreement, the following words and phrases shall have the meanings set forth below unless the context otherwise requires:</div>
      <div>&#160;</div>
      <div>1.01<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>&#8220;Authorized Person&#8221;</u> means any Officer or person (including an investment advisor or other agent) who has been designated
        by written notice as such from the Fund or the Fund&#8217;s investment advisor or other agent and is named in <u>Exhibit A</u> attached hereto.&#160; Such officer or person shall continue to be an Authorized Person until such time as the Custodian receives
        Written Instructions from the Fund or the Fund&#8217;s investment advisor or other agent that any such person is no longer an Authorized Person.</div>
      <div>&#160;</div>
      <div>1.02<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>&#8220;Board of Trustees&#8221;</u> shall mean the Trustees from time to time serving under the Fund&#8217;s Articles of Incorporation and
        Bylaws, as amended from time to time.</div>
      <div>&#160;</div>
      <div>1.03<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>&#8220;Book-Entry System&#8221;</u> shall mean a federal book-entry system as provided in Subpart O of Treasury Circular No. 300, 31 CFR
        306, in Subpart B of 31 CFR Part 350, or in such book-entry regulations of federal agencies as are substantially in the form of such Subpart O.</div>
      <div>&#160;</div>
      <div>1.04<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>&#8220;Business Day&#8221;</u> shall mean any day recognized as a settlement day by The New York Stock Exchange, Inc., and any other day
        for which the Fund computes the net asset value of Shares of the Fund.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">1</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>&#160;1.05<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>&#8220;Eligible Foreign Custodian&#8221;</u> has the meaning set forth in Rule 17f-5(a)(1), including a majority-owned or indirect
        subsidiary of a U.S. Bank (as defined in Rule 17f-5), a bank holding company meeting the requirements of an Eligible Foreign Custodian (as set forth in Rule 17f-5 or by other appropriate action of the SEC), or a foreign branch of a Bank (as defined
        in Section 2(a)(5) of the 1940 Act) meeting the requirements of a custodian under Section 17(f) of the 1940 Act; the term does not include any Eligible Securities Depository.</div>
      <div>&#160;</div>
      <div>1.06<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>&#8220;Eligible Securities Depository&#8221;</u> shall mean a system for the central handling of securities as that term is defined in
        Rule 17f-4 and 17f-7 under the 1940 Act.</div>
      <div>&#160;</div>
      <div>1.07<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>&#8220;Foreign Securities&#8221;</u> means any of the Fund&#8217;s investments (including foreign currencies) for which the primary market is
        outside the United States and such cash and cash equivalents as are reasonably necessary to effect the Fund&#8217;s transactions in such investments.</div>
      <div>&#160;</div>
      <div>1.08<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>&#8220;Fund Custody Account&#8221;</u> shall mean any of the accounts in the name of the Fund, which is provided for in Section 3.2
        below.</div>
      <div>&#160;</div>
      <div>1.09<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>&#8220;IRS&#8221;</u> shall mean the Internal Revenue Service.</div>
      <div>&#160;</div>
      <div>1.10<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>&#8220;FINRA&#8221;</u> shall mean the Financial Industry Regulatory Authority, Inc. .</div>
      <div>&#160;</div>
      <div>1.11<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>&#8220;Officer&#8221;</u> shall mean the Chairman, President, any Vice President, any Assistant Vice President, the Secretary, any
        Assistant Secretary, the Treasurer, or any Assistant Treasurer of the Fund.</div>
      <div>&#160;</div>
      <div>1.12<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>&#8220;Proper Instructions&#8221;</u> shall mean Written Instructions.</div>
      <div>&#160;</div>
      <div>1.13<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>&#8220;SEC&#8221;</u> shall mean the U.S. Securities and Exchange Commission.</div>
      <div>&#160;</div>
      <div>1.14<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>&#8220;Securities&#8221;</u> shall include, without limitation, common and preferred stocks, bonds, call options, put options,
        debentures, notes, bank certificates of deposit, bankers' acceptances, mortgage-backed securities or other obligations, and any certificates, receipts, warrants or other instruments or documents representing rights to receive, purchase or subscribe
        for the same, or evidencing or representing any other rights or interests therein, or any similar property or assets that the Custodian or its agents have the facilities to clear and service.</div>
      <div>&#160;</div>
      <div>1.15<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>&#8220;Securities Depository&#8221;</u> shall mean The Depository Trust Company and any other clearing agency registered with the SEC
        under Section 17A of the Securities Exchange Act of 1934, as amended (the &#8220;1934 Act&#8221;), which acts as a system for the central handling of Securities where all Securities of any particular class or series of an issuer deposited within the system are
        treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of the Securities.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>&#160;1.16<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>&#8220;Shares&#8221;</u> shall mean, with respect to a Fund, the shares of common stock issued by the Fund on account of the Fund.</div>
      <div>&#160;</div>
      <div>1.17<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>&#8220;Sub-Custodian&#8221;</u> shall mean and include (i) any branch of a &#8220;U.S. bank,&#8221; as that term is defined in Rule 17f-5 under the
        1940 Act, and (ii) any &#8220;Eligible Foreign Custodian&#8221;, as that term is defined in Rule 17f-5 under the 1940 Act, having a contract with the Custodian which the Custodian has determined will provide reasonable care of assets of the Fund based on the
        standards specified in Section 3.3 below.&#160; Such contract shall be in writing and shall include provisions that provide: (i) for indemnification or insurance arrangements (or any combination of the foregoing) such that the Fund will be adequately
        protected against the risk of loss of assets held in accordance with such contract; (ii) that the Foreign Securities will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the Sub-Custodian or its
        creditors except a claim of payment for their safe custody or administration, in the case of cash deposits, liens or rights in favor of creditors of the Sub-Custodian arising under bankruptcy, insolvency, or similar laws; (iii) that beneficial
        ownership for the Foreign Securities will be freely transferable without the payment of money or value other than for safe custody or administration; (iv) that adequate records will be maintained identifying the assets as belonging to the Fund or
        as being held by a third party for the benefit of the Fund; (v) that the Fund&#8217;s independent public accountants will be given access to those records or confirmation of the contents of those records; and (vi) that the Fund will receive periodic
        reports with respect to the safekeeping of the Fund&#8217;s assets, including, but not limited to, notification of any transfer to or from a Fund's account or a third party account containing assets held for the benefit of the Fund.&#160; Such contract may
        contain, in lieu of any or all of the provisions specified in (i)&#8209;(vi) above, such other provisions that the Custodian determines will provide, in their entirety, the same or a greater level of care and protection for Fund assets as the specified
        provisions.</div>
      <div>&#160;</div>
      <div>1.18<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>&#8220;Written Instructions&#8221;</u> shall mean (i) written communications received by the Custodian and signed by an Authorized Person
        (ii) communications by facsimile or e-mail or any other such system from one or more persons reasonably believed by the Custodian to be an Authorized Person, or (iii) communications between electronic devices.</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">ARTICLE II.</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">APPOINTMENT OF CUSTODIAN</div>
      <div>&#160;</div>
      <div>2.01<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Appointment</u>.&#160; The Fund hereby appoints the Custodian as custodian of all Securities and cash owned by or in the
        possession of the Fund at any time during the period of this Agreement, on the terms and conditions set forth in this Agreement, and the Custodian hereby accepts such appointment and agrees to perform the services and duties set forth in this
        Agreement.&#160; The Fund hereby delegates to the Custodian, subject to Rule 17f-5(b), the responsibilities with respect to the Fund&#8217;s Foreign Securities, and the Custodian hereby accepts such delegation as foreign custody manager with respect to the
        Fund.&#160; The services and duties of the Custodian shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against the Custodian hereunder.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>&#160;2.02<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Documents to be Furnished</u>.&#160; The following documents, including any amendments thereto, will be provided
        contemporaneously with the execution of the Agreement to the Custodian by the Fund:</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8a0da4a3d99c49738995e28034751cbd">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(a)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>A copy of the Fund&#8217;s Articles of Incorporation, certified by the Secretary;</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z76d9c0c3ac474f80a6eeb7178d7681a0">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(b)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>A copy of the Fund&#8217;s Bylaws, certified by the Secretary or other Authorized Person;</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8ba99edd1c0640d4862dc9f2c63dbc98">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(c)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>A copy of the resolution of the Board of&#160; Trustees of the Fund appointing the Custodian, certified by the Secretary or other Authorized Person;</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb15126517d804c729f8f936d11cee1a4">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(d)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>A copy of the current prospectus of the Fund (the &#8220;Prospectus&#8221;);</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc1930f449ea144d8af486dc083d04899">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(e)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>A certification of the Chairman or the President and the Secretary or other Authorized Person of the Fund setting forth the names and signatures of the current Officers of the Fund and other Authorized Persons; and</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7dc41c365845455bbe37bb9cc671f0ba">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(f)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>An executed authorization required by the Shareholder Communications Act of 1985, attached hereto as <u>Exhibit C</u>.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>2.03<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
      <div><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab"></font><u>Notice of Appointment of Transfer Agent</u>.&#160; The Fund agrees to notify the Custodian in writing of the appointment, termination
        or change in appointment of any transfer agent of the Fund, except if the Fund appoints an affiliate of the Custodian to serve as transfer agent of the Fund, the Custodian hereby waives the Fund&#8217;s obligation to provide such written notice.</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">ARTICLE III.</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">CUSTODY OF CASH AND SECURITIES</div>
      <div>&#160;</div>
      <div>3.01<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Segregation</u>.&#160; All Securities and non-cash property held by the Custodian for the account of the Fund (other than
        Securities maintained in a Securities Depository, Eligible Securities Depository or Book-Entry System) shall be physically segregated from other Securities and non-cash property in the possession of the Custodian (including the Securities and
        non-cash property of the other series of the Fund, if applicable) and shall be identified as subject to this Agreement.</div>
      <div>&#160;</div>
      <div>3.02<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Fund Custody Accounts</u>.&#160; The Custodian shall open and maintain in its trust department a custody account in the name of
        the Fund, subject only to draft or order of the Custodian, in which the Custodian shall enter and carry all Securities, cash and other assets of the Fund which are delivered to it.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>3.03<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Appointment of Agents</u>.</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0ed342b5a73a423db42bbff5b64309bf">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(a)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>In its discretion, the Custodian may appoint one or more Sub-Custodians to establish and maintain arrangements with (i) Eligible Securities Depositories or (ii) Eligible Foreign Custodians that are members of the Sub-Custodian&#8217;s
                  network to hold Securities and cash of the Fund and to carry out such other provisions of this Agreement as it may determine; provided, however, that the appointment of any such agents and maintenance of any Securities and cash of the
                  Fund shall be at the Custodian's expense and shall not relieve the Custodian of any of its obligations or liabilities under this Agreement.&#160; The Custodian shall be liable for the actions of any Sub-Custodians (regardless of whether assets
                  are maintained in the custody of a Sub-Custodian, a member of its network or an Eligible Securities Depository) appointed by it as if such actions had been done by the Custodian.<br>
                  <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z98be783a6c4a452e853bf7ae0ab01ed3">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(b)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>If, after the initial appointment of Sub-Custodians by the Board of Trustees in connection with this Agreement, the Custodian wishes to appoint other Sub-Custodians to hold property of the Fund, it will so notify the Fund and make the
                  necessary determinations as to any such new Sub-Custodian's eligibility under Rule 17f-5 under the 1940 Act.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4123bb7631bf4f64a3b14e33699a4426">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(c)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>In performing its delegated responsibilities as foreign custody manager to place or maintain the Fund&#8217;s assets with a Sub-Custodian, the Custodian will determine that the Fund&#8217;s assets will be subject to reasonable care, based on the
                  standards applicable to custodians in the country in which the Fund&#8217;s assets will be held by that Sub-Custodian, after considering all factors relevant to safekeeping of such assets, including, without limitation the factors specified in
                  Rule 17f-5(c)(1).</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z169c061d99d649b9a83d02e252398f30">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(d)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>The agreement between the Custodian and each Sub-Custodian acting hereunder shall contain the required provisions set forth in Rule 17f-5(c)(2) under the 1940 Act.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z50dbe970e640487c895971ca69324771">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(e)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>At the end of each calendar quarter, the Custodian shall provide written reports notifying the Board of Trustees of the withdrawal or placement of the Securities and cash of the Fund with a Sub-Custodian and of any material changes in
                  the Fund&#8217;s arrangements.&#160; Such reports shall include an analysis of the custody risks associated with maintaining assets with any Eligible Securities Depositories.&#160; The Custodian shall promptly take such steps as may be required to
                  withdraw assets of the Fund from any Sub-Custodian arrangement that has ceased to meet the requirements of Rule 17f-5 or Rule 17f-7 under the 1940 Act, as applicable.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z629ba4ff44c54911a89f10805ebcca5f">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(f)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>With respect to its responsibilities under this Section 3.3, the Custodian hereby warrants to the Fund that it agrees to exercise reasonable care, prudence and diligence such as a person having responsibility for the safekeeping of
                  property of the Fund.&#160; The Custodian further warrants that the Fund's assets will be subject to reasonable care if maintained with a Sub-Custodian, after considering all factors relevant to the safekeeping of such assets, including,
                  without limitation:&#160; (i) the Sub-Custodian's practices, procedures, and internal controls for certificated securities (if applicable), its method of keeping custodial records, and its security and data protection practices;&#160; (ii)&#160; whether
                  the Sub-Custodian has the requisite financial strength to provide reasonable care for Fund assets; (iii)&#160; the Sub-Custodian's general reputation and standing and, in the case of a Securities Depository, the Securities Depository's
                  operating history and number of participants; and (iv)&#160; whether the Fund will have jurisdiction over and be able to enforce judgments against the Sub-Custodian, such as by virtue of the existence of any offices of the Sub-Custodian in the
                  United States or the Sub-Custodian's consent to service of process in the United States.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z133226e4e0df47dea98057139d0c4a2a">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(g)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>The Custodian shall establish a system or ensure that its Sub-Custodian has established a system to monitor on a continuing basis (i) the appropriateness of maintaining the Fund&#8217;s assets with a Sub-Custodian or Eligible Foreign
                  Custodians who are members of a Sub-Custodian&#8217;s network; (ii) the performance of the contract governing the Fund&#8217;s arrangements with such Sub-Custodian or Eligible Foreign Custodian&#8217;s members of a Sub-Custodian&#8217;s network; and (iii) the
                  custody risks of maintaining assets with an Eligible Securities Depository.&#160; The Custodian must promptly notify the Fund or its investment adviser of any material change in these risks.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze99d8a7bc9ed42e9a22599ab529aafd0">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(h)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>The Custodian shall use commercially reasonable efforts to collect all income and other payments with respect to Foreign Securities to which the Fund shall be entitled and shall credit such income, as collected, to the Fund.&#160; In the
                  event that extraordinary measures are required to collect such income, the Fund and Custodian shall consult as to the measures and as to the compensation and expenses of the Custodian relating to such measures.</div>
              </td>
            </tr>

        </table>
      </div>
      <div> <br>
      </div>
      <div>3.04<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Delivery of Assets to Custodian</u>.&#160; The Fund shall deliver, or cause to be delivered, to the Custodian all of the Fund's
        Securities, cash and other investment assets, including (i) all payments of income, payments of principal and capital distributions received by the Fund with respect to such Securities, cash or other assets owned by the Fund at any time during the
        period of this Agreement, and (ii) all cash received by the Fund for the issuance of Shares.&#160; The Custodian shall not be responsible for such Securities, cash or other assets until actually received by it.</div>
      <div>&#160;</div>
      <div>3.05<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Securities Depositories and Book-Entry Systems</u>.&#160; The Custodian may deposit and/or maintain Securities of the Fund in a
        Securities Depository or in a Book-Entry System, subject to the following provisions:</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9a5cafc9492a46c2be6032a6c41eaf71">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(a)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>The Custodian, on an on-going basis, shall deposit in a Securities Depository or Book-Entry System all Securities eligible for deposit therein and shall make use of such Securities Depository or Book-Entry System to the extent possible
                  and practical in connection with its performance hereunder, including, without limitation, in connection with settlements of purchases and sales of Securities, loans of Securities, and deliveries and returns of collateral consisting of
                  Securities.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z053e1abdbfef4a87be2562368584073f">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(b)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Securities of the Fund kept in a Book-Entry System or Securities Depository shall be kept in an account (&#8220;Depository Account&#8221;) of the Custodian in such Book-Entry System or Securities Depository which includes only assets held by the
                  Custodian as a fiduciary, custodian or otherwise for customers.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z93dbd1384fa9402d8cffd5330642bdba">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(c)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>The records of the Custodian with respect to Securities of the Fund maintained in a Book-Entry System or Securities Depository shall, by book-entry, identify such Securities as belonging to the Fund.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z549fb84b21c9455ba88eb2194107fc21">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(d)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>If Securities purchased by the Fund are to be held in a Book-Entry System or Securities Depository, the Custodian shall pay for such Securities upon: (i) receipt of advice from the Book-Entry System or Securities Depository that such
                  Securities have been transferred to the Depository Account;&#160; and (ii) the making of an entry on the records of the Custodian to reflect such payment and transfer for the account of the Fund.&#160; If Securities sold by the Fund are held in a
                  Book-Entry System or Securities Depository, the Custodian shall transfer such Securities upon (i) receipt of advice from the Book-Entry System or Securities Depository that payment for such Securities has been transferred to the
                  Depository Account;&#160; and (ii) the making of an entry on the records of the Custodian to reflect such transfer and payment for the account of the Fund.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z218d453239344f4fbe5b93d02f1cea72">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(e)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>The Custodian shall provide the Fund with copies of any report (obtained by the Custodian from a Book-Entry System or Securities Depository in which Securities of the Fund are kept) on the internal accounting controls and procedures
                  for safeguarding Securities deposited in such Book-Entry System or Securities Depository.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbb85f3f363d54b4898f82787248c7ae7">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(f)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Notwithstanding anything to the contrary in this Agreement, the Custodian shall be liable to the Fund for any loss or damage to the Fund resulting from: (i) the use of a Book-Entry System or Securities Depository by reason of any
                  negligence or willful misconduct on the part of the Custodian or any Sub-Custodian; or (ii) failure of the Custodian or any Sub-Custodian to enforce effectively such rights as it may have against a Book-Entry System or Securities
                  Depository.&#160; At its election, the Fund shall be subrogated to the rights of the Custodian with respect to any claim against a Book-Entry System or Securities Depository or any other person from any loss or damage to the Fund arising from
                  the use of such Book-Entry System or Securities Depository, if and to the extent that the Fund has not been made whole for any such loss or damage.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z682df741d50e4612bbff93a257e5e473">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(g)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>With respect to its responsibilities under this Section&#160;3.05 and pursuant to Rule&#160;17f&#8209;4 under the 1940 Act, the Custodian hereby warrants to the Fund that it agrees to (i)&#160;exercise due care in accordance with reasonable commercial
                  standards in discharging its duty as a securities intermediary to obtain and thereafter maintain such assets, (ii)&#160;provide, promptly upon request by the Fund, such reports as are available concerning the Custodian&#8217;s internal accounting
                  controls and financial strength, and (iii)&#160;require any Sub-Custodian to exercise due care in accordance with reasonable commercial standards in discharging its duty as a securities intermediary to obtain and thereafter maintain assets
                  corresponding to the security entitlements of its entitlement holders.</div>
              </td>
            </tr>

        </table>
      </div>
      <div> <br>
      </div>
      <div>3.06<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Disbursement of Moneys from Fund Custody Account</u>.&#160; Upon receipt of Proper Instructions, the Custodian shall disburse
        moneys from the Fund Custody Account but only in the following cases:</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z50f943b487744c998f646d10e353d928">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(a)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>For the purchase of Securities for the Fund but only in accordance with Section 4.01 of this Agreement and only (i) in the case of Securities (other than options on Securities, futures contracts and options on futures contracts),
                  against the delivery to the Custodian (or any Sub-Custodian) of such Securities registered as provided in Section 3.09 below or in proper form for transfer, or if the purchase of such Securities is effected through a Book-Entry System or
                  Securities Depository, in accordance with the conditions set forth in Section 3.05 above; (ii) in the case of options on Securities, against delivery to the Custodian (or any Sub-Custodian) of such receipts as are required by the customs
                  prevailing among dealers in such options; (iii) in the case of futures contracts and options on futures contracts, against delivery to the Custodian (or any Sub-Custodian) of evidence of title thereto in favor of the Fund or any nominee
                  referred to in Section 3.09 below; and (iv) in the case of repurchase or reverse repurchase agreements entered into between the Fund and a bank that is a member of the Federal Reserve System or between the Fund and a primary dealer in
                  U.S. Government securities, against delivery of the purchased Securities either in certificate form or through an entry crediting the Custodian's account at a Book-Entry System or Securities Depository with such Securities;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0133f144e9c5437f9e0753e0be5f3d0b">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(b)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>In connection with the conversion, exchange or surrender, as set forth in Section 3.07(f) below, of Securities owned by the Fund;</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5243923f47474b098dc536435a45eb17">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(c)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>For the payment of any dividends or capital gain distributions declared by the Fund;</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze205ba3e46e044a6bff4cd0d31a1b557">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(d)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>In payment of the repurchase price of Shares as provided in Section 5.01 below;</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2e8d1cce6c6842b88082d2f9e5fa2c61">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(e)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>For the payment of any expense or liability incurred by the Fund, including, but not limited to, the following payments for the account of the Fund:&#160; interest; taxes; administration, investment advisory, accounting, auditing, transfer
                  agent, custodian, director and legal fees; and other operating expenses of the Fund; in all cases, whether or not such expenses are to be in whole or in part capitalized or treated as deferred expenses;</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8f5bb3f9f19243b2a712da02c6609698">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(f)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>For transfer in accordance with the provisions of any agreement among the Fund, the Custodian and a broker-dealer registered under the 1934 Act and a member of FINRA, relating to compliance with rules of the Options Clearing
                  Corporation and of any registered national securities exchange (or of any similar organization or organizations) regarding escrow or other arrangements in connection with transactions by the Fund;</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z87439617fb4640c7915bc9aca29858ba">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(g)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>For transfer in accordance with the provisions of any agreement among the Fund, the Custodian and a futures commission merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures
                  Trading Commission and/or any contract market (or any similar organization or organizations) regarding account deposits in connection with transactions by the Fund;</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc52b66a381ad4bdc876eda0dc68bf3fd">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(h)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>For the funding of any uncertificated time deposit or other interest-bearing account with any banking institution (including the Custodian), which deposit or account has a term of one year or less; and</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4c2c921e898447658027c2d6775e0b0c">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(i)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>For any other proper purpose, but only upon receipt, in addition to Proper Instructions, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom such payment is to be made.</div>
              </td>
            </tr>

        </table>
      </div>
      <div> <br>
      </div>
      <div>3.07<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Delivery of Securities from Fund Custody Account</u>.&#160; Upon receipt of Proper Instructions, the Custodian shall release and
        deliver, or cause the Sub-Custodian to release and deliver, Securities from the Fund Custody Account but only in the following cases:</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1205ee5519b74aedb6a0af3d2dfc3fc2">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(a)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Upon the sale of Securities for the account of the Fund but only against receipt of payment therefor in cash, by certified or cashiers check or bank credit;</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z916e0c53ac794f929c70708f7e07f70d">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(b)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>In the case of a sale effected through a Book-Entry System or Securities Depository, in accordance with the provisions of Section 3.05 above;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">8</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc7ba80558bcb45559361150b71be8363">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(c)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>To an offeror&#8217;s depository agent in connection with tender or other similar offers for Securities of the Fund; provided that, in any such case, the cash or other consideration is to be delivered to the Custodian;</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z323eaa3b284146cbac21eb23d48af7bb">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(d)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>To the issuer thereof or its agent (i) for transfer into the name of the Fund, the Custodian or any Sub-Custodian, or any nominee or nominees of any of the foregoing, or (ii) for exchange for a different number of certificates or other
                  evidence representing the same aggregate face amount or number of units; provided that, in any such case, the new Securities are to be delivered to the Custodian;</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4ac184a9550f4d0788342e3c988fe355">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(e)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>To the broker selling the Securities, for examination in accordance with the &#8220;street delivery&#8221; custom;</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb18e929f88134ba0931c51d87f8a9b6d">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(f)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the issuer of such Securities, or pursuant to provisions for conversion contained in such Securities, or
                  pursuant to any deposit agreement, including surrender or receipt of underlying Securities in connection with the issuance or cancellation of depository receipts; provided that, in any such case, the new Securities and cash, if any, are
                  to be delivered to the Custodian;</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4b7be38a489748219367c5cfa96d1bc0">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(g)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Upon receipt of payment therefor pursuant to any repurchase or reverse repurchase agreement entered into by the Fund;</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfcaa6dd4b1c44a038d63b1764eb30670">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(h)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>In the case of warrants, rights or similar Securities, upon the exercise thereof, provided that, in any such case, the new Securities and cash, if any, are to be delivered to the Custodian;</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze3d8cb2518d24393b2fb23dd86fce340">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(i)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>For delivery in connection with any loans of Securities of the Fund, but only against receipt of such collateral as the Fund shall have specified to the Custodian in Proper Instructions;</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcf496c6276544fc89a2b031649c82505">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(j)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>For delivery as security in connection with any borrowings by the Fund requiring a pledge of assets by the Fund, but only against receipt by the Custodian of the amounts borrowed;</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zab71785080d7432f9e62625695da74d8">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(k)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Pursuant to any authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund;</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z91105e88d79948b785c94ebaaebfb8ee">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(l)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>For delivery in accordance with the provisions of any agreement among the Fund, the Custodian and a broker-dealer registered under the 1934 Act and a member of FINRA, relating to compliance with the rules of the Options Clearing
                  Corporation and of any registered national securities exchange (or of any similar organization or organizations) regarding escrow or other arrangements in connection with transactions by the Fund;</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zffc02da337cf4055a59d54aca302acf1">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(m)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>For delivery in accordance with the provisions of any agreement among the Fund, the Custodian and a futures commission merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures
                  Trading Commission and/or any contract market (or any similar organization or organizations) regarding account deposits in connection with transactions by the Fund;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">9</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze5693513d25e4b6ea87082ec99401570">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(n)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>For any other proper corporate purpose, but only upon receipt, in addition to Proper Instructions, specifying the Securities to be delivered, declaring such purpose to be a proper corporate purpose, and naming the person or persons to
                  whom delivery of such Securities shall be made; or</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4f106fee901f449294f95752e2c23758">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(o)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>To brokers, clearing banks or other clearing agents for examination or trade execution in accordance with market custom; provided that in any such case the Custodian shall have no responsibility or liability for any loss arising from
                  the delivery of such securities prior to receiving payment for such securities except as may arise from the Custodian&#8217;s own negligence or willful misconduct.</div>
              </td>
            </tr>

        </table>
      </div>
      <div> <br>
      </div>
      <div>3.08<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Actions Not Requiring Proper Instructions</u>.&#160; Unless otherwise instructed by the Fund, the Custodian shall with respect to
        all Securities held for the Fund:</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze2b18530dc1f4c86aecf6208ed324e3f">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(a)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Subject to Section 9.04 below, collect on a timely basis all income and other payments to which the Fund is entitled either by law or pursuant to custom in the securities business;</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z08c57e1df53e4b95837a2cba5f148cb3">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(b)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Present for payment and, subject to Section 9.04 below, collect on a timely basis the amount payable upon all Securities that may mature or be called, redeemed, or retired, or otherwise become payable;</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfefc6a9f1a5647869309c898fb73839b">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(c)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Endorse for collection, in the name of the Fund, checks, drafts and other negotiable instruments;</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf12f42a021f742cdb61847aa0ec0c1c5">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(d)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Surrender interim receipts or Securities in temporary form for Securities in definitive form;</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7e7bf6a1b16b449d98a6e3dcefd6a2e8">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(e)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Execute, as custodian, any necessary declarations or certificates of ownership under the federal income tax laws or the laws or regulations of any other taxing authority now or hereafter in effect, and prepare and submit reports to the
                  IRS and the Fund at such time, in such manner and containing such information as is prescribed by the IRS;</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z95082995adeb4fbf93cb0f6cb82a0bda">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(f)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Hold for the Fund, either directly or, with respect to Securities held therein, through a Book-Entry System or Securities Depository, all rights and similar Securities issued with respect to Securities of the Fund; and</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z12c7da9321374132a8faf67784471637">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(g)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>In general, and except as otherwise directed in Proper Instructions, attend to all non-discretionary details in connection with the sale, exchange, substitution, purchase, transfer and other dealings with Securities and other assets of
                  the Fund.</div>
              </td>
            </tr>

        </table>
      </div>
      <div> <br>
      </div>
      <div>3.09<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Registration and Transfer of Securities</u>.&#160; All Securities held for the Fund that are issued or issuable only in bearer
        form shall be held by the Custodian in that form, provided that any such Securities shall be held in a Book-Entry System if eligible therefor.&#160; All other Securities held for the Fund may be registered in the name of the Fund, the Custodian, a
        Sub-Custodian or any nominee thereof, or in the name of a Book-Entry System, Securities Depository or any nominee of either thereof.&#160; The records of the Custodian with respect to the Fund&#8217;s Foreign Securities that are maintained with a
        Sub-Custodian in an account that is identified as belonging to the Custodian for the benefit of its customers shall identify those securities as belonging to the Fund.&#160; The Fund shall furnish to the Custodian appropriate instruments to enable the
        Custodian to hold or deliver in proper form for transfer, or to register in the name of any of the nominees referred to above or in the name of a Book-Entry System or Securities Depository, any Securities registered in the name of the Fund.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">10</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>&#160;</div>
      <div>3.10<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Records</u>.</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3e9080cde1f44e2eac7b9218fea6f72b">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(a)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>The Custodian shall maintain complete and accurate records with respect to Securities, cash or other property held for the Fund, including (i) journals or other records of original entry containing an itemized daily record in detail of
                  all receipts and deliveries of Securities and all receipts and disbursements of cash; (ii) ledgers (or other records) reflecting (A) Securities in transfer, (B) Securities in physical possession, (C) monies and Securities borrowed and
                  monies and Securities loaned (together with a record of the collateral therefor and substitutions of such collateral), (D) dividends and interest received, and (E) dividends receivable and interest receivable; (iii) canceled checks and
                  bank records related thereto; and (iv) all records relating to its activities and obligations under this Agreement.&#160; The Custodian shall keep such other books and records of the Fund as the Fund shall reasonably request, or as may be
                  required by the 1940 Act, including, but not limited to, Section 31 of the 1940 Act and Rule 31a-2 promulgated thereunder.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za2e819214c854882b79769c69aa1afd8">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(b)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>All such books and records maintained by the Custodian shall (i) be maintained in a form acceptable to the Fund and in compliance with the rules and regulations of the SEC, (ii) be the property of the Fund and at all times during the
                  regular business hours of the Custodian be made available upon request for inspection by duly authorized officers, employees or agents of the Fund and employees or agents of the SEC, and (iii) if required to be maintained by Rule 31a-1
                  under the 1940 Act, be preserved for the periods prescribed in Rules&#160;31a&#8209;1 and 31a-2 under the 1940 Act.</div>
              </td>
            </tr>

        </table>
      </div>
      <div> <br>
      </div>
      <div>3.11<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Fund Reports by Custodian</u>.&#160; The Custodian shall furnish the Fund with a daily activity statement and a summary of all
        transfers to or from each Fund Custody Account on the day following such transfers.&#160; At least monthly, the Custodian shall furnish the Fund with a detailed statement of the Securities and moneys held by the Custodian and the Sub-Custodians for the
        Fund under this Agreement.</div>
      <div>&#160;</div>
      <div>3.12<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Other Reports by Custodian</u>.&#160; As the Fund may reasonably request from time to time, the Custodian shall provide the Fund
        with reports on the internal accounting controls and procedures for safeguarding Securities which are employed by the Custodian or any Sub-Custodian.</div>
      <div>&#160;</div>
      <div>3.13<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Proxies and Other Materials</u>.&#160; The Custodian shall cause all proxies relating to Securities that are not registered in the
        name of the Fund to be promptly executed by the registered holder of such Securities, without indication of the manner in which such proxies are to be voted, and shall promptly deliver to the Fund such proxies, all proxy soliciting materials and
        all notices relating to such Securities.&#160; With respect to the foreign Securities, the Custodian will use reasonable commercial efforts to facilitate the exercise of voting and other shareholder rights, subject to the laws, regulations and practical
        constraints that may exist in the country where such securities are issued.&#160; The Fund acknowledges that local conditions, including lack of regulation, onerous procedural obligations, lack of notice and other factors may have the effect of severely
        limiting the ability of the Fund to exercise shareholder rights.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">11</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>3.14<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Information on Corporate Actions</u>.&#160; The Custodian shall promptly deliver to the Fund all information received by the
        Custodian and pertaining to Securities being held by the Fund with respect to optional tender or exchange offers, calls for redemption or purchase or expiration of rights. If the Fund desires to take action with respect to any tender offer,
        exchange offer or other similar transaction, the Fund shall notify the Custodian at least three Business Days prior to the date on which the Custodian is to take such action.&#160; The Fund will provide or cause to be provided to the Custodian all
        relevant information for any Security which has unique put/option provisions at least three Business Days prior to the beginning date of the tender period.</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">ARTICLE IV.</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">PURCHASE AND SALE OF INVESTMENTS OF THE FUND</div>
      <div>&#160;</div>
      <div><font style="color: #000000;">4.01</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Purchase of Securities</u>.&#160; Promptly upon each purchase of Securities for the Fund,
        Written Instructions shall be delivered to the Custodian, specifying (i) the name of the issuer or writer of such Securities, and the title or other description thereof, (ii) the number of shares, principal amount (and accrued interest, if any) or
        other units purchased, (iii) the date of purchase and settlement, (iv) the purchase price per unit, (v) the total amount payable upon such purchase, and (vi) the name of the person to whom such amount is payable.&#160; The Custodian shall upon receipt
        of such Securities purchased by the Fund pay out of the moneys held for the account of the Fund the total amount specified in such Written Instructions to the person named therein.&#160; The Custodian shall not be under any obligation to pay out moneys
        to cover the cost of a purchase of Securities for the Fund, if in the Fund Custody Account there is insufficient cash available to the Fund for which such purchase was made.</div>
      <div>&#160;</div>
      <div>4.02<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Liability for Payment in Advance of Receipt of Securities Purchased</u>.&#160; In any and every case where payment for the
        purchase of Securities for the Fund is made by the Custodian in advance of receipt of the Securities purchased and in the absence of specified Written Instructions to so pay in advance, the Custodian shall be liable to the Fund for such payment.</div>
      <div>&#160;</div>
      <div>4.03<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Sale of Securities</u>.&#160; Promptly upon each sale of Securities by the Fund, Written Instructions shall be delivered to the
        Custodian, specifying: (i) the name of the issuer or writer of such Securities, and the title or other description thereof; (ii) the number of shares, principal amount (and accrued interest, if any), or other units sold; (iii) the date of sale and
        settlement, (iv) the sale price per unit; (v) the total amount payable upon such sale; and (vi) the person to whom such Securities are to be delivered.&#160; Upon receipt of the total amount payable to the Fund as specified in such Written Instructions,
        the Custodian shall deliver such Securities to the person specified in such Written Instructions.&#160; Subject to the foregoing, the Custodian may accept payment in such form as shall be satisfactory to it, and may deliver Securities and arrange for
        payment in accordance with the customs prevailing among dealers in Securities.</div>
      <div>&#160;</div>
      <div>4.04<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Delivery of Securities Sold</u>.&#160; Notwithstanding Section 4.03 above or any other provision of this Agreement, the Custodian,
        when instructed to deliver Securities against payment, shall be entitled, if in accordance with generally accepted market practice, to deliver such Securities prior to actual receipt of final payment therefor.&#160; In any such case, the Fund shall bear
        the risk that final payment for such Securities may not be made or that such Securities may be returned or otherwise held or disposed of by or through the person to whom they were delivered, and the Custodian shall have no liability for any for the
        foregoing.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">12</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>&#160;</div>
      <div>4.05<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Payment for Securities Sold</u>.&#160; In its sole discretion and from time to time, the Custodian may credit the Fund Custody
        Account, prior to actual receipt of final payment thereof, with: (i) proceeds from the sale of Securities which it has been instructed to deliver against payment;&#160; (ii) proceeds from the redemption of Securities or other assets of the Fund; and
        (iii) income from cash, Securities or other assets of the Fund.&#160; Any such credit shall be conditional upon actual receipt by Custodian of final payment and may be reversed if final payment is not actually received in full.&#160; The Custodian may, in
        its sole discretion and from time to time, permit the Fund to use funds so credited to the Fund Custody Account in anticipation of actual receipt of final payment.&#160; Any such funds shall be repayable immediately upon demand made by the Custodian at
        any time prior to the actual receipt of all final payments in anticipation of which funds were credited to the Fund Custody Account.</div>
      <div>&#160;</div>
      <div>4.06<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Advances by Custodian for Settlement</u>.&#160; The Custodian may, in its sole discretion and from time to time, advance funds to
        the Fund to facilitate the settlement of a Fund's transactions in the Fund Custody Account.&#160; Any such advance shall be repayable immediately upon demand made by Custodian.</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">ARTICLE V.</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">REPURCHASE OF FUND SHARES</div>
      <div>&#160;</div>
      <div>5.01<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Transfer of Funds</u>.&#160; From such funds as may be available for the purpose in the relevant Fund Custody Account, and upon
        receipt of Proper Instructions specifying that the funds are required to repurchase Shares of the Fund, the Custodian shall wire each amount specified in such Proper Instructions to or through such bank or broker-dealer as the Fund may designate.</div>
      <div>&#160;</div>
      <div>5.02<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>No Duty Regarding Paying Banks</u>.&#160; Once the Custodian has wired amounts to a bank or broker&#8209;dealer pursuant to Section&#160;5.01
        above, the Custodian shall not be under any obligation to effect any further payment or distribution by such bank or broker&#8209;dealer.</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">ARTICLE VI.</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">SEGREGATED ACCOUNTS</div>
      <div>&#160;</div>
      <div>Upon receipt of Proper Instructions, the Custodian shall establish and maintain a segregated account or accounts for and on behalf of the Fund, into which account or accounts may be transferred cash and/or Securities, including Securities
        maintained in a Depository Account:</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">13</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z56bfe659746c44fb8d590c03ff996331">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(a)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div><font style="color: #000000;">in accordance with the provisions of any agreement </font>among the Fund, the Custodian and a broker-dealer registered under the 1934 Act and a member of FINRA (or any futures commission merchant
                  registered under the Commodity Exchange Act), relating to compliance with the rules of the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered
                  contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Fund;</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5fb39eb3b988435dbbc8a468233ea348">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(b)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>for purposes of segregating cash or Securities in connection with securities options purchased or written by the Fund or in connection with financial futures contracts (or options thereon) purchased or sold by the Fund;<br>
                  <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbc315f972e6b44fb9efda41f85e083b6">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(c)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>which constitute collateral for loans of Securities made by the Fund;</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8121a5deef204d6d898904f84ccc10bf">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(d)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>for purposes of compliance by the Fund with requirements under the 1940 Act for the maintenance of segregated accounts by registered investment companies in connection with reverse repurchase agreements and when-issued, delayed
                  delivery and firm commitment transactions; and</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfd121d520f0643c29bd8527702e4f22e">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(e)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>for other proper corporate purposes, but only upon receipt of Proper Instructions, setting forth the purpose or purposes of such segregated account and&#160; declaring such purposes to be proper corporate purposes.</div>
              </td>
            </tr>

        </table>
      </div>
      <div> <br>
      </div>
      <div>Each segregated account established under this Article VI shall be established and maintained for the Fund only.&#160; All Proper Instructions relating to a segregated account shall specify the Fund.</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">ARTICLE VII.</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">COMPENSATION OF CUSTODIAN</div>
      <div>&#160;</div>
      <div>7.01<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Compensation</u>.&#160; The Custodian shall be compensated for providing the services set forth in this Agreement in accordance
        with the fee schedule set forth on <font style="font-weight: bold;"><u>Exhibit B</u></font> hereto (as amended from time to time).&#160; The Custodian shall also be reimbursed for such miscellaneous expenses as set forth on <font style="font-weight: bold;"><u>Exhibit B</u></font> hereto and are reasonably incurred by the Custodian in performing its duties hereunder.&#160; The Fund shall pay all such fees and reimbursable expenses within 30 calendar days following receipt of the billing notice,
        except for any fee or expense subject to a good faith dispute.&#160; The Fund shall notify the Custodian in writing within 30 calendar days following receipt of each invoice if the Fund is disputing any amounts in good faith. The Fund shall pay such
        disputed amounts within 10 calendar days of the day on which the parties agree to the amount to be paid.&#160; With the exception of any fee or expense the Fund is disputing in good faith as set forth above, unpaid invoices shall accrue a finance change
        of 1&#189; % per month after the due date.&#160; Notwithstanding anything to the contrary, amounts owed by the Fund to the Custodian shall only be paid out of the assets and property of the particular Fund involved.</div>
      <div>&#160;</div>
      <div>7.02<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Overdrafts</u>.&#160; The Fund is responsible for maintaining an appropriate level of short term cash investments to accommodate
        cash outflows.&#160; The Fund may obtain a formal line of credit for potential overdrafts of its custody account.&#160; In the event of an overdraft or in the event the line of credit is insufficient to cover an overdraft, the overdraft amount or the
        overdraft amount that exceeds the line of credit will be charged in accordance with the fee schedule set forth on <font style="font-weight: bold;"><u>Exhibit B</u></font> hereto (as amended from time to time).</div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">14</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: center; font-weight: bold;">ARTICLE VIII.</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">REPRESENTATIONS AND WARRANTIES</div>
      <div>&#160;</div>
      <div>8.01<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Representations and Warranties of the Fund</u>.&#160; The Fund hereby represents and warrants to the Custodian, which
        representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6b38a7a9201b4f369c541128717a605a">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(a)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zca9900d0deda45cb92aea9c8da203863">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(b)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>This Agreement has been duly authorized, executed and delivered by the Fund in accordance with all requisite action and constitutes a valid and legally binding obligation of the Fund, enforceable in accordance with its terms, subject
                  to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties; and</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z64684d38ff7c4cf394c14db86270fb81">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(c)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there
                  is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement.</div>
              </td>
            </tr>

        </table>
      </div>
      <div> <br>
      </div>
      <div>8.02<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Representations and Warranties of the Custodian</u>.&#160; The Custodian hereby represents and warrants to the Fund, which
        representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcff29d8d74494459978b0ae13707b2ef">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(a)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbc33796ed34e4250ae78a47419394e32">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(b)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>It is a &#8220;U.S. Bank&#8221; as defined in section (a)(7) of Rule 17f-5.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7cec6a726ef84f98a1c20a67e3e58d55">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(c)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>This Agreement has been duly authorized, executed and delivered by the Custodian in accordance with all requisite action and constitutes a valid and legally binding obligation of the Custodian, enforceable in accordance with its terms,
                  subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties; and</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z698f5aa723dd4f189e6f55dcdbd42a3e">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(d)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there
                  is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement.</div>
              </td>
            </tr>

        </table>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">15</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: center; font-weight: bold;">ARTICLE IX.</div>
      <div>&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">CONCERNING THE CUSTODIAN</div>
      <div>&#160;</div>
      <div>9.01<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Standard of Care</u>.&#160; The Custodian shall exercise reasonable in the performance of its duties under this Agreement.&#160; The
        Custodian shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with its duties under this Agreement, except a loss arising out of or relating to the Custodian&#8217;s (or a Sub-Custodian&#8217;s)
        refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement) or from its (or a Sub-Custodian&#8217;s) bad faith, negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody
        agreement).&#160; The Custodian shall be entitled to rely on and may act upon advice of counsel on all matters, and shall be without liability for any action reasonably taken or omitted pursuant to such advice.&#160; The Custodian shall promptly notify the
        Fund of any action taken or omitted by the Custodian pursuant to advice of counsel.</div>
      <div>&#160;</div>
      <div>9.02<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Actual Collection Required</u>.&#160; The Custodian shall not be liable for, or considered to be the custodian of, any cash
        belonging to the Fund or any money represented by a check, draft or other instrument for the payment of money, until the Custodian or its agents actually receive such cash or collect on such instrument.</div>
      <div>&#160;</div>
      <div>9.03<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>No Responsibility for Title, etc.</u>&#160; So long as and to the extent that it is in the exercise of reasonable care, the
        Custodian shall not be responsible for the title, validity or genuineness of any property or evidence of title thereto received or delivered by it pursuant to this Agreement.</div>
      <div>&#160;</div>
      <div>9.04<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Limitation on Duty to Collect</u>.&#160; Custodian shall not be required to enforce collection, by legal means or otherwise, of
        any money or property due and payable with respect to Securities held for the Fund if such Securities are in default or payment is not made after due demand or presentation.</div>
      <div>&#160;</div>
      <div>9.05<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Reliance Upon Documents and Instructions</u>.&#160; The Custodian shall be entitled to rely upon any certificate, notice or other
        instrument in writing received by it and reasonably believed by it to be genuine.&#160; The Custodian shall be entitled to rely upon any Written Instructions actually received by it pursuant to this Agreement.</div>
      <div>&#160;</div>
      <div>9.06<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Cooperation</u>.&#160; The Custodian shall cooperate with and supply necessary information to the entity or entities appointed by
        the Fund to keep the books of account of the Fund and/or compute the value of the assets of the Fund.&#160; The Custodian shall take all such reasonable actions as the Fund may from time to time request to enable the Fund to obtain, from year to year,
        favorable opinions from the Fund's independent accountants with respect to the Custodian's activities hereunder in connection with (i) the preparation of the Fund's reports on Form N&#8209;SAR, Form N-CSR&#160; and any other reports required by the SEC or any
        future registration statement on Form N-2, and (ii) the fulfillment by the Fund of any other requirements of the SEC.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">16</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">ARTICLE X.</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">INDEMNIFICATION</div>
      <div>&#160;</div>
      <div>10.01<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Indemnification by Fund</u>.&#160; The Fund shall indemnify and hold harmless the Custodian, any Sub-Custodian and any nominee
        thereof (each, an &#8220;Indemnified Party&#8221; and collectively, the &#8220;Indemnified Parties&#8221;) from and against any and all claims, demands, losses, reasonable expenses and liabilities of any and every nature (including reasonable attorneys' fees) that an
        Indemnified Party may sustain or incur or that may be asserted against an Indemnified Party by any person arising directly or indirectly (i) from the fact that Securities are registered in the name of any such nominee, (ii) from any action taken or
        omitted to be taken by the Custodian or such Sub-Custodian (a) at the request or direction of or in reliance on the advice of the Fund, or (b) upon Proper Instructions, or (iii) from the performance of its obligations under this Agreement or any
        sub-custody agreement, provided that neither the Custodian nor any such Sub-Custodian shall be indemnified and held harmless from and against any such claim, demand, loss, expense or liability arising out of or relating to its refusal or failure to
        comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement).&#160; This indemnity shall be a
        continuing obligation of the Fund, its successors and assigns, notwithstanding the termination of this Agreement.&#160; As used in this paragraph, the terms &#8220;Custodian&#8221; and &#8220;Sub-Custodian&#8221; shall include their respective directors, officers and
        employees.</div>
      <div>&#160;</div>
      <div>10.02<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Indemnification by Custodian</u>.&#160; The Custodian shall indemnify and hold harmless the Fund from and against any and all
        claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys&#8217; fees) that the Fund may sustain or incur or that may be asserted against the Fund by any person arising directly or indirectly out of any
        action taken or omitted to be taken by an Indemnified Party as a result of the Indemnified Party&#8217;s refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, negligence or willful misconduct
        in the performance of its duties under this Agreement (or any sub-custody agreement).&#160; This indemnity shall be a continuing obligation of the Custodian, its successors and assigns, notwithstanding the termination of this Agreement.&#160; As used in this
        paragraph, the term &#8220;Fund&#8221; shall include the Fund&#8217;s directors, officers and employees.</div>
      <div>&#160;</div>
      <div>10.03<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Security</u>.&#160; If the Custodian advances cash or Securities to the Fund for any purpose, either at the Fund's request or as
        otherwise contemplated in this Agreement, or in the event that the Custodian or its nominee incurs, in connection with its performance under this Agreement, any claim, demand, loss, expense or liability (including reasonable attorneys' fees)
        (except such as may arise from its or its nominee's bad faith, negligence or willful misconduct), then, in any such event, any property at any time held for the account of the Fund shall be security therefor, and should the Fund fail to promptly
        repay or indemnify the Custodian, the Custodian shall be entitled to utilize available cash of such Fund and to dispose of other assets of such Fund to the extent necessary to obtain reimbursement or indemnification.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">17</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>&#160; <br>
      </div>
      <div>10.04<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font>Miscellaneous.</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf73ccdabb1fc4ec2b70706bcb60172bd">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(a)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Neither party to this Agreement shall be liable to the other party for consequential, special or punitive damages under any provision of this Agreement.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb2551d59403f4429889ea58ec8f3d68f">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt;">(b)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>The indemnity provisions of this Article shall indefinitely survive the termination and/or assignment of this Agreement.<br>
                  <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z75dab63f65a041d19f84b1a086a35c06">

            <tr>
              <td style="width: 33.6pt; vertical-align: top; align: right;">
                <div style="margin-left: 12pt; color: #000000;">(c)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>In order that the indemnification provisions contained in this Article shall apply, it is understood that if in any case the indemnitor may be asked to indemnify or hold the indemnitee harmless, the indemnitor shall be fully and
                  promptly advised of all pertinent facts concerning the situation in question, and it is further understood that the indemnitee will use all reasonable care to notify the indemnitor promptly concerning any situation that presents or
                  appears likely to present the probability of a claim for indemnification. The indemnitor shall have the option to defend the indemnitee against any claim that may be the subject of this indemnification.&#160; In the event that the indemnitor
                  so elects, it will so notify the indemnitee and thereupon the indemnitor shall take over complete defense of the claim, and the indemnitee shall in such situation initiate no further legal or other expenses for which it shall seek
                  indemnification under this Article X.&#160; The indemnitee shall in no case confess any claim or make any compromise in any case in which the indemnitor will be asked to indemnify the indemnitee except with the indemnitor&#8217;s prior written
                  consent.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: center; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; font-weight: bold;">ARTICLE XI.</div>
      <div>&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">FORCE MAJEURE</font></div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">Neither the Custodian nor the Fund shall be liable for any failure or delay in performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its
        reasonable control, including, without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; acts of terrorism; sabotage; strikes; epidemics; riots; power failures; computer failure and any such circumstances
        beyond its reasonable control as may cause interruption, loss or malfunction of utility, transportation, computer (hardware or software) or telephone communication service; accidents; labor disputes; acts of civil or military authority;
        governmental actions; or inability to obtain labor, material, equipment or transportation; provided, however, that in the event of a failure or delay, the Custodian: (i) shall not discriminate against the Fund in favor of any other customer of the
        Custodian in making computer time and personnel available to input or process the transactions contemplated by this Agreement; and (ii) shall use its best efforts to ameliorate the effects of any such failure or delay.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">18</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">ARTICLE XII.</div>
      <div>&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">PROPRIETARY AND CONFIDENTIAL INFORMATION</div>
      <div>&#160;</div>
      <div>12.01<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font>The Custodian agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary
        information of the Fund, all records and other information relative to the Fund and prior, present, or potential shareholders of the Fund (and clients of said shareholders), and not to use such records and information for any purpose other than the
        performance of its responsibilities and duties hereunder, except: (i) after prior notification to and approval in writing by the Fund, which approval shall not be unreasonably withheld and may not be withheld where the Custodian may be exposed to
        civil or criminal contempt proceedings for failure to comply; (ii) when requested to divulge such information by duly constituted authorities, although the Custodian will promptly report such disclosure to the Fund if disclosure is permitted by
        applicable law and regulation; or (iii) when so requested by the Fund.&#160; Records and other information which have become known to the public through no wrongful act of the Custodian or any of its employees, agents or representatives, and information
        that was already in the possession of the Custodian prior to receipt thereof from the Fund or its agent, shall not be subject to this paragraph.</div>
      <div>&#160;</div>
      <div>12.02<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font>Further, the Custodian will adhere to the privacy policies adopted by the Fund pursuant to Title V of the Gramm-Leach-Bliley
        Act, as may be modified from time to time.&#160; In this regard, the Custodian shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent
        unauthorized access to or use of, records and information relating to the Fund and its shareholders.</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">ARTICLE XIII.</div>
      <div>&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">EFFECTIVE PERIOD; TERMINATION</div>
      <div>&#160;</div>
      <div>13.01<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Effective Period</u>.&#160; This Agreement shall become effective as of July 24, 2018 and will continue in effect for a period of
        one (1) year, provide, however, that this Agreement shall terminate automatically in the event that the Fund ceases to be registered under the 1940 Act.</div>
      <div>&#160;</div>
      <div>13.02<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Termination</u>.&#160; This Agreement may be terminated by either party upon giving 30 days prior written notice to the other
        party or such shorter period as is mutually agreed upon by the parties.&#160; Subsequent to the end of the one (1) year period, this Agreement continues until one party gives 30 days prior written notice to the other party or such shorter notice period
        as is mutually agreed upon by the parties.&#160; Notwithstanding the foregoing, this Agreement may be terminated by either party upon the breach of the other party of any material term of this Agreement if such breach is not cured within 15 days of
        notice of such breach to the breaching party.&#160; In addition, the Fund may, at any time, immediately terminate this Agreement in the event of the appointment of a conservator or receiver for the Custodian by regulatory authorities or upon the
        happening of a like event at the direction of an appropriate regulatory agency or court of competent jurisdiction.</div>
      <div>&#160;</div>
      <div><font style="color: #000000;">13.03</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Early Termination</u>.&#160; <font style="color: #000000;">In the absence of any (i)
          material breach of this agreement, (ii) the Fund ceasing to be registered under the 1940 Act, or (iii) </font>liquidation or dissolution of the <font style="color: #000000;">Fund, should the Fund otherwise elect to terminate this agreement
          prior to the end of the one (1) year term, the Fund agrees to pay the following fees:</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">19</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>&#160;</div>
      <div style="margin-left: 72pt;">a) All monthly fees through the life of the Agreement including the repayment of any negotiated discounts;</div>
      <div style="margin-left: 72pt;">b) All miscellaneous fees associated with converting services to successor service provider;</div>
      <div style="margin-left: 72pt;">c) All fees associated with any record retention and/or tax reporting</div>
      <div style="margin-left: 72pt;">obligations that may not be eliminated due to the conversion to a</div>
      <div style="margin-left: 72pt;">successor service provider, as agreed upon by both parties;</div>
      <div style="margin-left: 72pt;">d) All miscellaneous costs associated with a) thru c) above.</div>
      <div><br>
      </div>
      <div>13.04<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Appointment of Successor Custodian</u>.&#160; If a successor custodian shall have been appointed by the Board of Trustees, the
        Custodian shall, upon receipt of a notice from the Fund, on such specified date of termination (i) deliver directly to the successor custodian all Securities (other than Securities held in a Book-Entry System or Securities Depository) and cash then
        owned by the Fund and held by the Custodian as custodian, and (ii) transfer any Securities held in a Book-Entry System or Securities Depository to an account of or for the benefit of the Fund at the successor custodian, provided that the Fund shall
        have paid to the Custodian all fees, expenses and other amounts to the payment or reimbursement of which it shall then be entitled.&#160; In addition, the Custodian shall, at the expense of the Fund, transfer to such successor all relevant books,
        records, correspondence, and other data established or maintained by the Custodian under this Agreement in a form reasonably acceptable to the Fund (if such form differs from the form in which the Custodian has maintained the same, the Fund shall
        pay any expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from the Custodian&#8217;s personnel in the establishment of books, records,
        and other data by such successor.&#160; Upon such delivery and transfer, the Custodian shall be relieved of all obligations under this Agreement.</div>
      <div>&#160;</div>
      <div><font style="color: #000000;">13.05</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Failure to Appoint Successor Custodian</u>.&#160; If a successor custodian is not designated
        by the Fund on or before the date of termination of this Agreement, then the Custodian shall have the right to deliver to a bank or trust company of its own selection, which bank or trust company: (i) is a &#8220;bank&#8221; as defined in the 1940 Act; and
        (ii) has aggregate capital, surplus and undivided profits as shown on its most recent published report of not less than $50-100 million, all Securities, cash and other property held by the Custodian under this Agreement and to transfer to an
        account of or for the Fund at such bank or trust company all Securities of the Fund held in a Book-Entry System or Securities Depository.&#160; Upon such delivery and transfer, such bank or trust company shall be the successor custodian under this
        Agreement and the Custodian shall be relieved of all obligations under this Agreement.&#160; In addition, under these circumstances, all books, records and other data of the Fund shall be returned to the Fund.</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">ARTICLE XIV.</div>
      <div>&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">CLASS ACTIONS</div>
      <div>&#160;</div>
      <div>The Custodian shall use its best efforts to identify and file claims for the Fund involving any class action litigation that impacts any security the Fund may have held during the class period.&#160; The Fund agrees that the Custodian may file such
        claims on its behalf and understands that it may be waiving and/or releasing certain rights to make claims or otherwise pursue class action defendants who settle their claims.&#160; Further, the Fund acknowledges that there is no guarantee these claims
        will result in any payment or partial payment of potential class action proceeds and that the timing of such payment, if any, is uncertain.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">20</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div><br>
      </div>
      <div>However, the Fund may instruct the Custodian to distribute class action notices and other relevant documentation to the Fund or its designee and, if it so elects, will relieve the Custodian from any and all liability and responsibility for
        filing class action claims on behalf of the Fund.</div>
      <div><br>
      </div>
      <div>In the event the Fund has ceased operations, the Custodian shall file the class action claims only upon written instructions by an authorized representative of the closed Fund.&#160; Any expenses associated with such filing will be assessed against
        the proceeds received of any class action settlement.</div>
      <div style="text-align: center; font-weight: bold;">ARTICLE XV.</div>
      <div>&#160;</div>
      <div style="text-align: center;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">MISCELLANEOUS</font></div>
      <div>&#160;</div>
      <div>15.01<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Compliance with Laws</u>.&#160; The Fund has and retains primary responsibility for all compliance matters relating to the Fund,
        including but not limited to compliance with the 1940 Act, the Internal Revenue Code of 1986, the Sarbanes-Oxley Act of 2002, the USA Patriot Act of 2001 and the policies and limitations of the Fund relating to its portfolio investments as set
        forth in its prospectus and statement of additional information on Form N-2.&#160; The Custodian&#8217;s services hereunder shall not relieve the Fund of its responsibilities for assuring such compliance or the Board of Director&#8217;s oversight responsibility
        with respect thereto.</div>
      <div>&#160;</div>
      <div>15.02&#160;&#160; <u>Amendment</u>.&#160; This Agreement may not be amended or modified in any manner except by written agreement executed by the Custodian and the Fund, and authorized or approved by the Board of Trustees.</div>
      <div>&#160;</div>
      <div>15.03<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>&#160;<u>Assignment</u>.&#160; This Agreement shall extend to and be binding upon the parties hereto and their respective successors and
        assigns; provided, however, that this Agreement shall not be assignable by the Fund without the written consent of the Custodian, or by the Custodian without the written consent of the Fund accompanied by the authorization or approval of the Board
        of Trustees.</div>
      <div>&#160;</div>
      <div>15.04&#160; &#160; <u>Governing Law</u>.&#160; This Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota, without regard to conflicts of law principles.&#160; To the extent that the applicable laws of the State of
        Minnesota, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the 1940 Act or any rule or order of the SEC
        thereunder.</div>
      <div>&#160;</div>
      <div>15.05&#160;&#160; <u>No Agency Relationship</u>.&#160; Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the other party to this Agreement, or to conduct business in the name, or for the account, of the other
        party to this Agreement.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">21</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>&#160;</div>
      <div>15.06&#160;&#160; <u>Services Not Exclusive</u>.&#160; Nothing in this Agreement shall limit or restrict the Custodian from providing services to other parties that are similar or identical to some or all of the services provided hereunder.</div>
      <div>&#160;</div>
      <div><font style="color: #000000;">15.07</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="color: #000000;"><u>Invalidity.</u></font><font style="color: #000000;">&#160; </font>Any
        provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without
        invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.&#160; In such case, the parties shall in good faith
        modify or substitute such provision consistent with the original intent of the parties.</div>
      <div>&#160;</div>
      <div><font style="color: #000000;">15.08&#160;&#160; </font><font style="color: #000000;"><u>Notices</u></font><font style="color: #000000;">.&#160; </font>Any notice required or permitted to be given by either party to the other shall be in writing and shall be
        deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile
        transmission to the other party&#8217;s address set forth below:</div>
      <div>&#160;</div>
      <div style="text-align: justify; margin-left: 72pt;">Notice to the Custodian shall be sent to:</div>
      <div style="text-indent: 36pt; margin-left: 36pt;">U.S Bank, N.A.</div>
      <div style="text-indent: 36pt; margin-left: 36pt;">1555 N. Rivercenter Dr., MK-WI-S302</div>
      <div style="text-indent: 36pt; margin-left: 36pt;">Milwaukee, WI 53212</div>
      <div style="text-indent: 36pt; margin-left: 36pt;">Attn:&#160; Tom Fuller</div>
      <div style="text-indent: 36pt; margin-left: 36pt;">Phone: 414-905-6118</div>
      <div style="margin-left: 72pt;">Fax: 866-350-5066</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 72pt; color: #000000;">and notice to the Fund shall be sent to:</div>
      <div style="text-align: justify; margin-left: 72pt;">High Income Securities Fund</div>
      <div style="text-align: justify; margin-left: 72pt;">c/o Bulldog Investors, LLC</div>
      <div style="text-align: justify; margin-left: 72pt; color: #000000;">Park 80 West - Plaza Two 250 Pehle Avenue, Suite 708</div>
      <div style="text-align: justify; margin-left: 72pt; color: #000000;">Saddle Brook, NJ 07663</div>
      <div style="text-indent: 36pt; margin-left: 36pt; color: #000000;">Attn:</div>
      <div style="text-indent: 36pt; margin-left: 36pt;">Phone:</div>
      <div style="text-indent: 36pt; margin-left: 36pt;">Fax:</div>
      <div><br>
      </div>
      <div>15.09&#160;&#160; <u>Multiple Originals</u>.&#160; This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed an original, but such counterparts shall together constitute but one and the same instrument.</div>
      <div>&#160;</div>
      <div>15.10&#160; <u>No Waiver</u>.&#160; No failure by either party hereto to exercise, and no delay by such party in exercising, any right hereunder shall operate as a waiver thereof.&#160; The exercise by either party hereto of any right hereunder shall not
        preclude the exercise of any other right, and the remedies provided herein are cumulative and not exclusive of any remedies provided at law or in equity.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>&#160;</div>
      <div>15.11&#160; <u>References to Custodian</u>.&#160; The Fund shall not circulate any written material that contains any reference to the Custodian without the prior written approval of the Custodian, excepting written material contained in the Prospectus
        or statement of additional information for the Fund and such other written material as merely identifies the Custodian as custodian for the Fund.&#160; The Fund shall submit written material requiring approval to the Custodian in draft form, allowing
        sufficient time for review by the Custodian and its counsel prior to any deadline for publication.</div>
      <div> <br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">(<font style="font-weight: bold;">signatures on the following page)</font> </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">23</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date last written below.</div>
      <div>&#160;</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">HIGH INCOME SECURITIES FUND</div>
      <div>&#160;</div>
      <div>By:_______________________________</div>
      <div>&#160;</div>
      <div>Name:&#160; ____________________________</div>
      <div>&#160;</div>
      <div>Title: ___________________________</div>
      <div><br>
      </div>
      <div>Date: July 24, 2018</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="font-weight: bold;">U.S. BANK NATIONAL ASSOCIATION </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div>By:________________________________</div>
      <div>&#160;</div>
      <div>Name:&#160; _____________________________</div>
      <div>&#160;</div>
      <div>Title:&#160; _______________________________</div>
      <div><br>
      </div>
      <div>Date:</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">24</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;"><u>EXHIBIT A</u></div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 72pt;">AUTHORIZED PERSONS &#8211;High Income Securities Fund</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; color: #000000;">Set forth below are the names and specimen signatures of the persons authorized by the Fund to administer the Fund Custody Accounts.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z413dcb5b8fe143f5a5f9295ddd97e652">

          <tr>
            <td style="width: 33.33%; vertical-align: middle; border-bottom: 2px solid black;">
              <div style="text-align: center; font-weight: bold;">Name</div>
            </td>
            <td style="width: 33.33%; vertical-align: middle; border-bottom: 2px solid black;">
              <div style="text-align: center; font-weight: bold;">Telephone/Fax Number</div>
            </td>
            <td style="width: 33.33%; vertical-align: middle; border-bottom: 2px solid black;">
              <div style="text-align: center; font-weight: bold;">Signature</div>
            </td>
          </tr>
          <tr>
            <td style="width: 33.33%; vertical-align: middle;">&#160;</td>
            <td style="width: 33.33%; vertical-align: middle;">&#160;</td>
            <td style="width: 33.33%; vertical-align: middle;">
              <div style="text-align: justify; font-weight: bold;">______________________</div>
            </td>
          </tr>
          <tr>
            <td style="width: 33.33%; vertical-align: middle;">&#160;</td>
            <td style="width: 33.33%; vertical-align: middle;">&#160;</td>
            <td style="width: 33.33%; vertical-align: middle;">
              <div style="text-align: justify; font-weight: bold;">______________________</div>
            </td>
          </tr>
          <tr>
            <td style="width: 33.33%; vertical-align: middle;">&#160;</td>
            <td style="width: 33.33%; vertical-align: middle;">&#160;</td>
            <td style="width: 33.33%; vertical-align: middle;">
              <div style="text-align: justify; font-weight: bold;">______________________</div>
            </td>
          </tr>
          <tr>
            <td style="width: 33.33%; vertical-align: middle;">&#160;</td>
            <td style="width: 33.33%; vertical-align: middle;">&#160;</td>
            <td style="width: 33.33%; vertical-align: middle;">
              <div style="text-align: justify; font-weight: bold;">______________________</div>
            </td>
          </tr>
          <tr>
            <td style="width: 33.33%; vertical-align: middle;">&#160;</td>
            <td style="width: 33.33%; vertical-align: middle;">&#160;</td>
            <td style="width: 33.33%; vertical-align: middle;">
              <div style="text-align: justify; font-weight: bold;">______________________</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify;"><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">25</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <br>
      <div style="text-align: center; font-weight: bold;">Exhibit B to the Custody Agreement</div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="color: #0C2074; font-weight: bold;">Custody Services Fee Schedule at July 2018</div>
      <div>&#160;</div>
      <div style="font-style: italic;">Annual Fee Based Upon Market Value per Fund*</div>
      <div>0.50 basis points on average daily market value of all long securities and cash held in the portfolio</div>
      <div><br>
      </div>
      <div>Minimum annual fee per fund &#8211; $4,800</div>
      <div>Plus portfolio transaction fees</div>
      <div><br>
      </div>
      <div>Bank Loan Custody &#8211; 2bp with a $15,000 minimum.</div>
      <div><br>
      </div>
      <div style="font-style: italic;">Portfolio Transaction Fees</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za0dd34b4647940eb92d58cc4451ed52d">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div style="color: #000000;">&#9726;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div><font style="color: #000000;">$&#160; 4.00</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="color: #000000;">&#8211; Book entry DTC transaction, Federal Reserve
                    transaction, principal paydown</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5f71db162bf64a539b65e7400ddf73c4">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div style="color: #000000;">&#9726;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div><font style="color: #000000;">$&#160; 7.00</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="color: #000000;">&#8211; Repurchase agreement, reverse repurchase
                    agreement, time deposit/CD or other non-depository transaction</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1301d1be5c3341c58cc1ba4926a7ff1c">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div style="color: #000000;">&#9726;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div><font style="color: #000000;">$&#160; 8.00</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="color: #000000;">&#8211; Option/SWAPS/future contract written,
                    exercised or expired</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfb5668e37fe7410684c85c7e4dc5668b">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div style="color: #000000;">&#9726;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div><font style="color: #000000;">$15.00</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="color: #000000;">&#8211; Mutual fund trade, Margin Variation Wire and
                    outbound Fed wire</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za4d0069b5a56494f84325214974ce693">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div style="color: #000000;">&#9726;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div><font style="color: #000000;">$50.00</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="color: #000000;">&#8211; Physical security transaction</font></div>
              </td>
            </tr>

        </table>
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      <div>
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            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div style="color: #000000;">&#9726;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div><font style="color: #000000;">$&#160; 5.00</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="color: #000000;">&#8211; Check disbursement (waived if U.S. Bancorp is
                    Administrator)</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
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      <div>A transaction is a purchase/sale of a security, free receipt/free delivery, maturity, tender or exchange.</div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">26</font></div>
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      </div>
      <div style="color: #0C2074; font-weight: bold;">&#160;Additional Global Sub-Custodial Services Annual Fee Schedule</div>
      <div>&#160;</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div>A monthly base fee per fund will apply based on the number of foreign securities held. If no global assets are held within a given month, the monthly base charge will not apply for that month.</div>
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            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
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              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">1&#8211;25 foreign securities &#8211; $500; 26&#8211;50 foreign securities &#8211; $1,000; Over 50 foreign securities &#8211; $1,500</div>
              </td>
            </tr>

        </table>
      </div>
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            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div style="color: #000000;">&#9726;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Euroclear &#8211; Eurobonds only.&#160; Eurobonds are held in Euroclear at a standard rate, but other types of securities (including but not limited to equities, domestic market debt and mutual funds) will be subject to a
                  surcharge.&#160; In addition, certain transactions that are delivered within Euroclear or from a Euroclear account to a third party depository or settlement system, will be subject to a surcharge.</div>
              </td>
            </tr>

        </table>
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      <div>
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            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div style="color: #000000;">&#9726;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">For all other markets specified in above grid, surcharges may apply if a security is held outside of the local market.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="font-style: italic;">Miscellaneous Expenses</div>
      <div>
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            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div style="color: #000000;">&#9726;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Tax reclaims that have been outstanding for more than 6 (six) months with the client will be charged $50 per claim.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
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            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div style="color: #000000;">&#9726;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Charges incurred by U.S. Bank, N.A. directly or through sub-custodians for account opening fees, local taxes, stamp duties or other local duties and assessments, stock exchange fees, foreign exchange
                  transactions, postage and insurance for shipping, facsimile reporting, extraordinary telecommunications fees, proxy services and other shareholder communications, recurring administration fees, negative interest charges, overdraft charges
                  or other expenses which are unique to a country in which the client or its clients is investing will be passed along as incurred.</div>
              </td>
            </tr>

        </table>
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      <div>
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            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div style="color: #000000;">&#9726;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">A surcharge may be added to certain miscellaneous expenses listed herein to cover handling, servicing and other administrative costs associated with the activities giving rise to such expenses.&#160; Also, certain
                  expenses are charged at a predetermined flat rate.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfbfbe468af744a599c00b3dcbb0e0041">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div style="color: #000000;">&#9726;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">SWIFT reporting and message fees.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaa1aeb7e830d46f493aa1d7840f7c70f">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">27</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">Exhibit C to the Custody Agreement</div>
      <div>&#160;</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">SHAREHOLDER COMMUNICATIONS ACT AUTHORIZATION</div>
      <div><br>
      </div>
      <div style="text-align: center; margin-left: 72pt; font-weight: bold;">High Income Securities Fund</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div>The Shareholder Communications Act of 1985 requires banks and trust companies to make an effort to permit direct communication between a company which issues securities and the shareholder who votes those securities.</div>
      <div><br>
      </div>
      <div>Unless you specifically require us to NOT release your name and address to requesting companies, we are required by law to disclose your name and address.</div>
      <div><br>
      </div>
      <div>Your &#8220;yes&#8221; or &#8220;no&#8221; to disclosure will apply to all securities U.S. Bank holds for you now and in the future, unless you change your mind and notify us in writing.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
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          <tr>
            <td style="width: 36.09%; vertical-align: top;">
              <div>__X__ YES</div>
            </td>
            <td style="width: 63.83%; vertical-align: top;">
              <div>U.S. Bank is authorized to provide the Fund&#8217;s name, address and security position to requesting companies whose stock is owned by the Company.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 36.09%; vertical-align: top;">&#160;</td>
            <td style="width: 63.83%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 36.09%; vertical-align: top;">
              <div>______ NO</div>
            </td>
            <td style="width: 63.83%; vertical-align: top;">
              <div>U.S. Bank is NOT authorized to provide the Fund&#8217;s name, address and security position to requesting companies whose stock is owned by the Company.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: -72pt; margin-left: 72pt; font-weight: bold;">High Income Securities Fund</div>
      <div><br>
      </div>
      <div>By:&#160;<u> /s/ Andrew Dakos&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
          </u></div>
      <div>&#160;&#160;&#160;&#160;&#160;&#160; Andrew Dakos</div>
      <div><br>
      </div>
      <div>Title: President</div>
      <div><br>
      </div>
      <div>Date: July 24, 2018</div>
      <br>
    </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(K)(I)
<SEQUENCE>5
<FILENAME>servagree.htm
<DESCRIPTION>SERVICING AGREEMENT
<TEXT>
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
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    <div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">SERVICING AGREEMENT</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">THIS SERVICING AGREEMENT</font> (this &#8220;Agreement&#8221;) is made and entered into as of the last day written below, by and between <font style="font-weight: bold;">HIGH
          INCOME SECURITIES FUND, </font>a Massachusetts business trust, (the &#8220;Fund&#8221;)<font style="font-weight: bold;">, </font>and <font style="font-weight: bold;">U.S. BANCORP FUND SERVICES, LLC</font>, (&#8220;USBFS&#8221;).</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;"><font style="font-weight: bold;">WHEREAS</font>, the <font style="color: #000000;">Fund</font> is registered under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;), as <font style="color: #000000;">a
          closed</font>-end <font style="color: #000000;">non-diversified </font>management investment company and <font style="color: #000000;">shares of the Fund are registered under the Securities Act of 1933, as amended (the &#8220;1933 Act&#8221; and together
          with the 1940 Act, the &#8220;Acts&#8221;);</font> and <font style="color: #000000;">WHEREAS, the Custodian is a bank having the qualifications prescribed in Section 26(a)(1) of the 1940 Act; and</font></div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-right: 36pt; color: #000000;"><font style="font-weight: bold;">WHEREAS</font>, USBFS is, among other things, in the business of providing fund administration services for the benefit of its customers; and</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-right: 36pt; color: #000000;"><font style="font-weight: bold;">WHEREAS</font>, the Fund desires to retain USBFS to provide fund administration services to the Fund.</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-right: 36pt; color: #000000;"><font style="font-weight: bold;">NOW, THEREFORE</font>, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt
        of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:</div>
      <div>&#160;</div>
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            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="font-weight: bold;">1.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Appointment of USBFS as Administrator</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div style="margin-right: 36pt; margin-left: 36pt;">The Fund hereby appoints USBFS as administrator and fund accountant of the Fund on the terms and conditions set forth in this Agreement, and USBFS hereby accepts such appointment and agrees to
        perform the services and duties set forth in this Agreement.&#160; The services and duties of USBFS shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against USBFS hereunder.</div>
      <div>&#160;</div>
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              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="font-weight: bold;">2.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Services and Duties of USBFS</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div style="margin-right: 36pt; margin-left: 36pt;">USBFS shall provide the following administration services to the Fund:</div>
      <div>&#160;</div>
      <div>
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              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; color: #000000;">A.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">General Fund Management:</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
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            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt; color: #000000;">(1)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Act as liaison among Fund service providers.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
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                <div style="margin-left: 72pt; color: #000000;">(2)</div>
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                <div style="color: #000000;">Supply:</div>
              </td>
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            <tr>
              <td style="width: 126pt; vertical-align: top; align: right;">
                <div style="margin-left: 107.25pt; color: #000000;">a.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Corporate secretarial services.</div>
              </td>
            </tr>

        </table>
      </div>
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              <td style="width: 126pt; vertical-align: top; align: right;">
                <div style="margin-left: 107.25pt; color: #000000;">b.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Office facilities (which may be in USBFS&#8217;, or an affiliate&#8217;s, own offices).</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
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              <td style="width: 126pt; vertical-align: top; align: right;">
                <div style="margin-left: 107.25pt; color: #000000;">c.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Non-investment-related statistical and research data as reasonably required by the Fund.</div>
              </td>
            </tr>

        </table>
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            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt; color: #000000;">(3)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; color: #000000;">Coordinate the Fund&#8217;s Board of Trustees (the &#8220;Board of Trustees&#8221; or the &#8220;Trustees&#8221;) reasonably required communications, including, but not limited to:</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z03d905df73694367b5c6f4be87952ab3">

            <tr>
              <td style="width: 126pt; vertical-align: top; align: right;">
                <div style="margin-left: 107.25pt; color: #000000;">a.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Prepare meeting agendas and resolutions, with the assistance of the Fund&#8217;s counsel.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9039900b76854394bb1cce049fabe4ac">

            <tr>
              <td style="width: 126pt; vertical-align: top; align: right;">
                <div style="margin-left: 107.25pt; color: #000000;">b.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Prepare reports for the Board of Trustees based on financial and administrative data.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
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              <td style="width: 126pt; vertical-align: top; align: right;">
                <div style="margin-left: 107.25pt; color: #000000;">c.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Evaluate independent auditor.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
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            <tr>
              <td style="width: 126pt; vertical-align: top; align: right;">
                <div style="margin-left: 107.25pt; color: #000000;">d.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">If requested, secure and monitor fidelity bond and director and officer liability coverage, and make the necessary Securities and Exchange Commission (the &#8220;SEC&#8221;) filings relating thereto.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1e83d6a961b549d49163700875137462">

            <tr>
              <td style="width: 126pt; vertical-align: top; align: right;">
                <div style="margin-left: 107.25pt; color: #000000;">e.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">If requested, prepare minutes of meetings of the Board of Trustees and holders of the Shares (collectively, the &#8220;Shareholders&#8221;).</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z72efbfa15c6c4cfc9b71ce9de3d891c1">

            <tr>
              <td style="width: 126pt; vertical-align: top; align: right;">
                <div style="margin-left: 107.25pt; color: #000000;">f.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; color: #000000;">Recommend dividend declarations to the Board of Trustees and prepare and distribute to appropriate parties notices announcing declaration of dividends and other distributions to
                  Shareholders.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdfddc9b163dd4856839a34a1ec34876a">

            <tr>
              <td style="width: 126pt; vertical-align: top; align: right;">
                <div style="margin-left: 107.25pt; color: #000000;">g.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Attend Board of Trustees meetings and present materials for Trustees&#8217; review at such meetings.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb20b305a621d433c98ada6cf5bf70cc5">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt; color: #000000;">(4)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Audits:</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zefbc069858c2451797ff2deaa33b29e0">

            <tr>
              <td style="width: 126pt; vertical-align: top; align: right;">
                <div style="margin-left: 107.25pt; color: #000000;">a.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Prepare appropriate schedules and assist independent auditors.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf158681247634c2c91c462c10b695c14">

            <tr>
              <td style="width: 126pt; vertical-align: top; align: right;">
                <div style="margin-left: 107.25pt; color: #000000;">b.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Provide information to the SEC and facilitate audit process.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfe49508d2a6248a8969cf1987eedbb65">

            <tr>
              <td style="width: 126pt; vertical-align: top; align: right;">
                <div style="margin-left: 107.25pt;">c.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Provide office facilities.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc33acdd1a023458a86cd514558004eec">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt; color: #000000;">(5)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Assist in overall operations of the Fund.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z42af55af7a384d809e91b31153c7b44e">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt; color: #000000;">(6)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Pay Fund expenses upon written authorization from the Fund.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z04d04770c4be485fb1409667176c96e0">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt; color: #000000;">(7)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; color: #000000;">Keep the Fund&#8217;s governing documents, including its certificate of formation, the Operating Agreement (and amendments thereto) and minute books (&#8220;Governing Documents&#8221;), but only to the extent
                  such documents are provided to USBFS by the Fund or its representatives for safe keeping.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div style="margin-left: 72pt;">B<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Compliance</div>
      <div style="margin-left: 72pt;"> <br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6e779dedfecb4b7ca92e8974c83003ff">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">(1)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Regulatory Compliance:</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za2640f908a2e49128900fe1c53801da9">

            <tr>
              <td style="width: 126pt; vertical-align: top; align: right;">
                <div style="margin-left: 107.25pt;">a.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Monitor compliance with the Acts&#8217; requirements, including:</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1af5d3ba78204f9d9d6ea9d17e8e25a2">

          <tr>
            <td style="width: 126pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
            <td style="width: auto; vertical-align: top;">
              <div>Asset and diversification tests.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z70e9ad00bb284824897a1a12d5fe05da">

          <tr>
            <td style="width: 126pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
            <td style="width: auto; vertical-align: top;">
              <div>Total return and SEC yield calculations.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zde72294b59884cb18aeefa61fae796b0">

          <tr>
            <td style="width: 126pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
            <td style="width: auto; vertical-align: top;">
              <div>Documents held by USBFS, maintenance of books and records pursuant to Section 31 of the 1940 Act and the rules thereunder.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z601f09c098924086a5890cba594ccdcd">

          <tr>
            <td style="width: 126pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(iv)</td>
            <td style="width: auto; vertical-align: top;">
              <div>Code of ethics requirements pursuant to Rule 17j-1 under the 1940 Act for the disinterested Trustees.</div>
            </td>
          </tr>

      </table>
      <div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z046564cff7bd4be0aae22a4425fe22a9">

            <tr>
              <td style="width: 126pt; vertical-align: top; align: right;">
                <div style="margin-left: 107.25pt;">b.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Monitor Fund&#8217;s compliance with the policies and investment limitations as set forth in its prospectus (the &#8220;Prospectus&#8221;) and statement of additional information (the &#8220;SAI&#8221;).</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z896c2583003947c9a791f31458e59391">

            <tr>
              <td style="width: 126pt; vertical-align: top; align: right;">
                <div style="margin-left: 107.25pt;">c.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Perform its duties hereunder in compliance with all applicable laws and regulations and provide any sub-certifications reasonably requested by the Fund in connection with: (i) any certification required of the Fund pursuant to the
                  Sarbanes-Oxley Act of 2002 (the &#8220;SOX Act&#8221;) or any rules or regulations promulgated by the SEC thereunder, and (ii) the operation of USBFS&#8217; compliance program as it relates to the Fund provided the same shall not be deemed to change USBFS&#8217;
                  standard of care as set forth herein.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z512d035bf25b4db2b5e9e2867185242c">

            <tr>
              <td style="width: 126pt; vertical-align: top; align: right;">
                <div style="margin-left: 107.25pt;">d.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Monitor applicable regulatory and operational service issues, and update Board of Trustees periodically.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za1a55977ca964df3b5e875f3797b7125">

            <tr>
              <td style="width: 126pt; vertical-align: top; align: right;">
                <div style="margin-left: 107.25pt;">e.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>In order to assist the Fund in satisfying the requirements of Rule 38a-1 under the 1940 Act (the &#8220;Rule&#8221;), USBFS will provide the Fund&#8217;s Chief Compliance Officer with reasonable access to Fund records held by USBFS relating to the
                  services provided by it under this Agreement, and will provide quarterly compliance reports and related certifications regarding any Material Compliance Matter (as defined in the Rule) involving USBFS that affect or could affect the Fund.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z243f43118d494f8ab3877ba87abe90a1">

            <tr>
              <td style="width: 126pt; vertical-align: top; align: right;">
                <div style="margin-left: 107.25pt;">f.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>During the terms of this Agreement and upon the Fund&#8217;s reasonable request at a mutually agreeable time, authorized representatives of the Fund may conduct periodic site visits of Fund Administration facilities and inspect related
                  records and procedures solely as it pertains to the fund accounting services for the Fund under or pursuant to this Agreement.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zff98a8db11824f08933b6be3990107ca">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">(2)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>SEC Registration and Reporting:</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbbee2cedb0b247d5be0427bd071f9ee2">

            <tr>
              <td style="width: 126pt; vertical-align: top; align: right;">
                <div style="margin-left: 107.25pt;">a.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Assist Fund counsel in annual update of the Registration Statement and in preparation of proxy statements and information statements, as requested by the Fund.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2f2e8d3689b245a5bc8b34c7d63bf29b">

            <tr>
              <td style="width: 126pt; vertical-align: top; align: right;">
                <div style="margin-left: 107.25pt;">b.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Prepare and file annual and semiannual shareholder reports, Form N-SAR, Form N-CSR, Form N-Q filings and Rule 24f-2 notices.&#160; As requested by the Fund, prepare and file Form N-PX, Form N-CEN and Form N-Port.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf12f8e474eac49208ac1990e12e740d0">

            <tr>
              <td style="width: 126pt; vertical-align: top; align: right;">
                <div style="margin-left: 107.25pt;">c.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Coordinate the printing, filing and mailing of Prospectuses and shareholder reports, and amendments and supplements thereto.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbf25bdcf8f144f3ba8f839fb4bdc4a0f">

            <tr>
              <td style="width: 126pt; vertical-align: top; align: right;">
                <div style="margin-left: 107.25pt;">d.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>File periodic tender offer statements und Rule 13e-4</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z35044fe8719b4b78a041a6284e3e89c3">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">(3)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>IRS Compliance:</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb24c8425624a4974b17309271be54ed5">

            <tr>
              <td style="width: 126pt; vertical-align: top; align: right;">
                <div style="margin-left: 107.25pt;">a.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Monitor the Fund&#8217;s status as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), including without limitation, review of the following:</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z73066b0ffd1e4624b6228379d3c10c19">

          <tr>
            <td style="width: 126pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
            <td style="width: auto; vertical-align: top;">
              <div>Diversification requirements.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7107184b5a8d4f279a0eea9246fc8b44">

          <tr>
            <td style="width: 126pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
            <td style="width: auto; vertical-align: top;">
              <div>Qualifying income requirements.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z849bcf7d0ca144078e02f6c2a31b59f6">

          <tr>
            <td style="width: 126pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
            <td style="width: auto; vertical-align: top;">
              <div>Distribution requirements.</div>
              <div> <br>
              </div>
            </td>
          </tr>

      </table>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z67b59e2691cc444e8a0b7fa664287328">

            <tr>
              <td style="width: 126pt; vertical-align: top; align: right;">
                <div style="margin-left: 107.25pt;">b.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Calculate required distributions (including excise tax distributions).<br>
                  <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd640dec25a0445fa80b83d0cbb8d8b72">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; font-weight: bold;">C</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Financial Reporting:</div>
                <div style="font-weight: bold;"> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7bd9511bd31142909c89d5976a1efeda">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">(1)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Provide financial data required by the Prospectus and SAI.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z37554946513c40fea8b3d8328a08a2cb">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">(2)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Prepare financial reports for officers, shareholders, tax authorities, performance reporting companies, the Board of Trustees, the SEC, and the independent registered public accounting firm.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z15269401e2fb438cba9a4b4107bf8770">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">(3)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Coordinate with the Fund&#8217;s custodians and fund accountants, the Fund&#8217;s data providers, in the maintenance of the Fund&#8217;s general ledger and in the preparation of the Fund&#8217;s financial statements, including oversight of expense accruals
                  and payments, the determination of net asset value and the declaration and payment of dividends and other distributions to shareholders.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z012ca3b2e1bf4c48927679c998153ac0">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">(4)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Compute the yield, total return, expense ratio and portfolio turnover rate of the Fund.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7b2c5dad104a4bd084e6e23981abcbc3">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">(5)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Monitor expense accruals and make adjustments as necessary; notify the Fund&#8217;s management of any adjustments expected to materially affect the Fund&#8217;s expense ratio.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc213997f8fcc4074ac3a3695eff93c03">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">(6)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Prepare financial statements, which include, without limitation, the following items:</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div style="margin-left: 108pt;">a.&#160;&#160; Statement of Cash Flows (if applicable).</div>
      <div>&#160;</div>
      <div style="margin-left: 108pt;">b.&#160;&#160; Schedule of Investments.</div>
      <div>&#160;</div>
      <div style="margin-left: 108pt;">c.&#160;&#160; <font style="color: #000000;">Statement of Assets and Liabilities.</font></div>
      <div>&#160;</div>
      <div style="margin-left: 108pt; color: #000000;">d.&#160;&#160; Statement of Operations.</div>
      <div>&#160;</div>
      <div style="margin-left: 107.25pt;">e.&#160;&#160; Statement of Changes in Net Assets.</div>
      <div>&#160;</div>
      <div style="margin-left: 107.25pt;">f.&#160;&#160; Financial Highlights.</div>
      <div>&#160;</div>
      <div style="margin-left: 107.25pt;">g. Notes to the Financial Statements.</div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1b0450d221494b14b3345b3c43c081f6">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 35.25pt; vertical-align: top; align: right;">(7)</td>
            <td style="width: auto; vertical-align: top;">
              <div>Pursuant to Rule 31a-1(b)(9) of the 1940 Act, prepare quarterly broker security transaction summaries, if applicable.</div>
              <div> <br>
              </div>
            </td>
          </tr>

      </table>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z58fec3a71b374d7b90ab9211fa5f72cf">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; font-weight: bold;">D</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Tax Reporting:</div>
                <div style="font-weight: bold;"> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf6af2c8086d94764809bb92065df6d44">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">(1)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Prepare and file on behalf of Fund management Form 1099 MISC Forms for payments to disinterested Trustees and other qualifying service providers.</div>
                <div style="color: #000000;"> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb93abb72d982496390df83ab05d4a717">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">(2)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Calculate Qualified Dividend Income (&#8220;QDI&#8221;) for qualifying Fund shareholders.</div>
                <div style="color: #000000;"> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaf37fcb1cfbe4c61a746ba143289704d">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; color: #000000; font-weight: bold;">3.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Portfolio Accounting</div>
                <div style="font-weight: bold;"> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zab538e666c3f49338402e623d2e5fc41">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; color: #000000;">A.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Portfolio Accounting Services<br>
                </div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7e1d96560ee9453aab0608a4fcbb87ce">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">(1)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Maintain portfolio records on a trade date+1 basis using security trade and lending platform information communicated from the Fund and communication by lending platform at individual loan trade level.&#160; For each valuation date, obtain
                  prices from a pricing source approved by the board of trustees of the Fund (the &#8220;Board of Trustees&#8221;) and apply those prices to the portfolio positions.&#160; For those securities where market quotations are not readily available, the Board of
                  Trustees shall approve, in good faith, procedures for determining the fair value for such securities and such fair values shall be provided to USBFS and USBFS shall apply those fair values to the relevant portfolio positions.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7a8ab370f1524cd2811bcd77fc8f54ef">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">(2)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Identify interest and dividend accrual balances as of each valuation date and calculate gross earnings on investments for each accounting period.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9843b64ddf4a455b925434526d5a7574">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">(3)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Determine gain/loss on security sales and identify them as short-term or long-term; account for periodic distributions of gains or losses to shareholders and maintain undistributed gain or loss balances as of each valuation date.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z72b9b2971e124ff78c2ab726fd7ae7c9">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">(4)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>On a daily basis, reconcile cash of the Fund with each of the Fund&#8217;s custodians.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbfee19c3799e4497aa9f2b683e4f0884">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">(5)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Reconcile daily loan holdings of the Fund with each loan platforms providers&#8217; data, if provided to USBFS, and Fund&#8217;s custodian records of all loans held under custody by the Fund&#8217;s custodian.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfce4f4f8b4e94e5980967a4fe98548a2">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(6)</td>
            <td style="width: auto; vertical-align: top;">
              <div>On a monthly basis, reconcile loan valuation provided by the Fund&#8217;s valuation agent received by USBFS against Fund&#8217;s portfolio valuation record to insure it is accurately recorded in the Fund.</div>
            </td>
          </tr>

      </table>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zde5ad9a65cf641e3b48e6bf298850b52">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(7)</td>
            <td style="width: auto; vertical-align: top;">
              <div>Transmit a copy of the portfolio valuation to the Fund monthly or as needed on ad-hoc basis.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z48385b987c4d4c358fd9761160b1cf9f">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(8)</td>
            <td style="width: auto; vertical-align: top;">
              <div>Review the impact of current day&#8217;s activity on a per share basis, and review changes in market value.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1d08e3e725024cfa836362318dd59c4d">

            <tr>
              <td style="width: 126pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt;">B.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Expense Accrual and Payment Services:</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd2d4f879b7d94ce2aac60d50fa504cbe">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">(1)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>For each valuation date, calculate the expense accrual amounts as directed by the Fund as to methodology, rate or dollar amount.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z993c96fcef8948b3af52289569078d59">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">(2)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Process and record payments for Fund expenses upon receipt of written authorization from the Fund.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z39de0070135a4a06b1d0512f82a8ba30">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">(3)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Account for Fund expenditures and maintain expense accrual balances at the level of accounting detail, as agreed upon by USBFS and the Fund on a periodic review basis<br>
                  <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb9dc5ce71c994164b87abd8bff5ae374">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">(4)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Provide expense accrual for approval and payment reporting.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc36fd2565beb43419c77aedda3ae4d56">

            <tr>
              <td style="width: 126pt; vertical-align: top; align: right;">
                <div style="margin-left: 40.5pt;">C.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Fund Valuation and Financial Reporting Services:</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z207d17daeeb64a69a3e76e4f6385097a">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">(1)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Account for Fund share purchases, sales, exchanges, transfers, dividend reinvestments, and other Fund share activity as reported by the Fund&#8217;s transfer agent on a timely basis.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd17a7ec0f2e84fbc9807d070bdb2cf0b">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">(2)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Determine net investment income (earnings) for the Fund as of each valuation date.&#160; Account for periodic distributions of earnings to shareholders and maintain undistributed net investment income balances as of each valuation date.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z34f449a659e949dea167c1e5eb236cf0">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">(3)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Determine the net asset value of the Fund according to the Fund&#8217;s policies and procedures.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z41e7ee52bc5b4a3e83c3373e85d4ffa4">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">(4)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Calculate per share net asset value, per share net earnings, and other per share amounts reflective of Fund operations at such time as required by the Fund.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc9c2512f4cf9454ea34318e5e51672a9">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">(5)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Communicate to the Fund, at an agreed upon time in the service operating guideline, the per share net asset value for each valuation date.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z461110047a7a421d92b2a8091e3f1f67">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">(6)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Prepare monthly reports that document the adequacy of accounting detail to support month-end ledger balances.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf88c8b8f6e944665849bcb548e64e764">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">(7)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Prepare monthly security transactions listings.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4765f6c7e21c4823800960a1fbc7f085">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt;">D.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-indent: 36pt;">Tax Accounting Services:</div>
                <div style="text-indent: 36pt;"> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb850b68c54904993b82449547be9b67f">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">(1)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Maintain accounting records for the investment portfolio of the Fund to support the tax reporting required for &#8220;regulated investment companies&#8221; under the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;).</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z93f4e3538dae4c15b92b6de84b4ba06f">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">(2)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Maintain tax lot detail for the Fund&#8217;s investment portfolio.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z74e73ca213e24d80867713ef5ade7cc4">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">(3)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Calculate taxable gain/loss on security sales using the tax lot relief method designated by the Fund.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3b2d8258b02348e489b0f2bfc02dd99b">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">(4)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Provide the necessary financial information to calculate the taxable components of income and capital gains distributions to support tax reporting to the shareholders.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1c2c60c5ccb14580868b1602d36a5753">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">(5)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Provide the required security information to the Fund and its&#8217;Tax provider agent on specific to loan purchase, transaction and modification.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb5fa30b8c8aa4b248550403d5db1161e">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt;">E.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-indent: 36pt;">Compliance Control Services:</div>
                <div style="text-indent: 36pt;"> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7147c44dac424ef6817fa65f7fe4f458">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">(1)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Support reporting to regulatory bodies and support financial statement preparation by making the Fund&#8217;s accounting records available to the Fund, the Securities and Exchange Commission (the &#8220;SEC&#8221;), and the Fund&#8217;s independent registered
                  public accounting firm.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z16e12ebff7e04c2db9c9c9a337982b67">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">(2)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Maintain accounting records according to the 1940 Act and regulations provided thereunder.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4752561b82d54bc5acc75961944fd44c">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">(3)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Perform its duties hereunder in compliance with all applicable laws and regulations and provide any sub-certifications reasonably requested by the Fund in connection with any certification required of the Fund pursuant to the
                  Sarbanes-Oxley Act of 2002 (the &#8220;SOX Act&#8221;) or any rules or regulations promulgated by the SEC thereunder., Cooperate with the Fund&#8217;s independent registered public accounting firm and take all reasonable action in the performance of its
                  obligations under this Agreement to ensure that the necessary information is made available to such firm for the expression of their opinion on the Fund&#8217;s financial statements without any qualification as to the scope of its examination.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z807e8694a4a64550b16b45e5ac8010d5">

            <tr>
              <td style="width: 108pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">(4)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>In order to assist the Fund in satisfying the requirements of Rule 38a-1 under the 1940 Act (the &#8220;Rule&#8221;), USBFS will provide the Fund&#8217;s Chief Compliance Officer with reasonable access to Fund records held by USBFS relating the services
                  provided by it under this Agreement, and will provide quarterly compliance reports and related certifications regarding any Material Compliance Matter (as defined in the Rule) involving USBFS that affect or could affect the Fund.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za2f58dd6e87a4b50bcc01b7ca32b8fb8">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; font-weight: bold;">4.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-indent: 36pt; font-weight: bold;">Security Valuations</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="margin-left: 36pt;"> <br>
      </div>
      <div style="margin-left: 36pt;">For each valuation date, USBFS shall obtain prices from a pricing source approved by the Board of Trustees and apply those prices to the portfolio positions of the Fund.&#160; For those securities where market quotations
        are not readily available, the Board of Trustees shall approve, in good faith, procedures for determining the fair value for such securities.</div>
      <div>&#160;</div>
      <div style="margin-left: 36pt;">If the Fund desires to provide a price that varies from the price provided by the pricing source, the Fund shall promptly notify and supply USBFS with the price of any such security on each valuation date.&#160; All pricing
        changes made by the Fund will be in writing and must specifically identify the securities to be changed by CUSIP or other identifier used, name of security, new price or rate to be applied, and, if applicable, the time period for which the new
        price(s) is/are effective.</div>
      <div>&#160;</div>
      <div style="margin-left: 36pt;">When applicable, USBFS is authorized to rely on fair values provided to USBFS by the Fund or its agents without investigation or verification.</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1668550a58154acca9543d16bcad690f">

            <tr>
              <td style="width: 81pt; vertical-align: top;">
                <div style="margin-left: 36pt; color: #000000; font-weight: bold;">5.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Changes in Accounting Procedures</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div style="margin-left: 36pt;"><font style="color: #000000;">Any resolution passed by the Board of Trustees that affects accounting practices and procedures under this Agreement shall be effective upon written receipt of notice by USBFS.<br>
        </font><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc9e08262ad5c43138467ffd606a74f8a">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; font-weight: bold;">6.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-indent: 36pt;"><font style="font-weight: bold;">Changes in Equipment, Systems, Etc.</font><br>
                  <br>
                  USBFS reserves the right to make changes from time to time, as it deems advisable, relating to its systems, programs, rules, operating schedules and equipment, so long as such changes do not adversely affect the services provided to the
                  Fund under this Agreement.</div>
                <div style="text-indent: 36pt;"> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z63d32e0153464bc586add9cb0e79e52e">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; color: #000000; font-weight: bold;">7.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Compensation</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div style="margin-right: 36pt; margin-left: 36pt;">USBFS shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on <font style="font-weight: bold;"><u>Exhibit A</u></font> hereto
        (as amended from time to time).&#160; USBFS shall also be reimbursed for such appropriately documented miscellaneous expenses (e.g., telecommunication charges, postage and delivery charges, and reproduction charges) as are reasonably incurred by USBFS
        and necessary in performing its duties hereunder.&#160; The Fund shall pay all such fees and reimbursable expenses within thirty (60) calendar days following receipt of the billing notice, except for any fee or expense subject to a good faith dispute.&#160;
        The Fund shall notify USBFS in writing within thirty (60) calendar days following receipt of each invoice if the Fund is disputing any amounts in good faith. The Fund shall pay such disputed amounts within ten (10) calendar days of the day on which
        the parties agree to the amount to be paid.&#160; With the exception of any fee or expense the Fund is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of 1&#189;% per month after the due date. Notwithstanding
        anything to the contrary, amounts owed by the Fund to USBFS shall only be paid out of the assets and property of the Fund.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">8</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div><font style="font-weight: bold;">8.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Representations and Warranties</font></div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4d39766249344ee587c87b6e2fa8bcf6">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt;">A.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>The Fund hereby represents and warrants to USBFS, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfec0ae054a034491be9cd94bc1f3445d">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(1)</td>
            <td style="width: auto; vertical-align: top;">
              <div>It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb2f0c2e60100433fbd0a6285593bc0b6">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(2)</td>
            <td style="width: auto; vertical-align: top;">
              <div>This Agreement has been duly authorized, executed and delivered by the Fund in accordance with all requisite action and constitutes a valid and legally binding obligation of the Fund, enforceable in accordance with its terms, subject to
                bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4e1587ca27c74610b796957c62496f97">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">&#160;(3)</td>
            <td style="width: auto; vertical-align: top;">
              <div>It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there
                is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement; and</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z814385d18d1d4a05a6cf26876aafb277">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(4)</td>
            <td style="width: auto; vertical-align: top;">
              <div>Its entrance into this Agreement shall not cause a material breach or be in material conflict with any other agreement or obligation of the Fund or any law or regulation applicable to it.</div>
              <div> <br>
              </div>
            </td>
          </tr>

      </table>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z87d93694c8a148d79c40fd7cded3960d">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt;">B.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>USBFS hereby represents and warrants to the Fund, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z93af616ef7654dcb8bd8a4ddd970f4e5">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(1)</td>
            <td style="width: auto; vertical-align: top;">
              <div>It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze1f5fb7d54204484baa7b2411582a975">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(2)</td>
            <td style="width: auto; vertical-align: top;">
              <div>This Agreement has been duly authorized, executed and delivered by USBFS in accordance with all requisite action and constitutes a valid and legally binding obligation of USBFS, enforceable in accordance with its terms, subject to
                bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;</div>
            </td>
          </tr>

      </table>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">9</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5f42d628c8f64ff3b335fc20c679f50c">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(3)</td>
            <td style="width: auto; vertical-align: top;">
              <div>It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there
                is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement; and</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-indent: -36pt; margin-left: 108pt;">(4)&#160; &#160; &#160;&#160; It is not a party to any, and there are no, pending or threatened actions of any nature against it or its properties or assets which could, individually or in the aggregate, have a
        material effect upon its business or financial condition; there is no statute, rule, regulation, injunction, order,&#160; judgment or decree binding on it and no provision of its charter or bylaws binding it or affecting its properties or assets which
        would prohibit its execution or performance of this Agreement;</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0a4983f6a85643168053a09bf6cd889d">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(5)</td>
            <td style="width: auto; vertical-align: top;">
              <div>Its entrance into this Agreement shall not cause a material breach or be in material conflict with any other agreement or obligation of USBFS or any law or regulation applicable to it; and</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z18b330d5a5c24e73b8947a7c6c78cfcd">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">&#160;(6)</td>
            <td style="width: auto; vertical-align: top;">
              <div>It is not a party to any contract or under default under any contractual obligations which materially and adversely affects, or is likely to materially and adversely affect, its ability to perform hereunder.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div><font style="font-weight: bold;">6.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Standard of Care; Indemnification; Limitation of
          Liability</font></div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z63af0e738bdc4c40ad848479ca92c883">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt;">A.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>USBFS shall exercise reasonable care in the performance of its duties under this Agreement.&#160; USBFS shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with its duties under
                  this Agreement, including losses resulting from mechanical breakdowns or the failure of communication or power supplies beyond USBFS&#8217; reasonable control or the failure of the Fund, its agents or service providers (other than USBFS) to
                  provide all required information, except any losses arising out of or relating to USBFS&#8217; refusal or failure to comply with the terms of this Agreement or from its bad faith, negligence, or willful misconduct in the performance of its
                  duties under this Agreement.&#160; Notwithstanding any other provision of this Agreement, if USBFS has exercised reasonable care in the performance of its duties under this Agreement, the Fund shall indemnify and hold harmless USBFS from and
                  against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys&#8217; fees and expenses) that USBFS may sustain or incur or that may be asserted against USBFS by any person arising
                  out of any action taken or omitted to be taken by it in performing the services hereunder or as a result of acting&#160; in reasonable reliance upon any written or oral instruction provided to USBFS by any duly authorized officer of the Fund,
                  as approved by the Board of Trustees of the Fund, or <u>due to the </u>failure of the Fund, its agents or service providers (other than USBFS) to provide all required information, except for any and all claims, demands, losses,
                  expenses, and liabilities arising out of or relating to USBFS&#8217; refusal or failure to comply with the terms of this Agreement or from its bad faith, negligence or willful misconduct in the performance of its duties under this Agreement.&#160;
                  This indemnity shall be a continuing obligation of the Fund, its successors and assigns, notwithstanding the termination of this Agreement.&#160; As used in this paragraph, the term &#8220;USBFS&#8221; shall include USBFS&#8217; directors, officers and
                  employees.</div>
              </td>
            </tr>

        </table>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">10</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="margin-left: 72pt;">USBFS shall indemnify and hold the Fund harmless from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys&#8217; fees and expenses) that the Fund
        may sustain or incur or that may be asserted against the Fund by any person arising out of any action taken or omitted to be taken by USBFS as a result of USBFS&#8217; refusal or failure to comply with the terms of this Agreement, or from its fraud, bad
        faith, negligence, or willful misconduct in the performance of its duties under this Agreement.&#160; This indemnity shall be a continuing obligation of USBFS, its successors and assigns, notwithstanding the termination of this Agreement.&#160; As used in
        this paragraph, the term &#8220;Fund&#8221; shall include the Fund&#8217;s trustees, officers and employees.</div>
      <div>&#160;</div>
      <div style="margin-left: 72pt;">Neither party to this Agreement shall be liable to the other party for consequential, special or punitive damages under any provision of this Agreement or (ii) any delay by reason of circumstances beyond its reasonable
        control, including acts of civil or military authority, national emergences, labor difficulties, fire, mechanical breakdown, flood or catastrophe, acts of God, insurrection, war, riots, or failure beyond its reasonable control of transportation or
        power supply.</div>
      <div>&#160;</div>
      <div style="margin-left: 72pt;">In the event of a mechanical breakdown or failure of communication or power supplies beyond its control, USBFS shall take all reasonable steps to minimize service interruptions for any period that such interruption
        continues.&#160; USBFS will make every reasonable effort to restore any lost or damaged data and correct any errors resulting from such a breakdown at the expense of USBFS.&#160; USBFS agrees that it shall, at all times, have reasonable business continuity,
        cybersecurity and disaster recovery contingency plans with appropriate parties, making reasonable provision for emergency use of electrical data processing functions and equipment.&#160; Representatives of the Fund shall be entitled to inspect USBFS&#8217;
        premises and operating capabilities at any time during regular business hours of USBFS, upon reasonable notice to USBFS.&#160; Moreover, USBFS shall provide the Fund, at such times as the Fund may reasonably require, copies of reports rendered by
        independent registered public accounting firms on the internal controls and procedures of USBFS relating to the services provided by USBFS under this Agreement.</div>
      <div>&#160;</div>
      <div style="margin-left: 72pt;">Notwithstanding the above, USBFS reserves the right to reprocess and correct administrative errors at its own expense.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">11</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zadb298fcae3c44bf8d488a64805a0bc0">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt;">B.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>In order that the indemnification provisions contained in this section shall apply, it is understood that if in any case the indemnitor may be asked to indemnify or hold the indemnitee harmless, the indemnitor shall be fully and
                  promptly advised of all pertinent facts concerning the situation in question, and it is further understood that the indemnitee will use all reasonable care to notify the indemnitor promptly concerning any situation that presents or
                  appears likely to present the probability of a claim for indemnification. The indemnitor shall have the option to defend the indemnitee against any claim that may be the subject of this indemnification.&#160; In the event that the indemnitor
                  so elects, it will so notify the indemnitee and thereupon the indemnitor shall take over complete defense of the claim, and the indemnitee shall in such situation initiate no further legal or other expenses for which it shall seek
                  indemnification under this section.&#160; In the event the indemnitor elects to defend, it shall not settle any claim without indeminitees prior written consent, not to be unreasonably withheld. The indemnitee shall in no case confess any
                  claim or make any compromise or settlement in any case in which the indemnitor will be asked to indemnify the indemnitee except with the indemnitor&#8217;s prior written consent not to be unreasonably withheld.&#160; <br>
                </div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7e7096543e7b4205bd6b2610d5de6743">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt;">C.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>The indemnity and defense provisions set forth in this Section 6 shall indefinitely survive the termination and/or assignment of this Agreement.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z61794b0b84e8415d83321a9fd032a051">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt;">D.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>If USBFS is acting in another capacity for the Fund pursuant to a separate agreement, nothing herein shall be deemed to relieve USBFS of any of its obligations in such other capacity.<br>
                </div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z890da6ee580047e480e233ce051aae70">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt;">E.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>It is understood and expressly stipulated that none of the Trustees, officers, agents or shareholders of the Fund shall be personally liable hereunder.&#160; All persons dealing with the Fund must look solely to the property of the Fund for
                  the enforcement of any claims against the Fund, as neither the Trustees, officers, agents or shareholders assume any personal liability for obligations entered into on behalf of the Fund.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7d627fefb05443d1a9c2ea7d3f935edd">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; color: #000000;">F.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Tax services provided to the Fund by USBFS hereunder, USBFS shall not be <font style="color: #000000;">deemed to act as an income tax return preparer for any purpose including as such term is defined under Section 7701(a)(36) of the
                    IRC, or any successor thereof.&#160; Any information provided by USBFS to a Fund for income tax reporting purposes with respect to any item of income, gain, loss, or credit will be performed solely in USBFS&#8217; administrative capacity. USBFS
                    shall not be required to determine, and shall not take any position with respect to whether, the reasonable belief standard described in Section 6694 of the IRC has been satisfied with respect to any income tax item.&#160; Each Fund, and any
                    appointees thereof, shall have the right to inspect the transaction summaries produced and aggregated by USBFS, and any supporting documents thereto, in connection with the tax reporting services provided to each Fund by USBFS.&#160; USBFS
                    shall not be liable for the provision or omission of any tax advice with respect to any information provided by USBFS to a Fund. The tax information provided by USBFS shall be pertinent to the data and information made available to us,
                    and is neither derived from nor construed as tax advice.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">12</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div><font style="font-weight: bold;">7.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Data Necessary to Perform Services</font></div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="margin-left: 36pt;">The Fund or its agent shall furnish to USBFS the data necessary to perform the services described herein at such times and in such form as mutually agreed upon.</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div>8.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">License of Data; Warranty; Termination of Rights</font></div>
      <div>&#160;</div>
      <div style="margin-left: 36pt;">USBFS has entered into agreements with Bloomberg Finance L.P. (&#8220;Bloomberg&#8221;) to provide data (the &#8220;N-PORT Data&#8221;) for use in or in connection with the reporting requirements under the Rule, including preparation and
        filing of Form N-PORT.&#160; In connection with the provision of the N-PORT Data, Bloomberg requires certain provisions to be included in the Agreement.</div>
      <div>&#160;</div>
      <div style="margin-left: 36pt;">The Fund agrees that it shall (a) comply with all laws, rules and regulations applicable to accessing and using the N-PORT Data, (b) not extract the N-PORT Data from the view-only portal, (c) not use the N-PORT Data
        for any purpose independent of complying with the requirements of Rule 30b1-9 (which prohibition shall include, for the avoidance of doubt, use in risk reporting or other systems or processes (e.g., systems or processes made available
        enterprise-wide for the Fund&#8217;s internal use)), (d) permit audits of its use of the N-PORT Data by Bloomberg, its affiliates or, at the Fund&#8217;s request, a mutually agreed upon third-party auditor (provided that the costs of an audit by a third party
        shall be borne by the Fund), (e) exculpate Bloomberg, its affiliates and their respective suppliers from any liability or responsibility of any kind relating to the Fund&#8217;s receipt or use of the N-PORT Data (including expressly disclaiming all
        warranties).&#160; The Fund further agrees that Bloomberg shall be a third-party beneficiary of the Agreement solely with respect to the foregoing provisions (a) &#8211; (e).</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div><font style="font-weight: bold;">9</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Proprietary and Confidential Information</font></div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="margin-right: 36pt; margin-left: 36pt;">USBFS agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Fund, all records and other information relative to the Fund
        and prior, present, or potential shareholders of the Fund (and clients of said shareholders), and not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, except (i) after
        prior notification to and approval in writing by the Fund, which approval shall not be unreasonably withheld and may not be withheld where USBFS may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) after prior
        notification to and approval in writing by the Fund, when requested to divulge such information by duly constituted authorities, or (iii) when so requested by the Fund.&#160; Records and other information which have become known to the public through no
        wrongful act of USBFS or any of its employees, agents or representatives, and information that was already in the possession of USBFS prior to receipt thereof from the Fund or its agent, shall not be subject to this paragraph.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">13</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="margin-right: 36pt; margin-left: 36pt;">Further, USBFS will adhere to the privacy policies adopted by the Fund pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time.&#160; In this regard, USBFS shall have in
        place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Fund and its
        shareholders.</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="margin-right: 36pt; margin-left: 36pt;">USBFS will provide the Fund with certain copies of third party audit reports (e.g., SSAE 16 or SOC 1) through access to the CCO Portal (limited to two persons) to the extent such reports are
        available and related to services performed or made available by USBFS under this Agreement. &#160;The Fund acknowledges and agrees that such reports are confidential and that it will not disclose such reports except to its employees and service
        providers who have a need to know and have agreed to obligations of confidentiality applicable to such reports.</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div><font style="font-weight: bold;">10.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Records</font></div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="margin-left: 36pt;">USBFS shall keep records relating to the services to be performed hereunder in the form and manner, and for such period, as it may deem advisable and is agreeable to the Fund, but not inconsistent with the rules and
        regulations of appropriate government authorities, in particular, Section 31 of the 1940 Act and the rules thereunder.&#160; USBFS agrees that all such records prepared or maintained by USBFS relating to the services to be performed by USBFS hereunder
        are the property of the Fund and will be preserved, maintained, and made available in accordance with such applicable sections and rules of the 1940 Act and will be promptly surrendered to the Fund or its designee on and in accordance with its
        request<font style="font-weight: bold;">.</font></div>
      <div>&#160;</div>
      <div style="margin-right: 36pt;"><font style="font-weight: bold;">11</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Compliance with Laws</font></div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="margin-left: 36pt;">The Fund has and retains primary responsibility for all compliance matters relating to the Fund, including but not limited to, compliance with the 1940 Act, the Code, the SOX Act, the USA Patriot Act of 2001 and the
        policies and limitations of the Fund relating to its portfolio investments as set forth in its Prospectus and SAI.&#160; USBFS&#8217;s services hereunder shall not relieve the Fund of its responsibilities for assuring such compliance or the Board of
        &#8217;Trustees&#8217; oversight responsibility with respect thereto.</div>
      <div>&#160;</div>
      <div><font style="font-weight: bold;">12</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Term of Agreement; Amendment</font></div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="margin-left: 36pt;">This Agreement shall become effective as of July 24, 2018 and will continue in effect for a period of one (1) year; provided, however, that this Agreement shall terminate automatically in the event that the Fund ceases
        to be registered under the 1940 Act.This Agreement may be terminated by either party upon giving 30 days prior written notice to the other party or such shorter notice period as is mutually agreed upon by the parties. Subsequent to the end of the
        one (1) year period, this Agreement continues until (i) one party gives 30 days prior written notice to the other party or such shorter period as is mutually agreed upon by the parties (ii) or the deregistration of the Fund under the 1940 Act.
        Notwithstanding the foregoing, this Agreement may be terminated by any party upon the breach of the other party of any material term of this Agreement if such breach is not cured within 15 days of notice of such breach to the breaching party.&#160; This
        Agreement may not be amended or modified in any manner except by written agreement executed by USBFS and the Fund, and authorized or approved by the Board of Trustees. In addition, the Fund may, at any time, immediately terminate this Agreement in
        the event of: (i) the liquidation or dissolution of the Fund, or (ii) the appointment of conservator or receiver for USBFS or its affiliates by regulatory authorities or upon the happening of any like event at the direction of an appropriate
        regulatory agency or court of competent jurisdiction.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">14</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1a9bb92c091e409a820fbce0fe909a87">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">13</td>
            <td style="width: auto; vertical-align: top;">
              <div><font style="font-weight: bold;">Early Termination</font>.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="margin-left: 36pt;"><font style="color: #000000;">In the absence of any (i) material breach of this agreement, (ii) the Fund ceasing to be registered under the 1940 Act, or (iii) </font>liquidation or dissolution of the <font style="color: #000000;">Fund, should the Fund otherwise elect to terminate this agreement prior to the end of the one (1) year term, the Fund agrees to pay the following fees</font>:</div>
      <div style="margin-left: 36pt;"> <br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb57b626e7f5a4d239e5ac83c84ad7a1a">

            <tr>
              <td style="width: 90pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">a.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>all monthly fees through the life of the Agreement, including the repayment of any negotiated discounts;</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc2f9bce98946419a972861c8eeee1ea3">

            <tr>
              <td style="width: 90pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">b.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>all reasonable fees associated with converting services to a successor service provider;</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za508a322401c4fada4a23f36e5ac8d36">

            <tr>
              <td style="width: 90pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">c.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>all fees associated with any record retention and/or tax reporting obligations that may not be eliminated due to the conversion to a successor service provider;</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd71b73efaec84dde9ea57e27a4e65746">

            <tr>
              <td style="width: 90pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">d.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>all miscellaneous costs associated with a-c above.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div><font style="font-weight: bold;">14</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Duties in the Event of Termination</font></div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="margin-right: 36pt; margin-left: 36pt;">In the event that, in connection with the termination of this Agreement, a successor to any of USBFS&#8217;s duties or responsibilities hereunder is designated by the Fund by written notice to USBFS,
        USBFS will promptly, upon such termination and at the expense of the Fund(except where the termination was a result of a material breach by USBFS) , transfer to such successor all relevant books, records, correspondence, and other data established
        or maintained by USBFS under this Agreement in a form reasonably acceptable to the Fund (if such form differs from the form in which USBFS has maintained the same, the Fund shall pay any reasonable expenses associated with transferring the data to
        such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from USBFS&#8217;s personnel in the establishment of books, records, and other data by such successor.&#160; If no such successor is
        designated, then such books and records shall be returned to the Fund.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">15</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>&#160;</div>
      <div><font style="font-weight: bold;">15</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Assignment</font></div>
      <div>&#160;</div>
      <div style="margin-left: 36pt;">This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Fund without the written consent
        of USBFS, or by USBFS without the written consent of the Fund accompanied by the authorization or approval of the Fund&#8217;s Board of Trustees.</div>
      <div>&#160;</div>
      <div><font style="font-weight: bold;">16</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Governing Law</font></div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="margin-right: 36pt; margin-left: 36pt;">This Agreement shall be construed in accordance with the laws of the State of New York, without regard to conflicts of law principles.&#160; To the extent that the applicable laws of the State of New
        York, or any of the provisions herein, conflict with the applicable provisions of the Acts, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the Acts or any rule or order of the SEC thereunder.</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div><font style="font-weight: bold;">17</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">No Agency Relationship</font></div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="margin-left: 36pt;">Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the other party to this Agreement, or to conduct business in the name, or for the account, of the other party to this
        Agreement.</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div><font style="font-weight: bold;">18</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Services Not Exclusive</font></div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="margin-left: 36pt;">Nothing in this Agreement shall limit or restrict USBFS from providing services to other parties that are similar or identical to some or all of the services provided hereunder.</div>
      <div>&#160;</div>
      <div><font style="font-weight: bold;">19</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Invalidity</font></div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="margin-left: 36pt;">Any provision of this Agreement that may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
        unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.&#160; In such case, the
        parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.</div>
      <div>&#160;</div>
      <div><font style="font-weight: bold;">20</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Legal Related Services</font></div>
      <div>&#160;</div>
      <div style="margin-left: 36pt;">Nothing in this Agreement shall be deemed to appoint USBFS and its officers, directors and employees as the Fund attorneys, form attorney-client relationships or require the provision of legal advice.&#160; The Fund
        acknowledges that in-house USBFS attorneys exclusively represent USBFS and rely on outside counsel retained by the Fund to review all services provided by in-house USBFS attorneys and to provide independent judgment on the Fund&#8217;s behalf.&#160; Because
        no attorney-client relationship exists between in-house USBFS attorneys and the Fund, any information provided to USBFS attorneys may not be privileged and may be subject to compulsory disclosure under certain circumstances.&#160; USBFS represents that
        it will maintain the confidentiality of information disclosed to its in-house attorneys on a best efforts basis.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">16</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>&#160;</div>
      <div><font style="font-weight: bold;">21</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Notices</font></div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="margin-right: 36pt; margin-left: 36pt;">Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three
        days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party&#8217;s address set forth below:</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="margin-right: 36pt; margin-left: 36pt;">Notice to USBFS shall be sent to:</div>
      <div>&#160;</div>
      <div style="margin-right: 36pt; margin-left: 72pt;">U.S. Bancorp Fund Services, LLC</div>
      <div style="margin-right: 36pt; margin-left: 72pt;">615 East Michigan Street</div>
      <div style="margin-right: 36pt; margin-left: 72pt;">Milwaukee, WI 53202</div>
      <div style="margin-right: 36pt; margin-left: 72pt;">Attn:&#160; President</div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="margin-right: 36pt; margin-left: 36pt;">and notice to the Fund shall be sent to:</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: -36pt; margin-left: 108pt;">High Income Securities Fund</div>
      <div style="text-align: justify; text-indent: -36pt; margin-left: 108pt;">c/o Bulldog Investors, LLC</div>
      <div style="text-align: justify; text-indent: -36pt; margin-left: 108pt; color: #000000;">Park 80 West - Plaza Two 250 Pehle Avenue, Suite 708</div>
      <div style="text-align: justify; text-indent: -36pt; margin-left: 108pt; color: #000000;">Saddle Brook, NJ 07663</div>
      <div style="text-indent: -36pt; margin-left: 108pt; color: #000000;">Attn:</div>
      <div style="text-indent: -36pt; margin-left: 108pt;">Phone:</div>
      <div style="text-indent: -36pt; margin-left: 108pt;">Fax:</div>
      <div>&#160;</div>
      <div><font style="font-weight: bold;">22</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Multiple Originals</font></div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="margin-left: 36pt;">This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument.</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="margin-left: 36pt;">(Signatures on the following page)</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">17</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <br>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date last written below.</div>
      <div>&#160;</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">HIGH INCOME SECURITIES FUND</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">By:<u> /s/ </u><u>Thomas Antonucci</u></div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Name: <u>Thomas Antonucci</u></div>
      <div><br>
      </div>
      <div style="text-align: justify;">Title: <u>Treasurer</u></div>
      <div><br>
      </div>
      <div style="text-align: justify;">Date: <u>July 24, 2018</u></div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: -216pt; margin-left: 216pt; color: #000000; font-weight: bold;">U.S. BANCORP FUND SERVICES, LLC</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">By:____________________________</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Name:__________________________</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Title:___________________________</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Date:</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">18</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">Exhibit A- to the Servicing Agreement</div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="color: #0C2074; font-weight: bold;">Fund Administration &amp; Fund Accounting Services Fee Schedule at July 2018</div>
      <div>&#160;</div>
      <div style="font-style: italic;">Annual Fee Based Upon Average Total Assets Per Fund*</div>
      <div>8 basis points on the first $250 million</div>
      <div>6 basis points on the next $250 million</div>
      <div>4 basis points on the balance</div>
      <div>Minimum Monthly Fee: $8,000 per fund</div>
      <div><br>
      </div>
      <div style="color: #000000;">All schedules subject to change depending upon use of unique security type requiring special pricing or accounting arrangements.</div>
      <div>&#160;</div>
      <div style="color: #0C2074; font-weight: bold;">Chief Compliance Officer Support Fee</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5a50ca2fc1ab411abcca13b0b8a43e02">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div style="color: #000000;">&#9726;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Waived</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div style="color: #0C2074; font-weight: bold;">Data Services</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="font-weight: bold;">Pricing Services</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf7cc16f4962f47ac864d57db8b3f41f8">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div>&#9726;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>$0.08 <font style="color: #000000;">&#8211;</font> Domestic Equities, Options, ADRs, Foreign Equities, Futures, Forwards, Currency Rates, Mutual Funds, ETFs</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7b2a0bc3817c4208b5ecb577256defa9">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div>&#9726;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>$0.50 <font style="color: #000000;">&#8211;</font> Domestic Corporates, Domestic Convertibles, Domestic Governments, Domestic Agencies, Mortgage Backed, Municipal Bonds</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze03795f197874c97bd68f5a77d440f2a">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div>&#9726;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>$0.80 <font style="color: #000000;">&#8211;</font> CMOs, Money Market Instruments, Foreign Corporates, Foreign Convertibles, Foreign Governments, Foreign Agencies,&#160; Asset Backed, High Yield</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za155fbb31b39487580b078b4c21faa3b">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div>&#9726;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>$0.90 <font style="color: #000000;">&#8211;</font> Interest Rate Swaps, Foreign Currency Swaps, Total Return Swaps, Total Return Bullet Swaps</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z811e3ed9e0b440959e3e78f6af7d38b9">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div>&#9726;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>$1.00 <font style="color: #000000;">&#8211;</font> Bank Loans</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7e4e8242a2af4755ab7c6e542b773038">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div>&#9726;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>$1.50 <font style="color: #000000;">&#8211; </font>Swaptions</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za6076d7594a647368a7205c901db2845">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div>&#9726;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>$1.50 <font style="color: #000000;">&#8211; </font>Intraday money market funds pricing, up to 3 times per day</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z04cbef1f856242abae341c5963a1f93f">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div>&#9726;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>$3.00 <font style="color: #000000;">&#8211;</font> Credit Default Swaps</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z42c8dc352c014fd692cddece97b00492">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div>&#9726;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>$500 per Month Manual Security Pricing (&gt;25per day)</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>NOTE: Prices above are based on using U.S. Bancorp primary pricing service which may vary by security type and are subject to change.&#160; Use of alternative and/or additional sources may result in additional fees. Pricing vendors may designate
        certain securities as hard to value or as a non-standard security type, such as CLOs and CDOs, which may result in additional fees.</div>
      <div>&#160;</div>
      <div style="font-weight: bold;">Corporate Action and Factor Services (security paydown)</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfef54bd7c6cf4f97bf74fbffd0e10c91">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div>&#9726;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>$2.00 per Foreign Equity Security per Month</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1221963a9844439ab1806a55bb5181e5">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div>&#9726;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>$1.00 per Domestic Equity Security per Month</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4ac5efc9ea0a439a86214d82110e3e1e">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div style="font-family: Wingdings;">&#9726;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>$2.00 per CMOs, Asset Backed, Mortgage Backed Security per Month</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div style="font-weight: bold;">Third Party Administrative Data Charges (descriptive data for each security)</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zecb11abc129e498e9fedb851cce775e0">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div style="color: #000000;">&#9726;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">$1 per security per month for fund administrative data (based upon U.S. Bancorp standard data services and are subject to change)</div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div style="font-weight: bold;">SEC Modernization Requirements</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1b18bf6575a141f88169cea3f3b15f20">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div>&#9726;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Form N-PORT <font style="color: #000000;">&#8211;</font> $12,000 per year, per Fund&#160; (not required until April 2019)</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zeacf7819e7804c87b180f1d0bd8582db">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div>&#9726;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Form N-CEN <font style="color: #000000;">&#8211;</font> $250 per year, per Fund (not required until April 2019)</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="font-style: italic;">Miscellaneous Expenses</div>
      <div>All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred:</div>
      <div>Fair Value Services, SWIFT processing, customized reporting, third-party data provider costs,(including&#160; Bloomberg, S&amp;P, Moody&#8217;s, Morningstar, GICS, MSCI, Lipper, etc.), postage, stationery, programming, special reports, proxies, insurance,
        EDGAR/XBRL filing, tax e-filing, PFIC monitoring, wash sale reporting (Gainskeeper), retention of records, federal and state regulatory filing fees, expenses from Board of directors meetings, third party auditing and legal expenses, and conversion
        expenses (if necessary).</div>
      <div><br>
      </div>
      <div>Additional services not included above shall be mutually agreed upon at the time of the service being added.&#160; In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or
        regulations require additional work or expenses related to services provided (e.g., compliance with new liquidity risk management and reporting requirements).</div>
      <div><br>
      </div>
      <div>*Subject to annual CPI increase &#8211; All Urban Consumers &#8211; U.S. City Average.</div>
      <div>Fees are calculated pro rata and billed monthly.</div>
    </div>
    <div> <br>
    </div>
    <div style="text-align: center;"> <font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;">19</font></div>
    <div>
      <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"> </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(K)(II)
<SEQUENCE>6
<FILENAME>tranagree.htm
<DESCRIPTION>TRANSFER AGENT SERVICING AGREEMENT
<TEXT>
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    <div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">TRANSFER AGENT SERVICING AGREEMENT</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">THIS AGREEMENT (&#8220;Agreement&#8221;) is made and entered into as of the last day written below, by and between <font style="font-weight: bold;">HIGH INCOME SECURITIES FUND, </font>a Massachusetts
        business trust, (the &#8220;Fund&#8221;) and <font style="font-weight: bold;">U.S. BANCORP FUND SERVICES, LLC</font>, a Wisconsin limited liability company (&#8220;USBFS&#8221;).</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">WHEREAS, the <font style="color: #000000;">Fund</font> is registered under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;), as <font style="color: #000000;">a closed</font>-end <font style="color: #000000;">non-diversified </font>management investment company and <font style="color: #000000;">shares of the Fund are registered under the Securities Act of 1933, as amended (the &#8220;1933 Act&#8221; and together with the 1940 Act, the
          &#8220;Acts&#8221;);</font> and</div>
      <div>&#160;</div>
      <div style="text-indent: 10.5pt;">WHEREAS, USBFS is, among other things, in the business of administering transfer and dividend disbursing agent functions for the benefit of its customers; and</div>
      <div>&#160;</div>
      <div style="text-indent: 10.5pt;">WHEREAS, the Fund desires to retain USBFS to provide transfer and dividend disbursing agent services.</div>
      <div>&#160;</div>
      <div style="text-indent: 10.5pt; color: #000000;">NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto,
        intending to be legally bound, do hereby agree as follows:</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z627b0911405d4f7ba54c3e7dc222666d">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="font-weight: bold;">1.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Appointment of USBFS as Transfer Agent</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="margin-left: 36pt;">The Fund hereby appoints USBFS as transfer agent of the Fund on the terms and conditions set forth in this Agreement, and USBFS hereby accepts such appointment and agrees to perform the services and duties set forth in
        this Agreement.&#160; The services and duties of USBFS shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against USBFS hereunder.</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za304f390009d45008f49dc68c6c8c042">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="font-weight: bold;">2.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Services and Duties of USBFS</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="margin-left: 36pt;"> <br>
      </div>
      <div style="margin-left: 36pt;">USBFS shall provide the following transfer agent and dividend disbursing agent services to the Fund:</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdf79bd5afa194e3c8a2a66a8021db98a">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; color: #000000;">A.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Receive and process all orders for the purchase, exchange, transfer and/or redemption of shares in accordance with Rule 22c-1 under the 1940 Act, other applicable regulations, and as specified in the Funds&#8217;
                  prospectus (the &#8220;Prospectus&#8221;).</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8a9c668be4ba47e0aa0543820711cf1e">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; color: #000000;">B.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Process purchase and redemption orders with prompt delivery, where appropriate, of payment and supporting documentation to the shareholder based on the shareholder&#8217;s or the Fund&#8217;s custodian instructions, and
                  record the appropriate number of shares being held in the appropriate shareholder account.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf7df51b7577f41a3adae2f9b88692cb0">

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              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; color: #000000;">C.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Process redemption requests received in good order and, where relevant, deliver appropriate documentation to the Fund's custodian.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze99cffd785c54550b90734d1275dab23">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; color: #000000;">D.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Pay proceeds upon receipt from the Fund's custodian, where relevant, in accordance with the instructions of redeeming shareholders.</div>
              </td>
            </tr>

        </table>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
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            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; color: #000000;">E.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Process transfers of shares in accordance with the shareholder's instructions, after receipt of appropriate documentation from the shareholder as specified in the Prospectus.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcaf2df7d5b304f42ab725270c2bb0cba">

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              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; color: #000000;">F.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Prepare and transmit payments for dividends and distributions declared by the Fund, after deducting any amount required to be withheld by any applicable laws, rules and regulations and in accordance with
                  shareholder instructions.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z13ccc2dd9f3549a4a845a4b6766b47de">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; color: #000000;">G.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Serve as the Fund&#8217;s agent in connection with systematic plans including, but not limited to, systematic investment plans, systematic withdrawal plans, and systematic exchange plans.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6151412609674c019977603ae5f82a72">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; color: #000000;">H.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Make changes to shareholder records, including, but not limited to, address changes in plans (e.g., systematic withdrawal, automatic investment, dividend reinvestment).</div>
                <div style="color: #000000;"> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4857bd92ae8946bd926335d03fac78c2">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; color: #000000;">I.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Record the issuance of shares of the Fund and maintain, pursuant to Rule 17Ad-10(e) promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), a record of the total number of shares
                  of each Fund which are authorized, issued and outstanding.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf677d102709f497ca132f3f721b684fd">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; color: #000000;">J.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Prepare ad-hoc reports as necessary at prevailing rates.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0322ac55827541bfa2025032a7407437">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; color: #000000;">K.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Mail shareholder reports and Prospectuses to current shareholders.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb2e143bce06b4357ac270863d3d1c6a8">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; color: #000000;">L.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Prepare and file U.S. Treasury Department Forms 1099 and other appropriate information returns required with respect to dividends and distributions for all shareholders.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zab1b8a6b8b754406b8dc33bc95a7403a">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; color: #000000;">M.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Provide shareholder account information upon shareholders or Fund requests and prepare and mail confirmations and statements of account to shareholders for all purchases, redemptions and other confirmable
                  transactions as agreed upon with the Fund.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z00d1a8f972a643fb9d5ad21ef8195bc2">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; color: #000000;">N.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Mail and/or&#160; shareholders&#8217; certifications under penalties of perjury and pay on a timely basis to the appropriate federal authorities any taxes to be withheld on dividends and distributions paid by the Fund, all
                  as required by applicable federal tax laws and regulations.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4d958362e4ca482ebadfc62f274e0f2b">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; color: #000000;">O.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Answer correspondence from shareholders, securities brokers and others relating to USBFS&#8217;s duties hereunder within required time periods established by applicable regulation.</div>
                <div style="color: #000000;"> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
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            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; color: #000000;">P.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Reimburse the Fund each month for all material losses resulting from &#8220;as of&#8221; processing errors for which USBFS is responsible in accordance with the &#8220;as of&#8221; processing guidelines set forth on <u>Exhibit A</u> hereto.</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z700fadf2cbdc400b8fc5edac289984ff">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; color: #000000;">Q.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Provide service and support to financial intermediaries including but not limited to trade placements, settlements and corrections.</div>
              </td>
            </tr>

        </table>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2e3862cdff0346dbb06ecac6d28e0435">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="font-weight: bold;">3.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Lost Shareholder Due Diligence Searches and Servicing</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="margin-left: 36pt;">The Fund hereby acknowledges that USBFS has an arrangement with an outside vendor to conduct lost shareholder searches required by Rule 17Ad-17 under the Securities Exchange Act of 1934, as amended.&#160; Costs associated
        with such searches will be passed through to the Fund as a miscellaneous expense in accordance with the fee schedule set forth in <u>Exhibit C</u> hereto.&#160; If a shareholder remains lost and the shareholder&#8217;s account unresolved after completion of
        the mandatory Rule 17Ad-17 search, the Fund hereby authorizes vendor to enter, at its discretion, into fee sharing arrangements with the lost shareholder (or such lost shareholder&#8217;s representative or executor) to conduct a more in-depth search in
        order to locate the lost shareholder before the shareholder&#8217;s assets escheat to the applicable state.&#160; The Fund hereby acknowledges that USBFS is not a party to these arrangements and does not receive any revenue sharing or other fees relating to
        these arrangements.&#160; Furthermore, the Fund hereby acknowledges that vendor may receive up to 35% of the lost shareholder&#8217;s assets as compensation for its efforts in locating the lost shareholder.</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z07644586957441ebbdc1a125b3581a4e">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="font-weight: bold;">4.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Anti-Money Laundering and Red Flag Identity Theft Prevention Programs</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="margin-left: 36pt;"> <br>
      </div>
      <div style="margin-left: 36pt;">The Fund acknowledges that it has had an opportunity to review, consider and comment upon the written procedures provided by USBFS describing various tools used by USBFS which are designed to promote the detection and
        reporting of potential money laundering activity by monitoring certain aspects of shareholder activity as well as written procedures for verifying a customer&#8217;s identity (collectively, the &#8220;Procedures&#8221;).&#160; Further, the Fund has determined that the
        Procedures, as part of the Fund&#8217;s overall anti-money laundering program and the Red Flag Identity Theft Prevention program, are reasonably designed to prevent the Fund from being used for money laundering or the financing of terrorist activities
        and to achieve compliance with the applicable provisions of the Fair and Accurate Credit Transactions Act of 2003 and the USA Patriot Act of 2001 and the implementing regulations thereunder.</div>
      <div>&#160;</div>
      <div style="margin-left: 36pt;">Based on this determination, the Fund hereby instructs and directs USBFS to implement the Procedures on the Fund&#8217;s behalf, as such may be amended or revised from time to time.&#160; It is contemplated that these Procedures
        will be amended from time to time by the parties as additional regulations are adopted and/or regulatory guidance is provided relating to the Fund&#8217;s anti-money laundering and identity theft responsibilities.</div>
      <div>&#160;</div>
      <div style="margin-left: 36pt; color: #000000; font-weight: bold;">USBFS agrees to provide to the Fund:</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8ff4fce5c7ef4669981cb76ef713dfb6">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; color: #000000;">(a)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Prompt written notification of any transaction or combination of transactions that USBFS believes, based on the Procedures, evidence money laundering or identity theft activities in connection with the Fund or
                  any shareholder of the Fund;</div>
                <div style="color: #000000;"> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z26211c3544e04bebb852776c6247ec0b">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; color: #000000;">(b)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Prompt written notification of any customer(s) that USBFS reasonably believes, based upon the Procedures, to be engaged in money laundering or identity theft activities, provided that the Fund agrees not to
                  communicate this information to the customer;</div>
                <div style="color: #000000;"> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z22429b3bd4df4d2aa32928edd075562c">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; color: #000000;">(c)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Any reports received by USBFS from any government agency or applicable industry self-regulatory organization pertaining to USBFS&#8217;s anti-money laundering monitoring or the Red Flag Identity Theft Prevention
                  Program on behalf of the Fund;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z26d79b646a1e40a5996d4dcc95a41e90">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; color: #000000;">(d)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Prompt written notification of any action taken in response to anti-money laundering violations or identity theft activity as described in (a), (b) or (c); and</div>
                <div style="color: #000000;"> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6595121547bf4023939bb8008c384f12">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; color: #000000;">(e)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Certified annual and quarterly reports of its monitoring and customer identification activities on behalf of the Fund.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="margin-left: 36pt;"> <br>
      </div>
      <div style="margin-left: 36pt;">The Fund hereby directs, and USBFS acknowledges, that USBFS shall (i) permit federal regulators access to such information and records maintained by USBFS and relating to USBFS&#8217; implementation of the Procedures, on
        behalf of the Fund, as they may request, and (ii) permit such federal regulators to inspect USBFS&#8217; implementation of the Procedures on behalf of the Fund.</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf2d4db8eef584c7a8eeb01c3ab114983">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="font-weight: bold;">5.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Compensation</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="margin-left: 36pt;"> <br>
      </div>
      <div style="margin-left: 36pt;">USBFS shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on <u>Exhibit B</u> hereto (as amended from time to time).&#160; USBFS shall also be
        reimbursed for such miscellaneous expenses set forth in <u>Exhibit B</u> as are reasonably incurred by USBFS in performing its duties hereunder.&#160; The Fund shall pay all such fees and reimbursable expenses within 30 calendar days following receipt
        of the billing notice, except for any fee or expense subject to a good faith dispute.&#160; The Fund shall notify USBFS in writing within 30 calendar days following receipt of each invoice if the Fund is disputing any amounts in good faith.&#160; The Fund
        shall pay such disputed amounts within 10 calendar days of the day on which the parties agree to the amount to be paid.&#160; Notwithstanding anything to the contrary, amounts owed by the Fund to USBFS shall only be paid out of assets and property of
        the Fund.</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za239b47827b14a0c9b23d8e236db68fe">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="font-weight: bold;">6.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Representations and Warranties</div>
                <div style="font-weight: bold;"> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z23c1138ddf294283aa13b4d7fbf0da76">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt;">A.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>The Fund hereby represents and warrants to USBFS, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z50f23e19a05944c3bf6e1bc204c4b13a">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(1)</td>
            <td style="width: auto; vertical-align: top;">
              <div>It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6b805ae5ec8c43e1aa64c6a191db2c2a">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(2)</td>
            <td style="width: auto; vertical-align: top;">
              <div>This Agreement has been duly authorized, executed and delivered by the Fund in accordance with all requisite action and constitutes a valid and legally binding obligation of the Fund, enforceable in accordance with its terms, subject to
                bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z551742341eef4ca0bcdffb580ecd29f0">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(3)</td>
            <td style="width: auto; vertical-align: top;">
              <div>It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there
                is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement; and</div>
            </td>
          </tr>

      </table>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z07851ebcf9264c79a2b716d34915953b">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(4)</td>
            <td style="width: auto; vertical-align: top;">
              <div>A registration statement under the 1940 Act and the Securities Act of 1933, as amended, will be made effective prior to the effective date of this Agreement and will remain effective during the term of this Agreement, and appropriate
                state securities law filings will be made prior to the effective date of this Agreement and will continue to be made during the term of this Agreement as necessary to enable the Fund to make a continuous public offering of its shares.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3efda6b6a1ca4e85bd5ce8a57e6dd82f">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt;">B.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>USBFS hereby represents and warrants to the Fund, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5753ca3b40e0486080ee70079fa987fe">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(1)</td>
            <td style="width: auto; vertical-align: top;">
              <div>It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf1c6e7a2ad3742c99f60ce972af2ff45">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(2)</td>
            <td style="width: auto; vertical-align: top;">
              <div>This Agreement has been duly authorized, executed and delivered by USBFS in accordance with all requisite action and constitutes a valid and legally binding obligation of USBFS, enforceable in accordance with its terms, subject to
                bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfae700c31254449c86bd8f3cac7d733d">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(3)</td>
            <td style="width: auto; vertical-align: top;">
              <div>It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there
                is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement; and</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd89f07de762e430d8c3b053104c041e9">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(4)</td>
            <td style="width: auto; vertical-align: top;">
              <div>It is a registered transfer agent under the Exchange Act.</div>
              <div> <br>
              </div>
            </td>
          </tr>

      </table>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7e2a704f17d84b499184b754bfd2e6b3">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="font-weight: bold;">7.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Standard of Care; Indemnification; Limitation of Liability</div>
                <div style="font-weight: bold;"> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0fcdcb82f32b47ff8122232d94c55992">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; color: #000000;">A.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">USBFS shall exercise reasonable care in the performance of its duties under this Agreement.&#160; USBFS shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in
                  connection with its duties under this Agreement, including losses resulting from mechanical breakdowns or the failure of communication or power supplies beyond USBFS&#8217;s control, except a loss arising out of or relating to USBFS&#8217;s refusal
                  or failure to comply with the terms of this Agreement or from its bad faith, negligence, or willful misconduct in the performance of its duties under this Agreement.&#160; Notwithstanding any other provision of this Agreement, if USBFS has
                  exercised reasonable care in the performance of its duties under this Agreement, the Fund shall indemnify and hold harmless USBFS from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature
                  (including reasonable attorneys' fees) that USBFS may sustain or incur or that may be asserted against USBFS by any person arising out of any action taken or omitted to be taken by it in performing the services hereunder (i) in accordance
                  with the foregoing standards, or (ii) in reliance upon any written or oral instruction provided to USBFS by any duly authorized officer of the Fund, as approved by the Board of Trustees of the Fund (the &#8220;Board of Trustees&#8221;), except for
                  any and all claims, demands, losses, expenses, and liabilities arising out of or relating to USBFS&#8217;s refusal or failure to comply with the terms of this Agreement or from its bad faith, negligence or willful misconduct in the performance
                  of its duties under this Agreement.&#160; This indemnity shall be a continuing obligation of the Fund, its successors and assigns, notwithstanding the termination of this Agreement.&#160; As used in this paragraph, the term &#8220;USBFS&#8221; shall include
                  USBFS&#8217;s directors, officers and employees.</div>
              </td>
            </tr>

        </table>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="margin-left: 72pt;">USBFS shall indemnify and hold the Fund harmless from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that the Fund may sustain
        or incur or that may be asserted against the Fund by any person arising out of any action taken or omitted to be taken by USBFS as a result of USBFS&#8217;s refusal or failure to comply with the terms of this Agreement, or from its bad faith, negligence,
        or willful misconduct in the performance of its duties under this Agreement.&#160; This indemnity shall be a continuing obligation of USBFS, its successors and assigns, notwithstanding the termination of this Agreement.&#160; As used in this paragraph, the
        term &#8220;Fund&#8221; shall include the Fund&#8217;s directors, officers and employees.</div>
      <div>&#160;</div>
      <div style="margin-left: 72pt;">Neither party to this Agreement shall be liable to the other party for consequential, special or punitive damages under any provision of this Agreement.</div>
      <div>&#160;</div>
      <div style="margin-left: 72pt;">In the event of a mechanical breakdown or failure of communication or power supplies beyond its reasonable control, USBFS shall take all reasonable steps to minimize service interruptions for any period that such
        interruption continues.&#160; USBFS will make every reasonable effort to restore any lost or damaged data and correct any errors resulting from such a breakdown at the expense of USBFS.&#160; USBFS agrees that it shall, at all times, have reasonable business
        continuity and disaster contingency plans with appropriate parties, making reasonable provision for emergency use of electrical data processing equipment to the extent appropriate equipment is available.&#160; Representatives of the Fund shall be
        entitled to inspect USBFS&#8217;s premises and operating capabilities at any time during regular business hours of USBFS, upon reasonable notice to USBFS.&#160; Moreover, USBFS shall provide the Fund, at such times as the Fund may reasonably require, copies
        of reports rendered by independent accountants on the internal controls and procedures of USBFS relating to the services provided by USBFS under this Agreement.</div>
      <div>&#160;</div>
      <div style="margin-left: 72pt; color: #000000;">Notwithstanding the above, USBFS reserves the right to reprocess and correct administrative errors at its own expense.</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze65770c0137848229763112ae92c4e08">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; color: #000000;">B.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">In order that the indemnification provisions contained in this section shall apply, it is understood that if in any case the indemnitor may be asked to indemnify or hold the indemnitee harmless, the indemnitor
                  shall be fully and promptly advised of all pertinent facts concerning the situation in question, and it is further understood that the indemnitee will use all reasonable care to notify the indemnitor promptly concerning any situation that
                  presents or appears likely to present the probability of a claim for indemnification.&#160; The indemnitor shall have the option to defend the indemnitee against any claim that may be the subject of this indemnification.&#160; In the event that the
                  indemnitor so elects, it will so notify the indemnitee and thereupon the indemnitor shall take over complete defense of the claim, and the indemnitee shall in such situation initiate no further legal or other expenses for which it shall
                  seek indemnification under this section.&#160; The indemnitee shall in no case confess any claim or make any compromise in any case in which the indemnitor will be asked to indemnify the indemnitee except with the indemnitor&#8217;s prior written
                  consent.</div>
              </td>
            </tr>

        </table>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcb824ccf6c814cbfa900b8a664f116f3">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; color: #000000;">C.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">The indemnity and defense provisions set forth in this Section 7 shall indefinitely survive the termination and/or assignment of this Agreement.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z882b63615d934a6ea17c363559b9fb81">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt; color: #000000;">D.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">If USBFS is acting in another capacity for the Fund pursuant to a separate agreement, nothing herein shall be deemed to relieve USBFS of any of its obligations in such other capacity.</div>
                <div style="color: #000000;"> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z29117509cdcf4ab8ba81eda26e5eaee5">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="font-weight: bold;">8.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Data Necessary to Perform Services</div>
                <div style="font-weight: bold;"> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div style="margin-left: 36pt;">The Fund or its agent shall furnish to USBFS the data necessary to perform the services described herein at such times and in such form as mutually agreed upon.</div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb4166d77274941ff97bb9bd9c927134b">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="font-weight: bold;">9.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Proprietary and Confidential Information</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="margin-left: 36pt;"> <br>
      </div>
      <div style="margin-left: 36pt;">USBFS agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Fund, all records and other information relative to the Fund and prior, present,
        or potential shareholders of the Fund (and clients of said shareholders), and not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, except (i) after prior notification to
        and approval in writing by the Fund, which approval shall not be unreasonably withheld and may not be withheld where USBFS may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such
        information by duly constituted authorities, or (iii) when so requested by the Fund.&#160; Records and other information which have become known to the public through no wrongful act of USBFS or any of its employees, agents or representatives, and
        information that was already in the possession of USBFS prior to receipt thereof from the Fund or its agent, shall not be subject to this paragraph.</div>
      <div>&#160;</div>
      <div style="margin-left: 36pt;">Further, USBFS will adhere to the privacy policies adopted by the Fund pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time.&#160; In this regard, USBFS shall have in place and maintain
        physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Fund and its shareholders.</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za518527995ce40dcb7e8cc812129eb56">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="font-weight: bold;">10.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Records</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="margin-left: 36pt;"><font style="color: #000000;"> <br>
        </font></div>
      <div style="margin-left: 36pt;"><font style="color: #000000;">USBFS shall keep records relating to the services to be performed hereunder in the form and manner, and for such period, as it may deem advisable and is agreeable to the Fund, but not </font>inconsistent<font style="color: #000000;"> with the rules and regulations of appropriate government authorities, in particular, Section 31 of the 1940 Act and the rules thereunder.&#160; USBFS agrees that all such records prepared or maintained by USBFS relating to the
          services to be performed by USBFS hereunder are the property of the Fund and will be preserved, maintained, and made available in accordance with such applicable sections and rules of the 1940 Act and will be promptly surrendered to the Fund or
          its designee on and in accordance with its request.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd9e960ac312e45048848e259e011e0ad">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div style="font-weight: bold;">11.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-indent: 18pt; font-weight: bold;">Compliance with Laws</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="margin-left: 36pt;"> <br>
      </div>
      <div style="margin-left: 36pt;">The Fund has and retains primary responsibility for all compliance matters relating to the Fund, including but not limited to compliance with the 1940 Act, the Internal Revenue Code of 1986, the Sarbanes-Oxley Act of
        2002, the USA Patriot Act of 2001 and the policies and limitations of the Fund relating to its portfolio investments as set forth in its Prospectus and statement of additional information.&#160; USBFS&#8217;s services hereunder shall not relieve the Fund of
        its responsibilities for assuring such compliance or the Board of Trustee&#8217;s oversight responsibility with respect thereto.</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0adf717933a64ebbb4a3ab0327abcae7">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="font-weight: bold;">12.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Duties in the Event of Termination</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="margin-left: 36pt;"> <br>
      </div>
      <div style="margin-left: 36pt;">In the event that, in connection with termination, a successor to any <font style="font-weight: bold;">of USBFS&#8217;s duties or responsibilities hereunder is designated by the Fund by</font> written notice to USBFS, USBFS
        will promptly, upon such termination and at the expense of the Fund, transfer to such successor all relevant books, records, correspondence, and other data established or maintained by USBFS under this Agreement in a form reasonably acceptable to
        the Fund (if such form differs from the form in which USBFS has maintained the same, the Fund shall pay any expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities,
        including provision for assistance from USBFS&#8217;s personnel in the establishment of books, records, and other data by such successor.&#160; The Fund shall also pay any fees associated with record retention and/or tax reporting obligations that may not be
        eliminated due to a conversion to a successor provider.&#160; If no such successor is designated, then such books, records and other data shall be returned to the Fund.</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9cc052afdd75441c8223d29e90a88fc0">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="font-weight: bold;">13.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Term of Agreement; Amendment</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="margin-left: 36pt;"> <br>
      </div>
      <div style="margin-left: 36pt;">This Agreement shall become effective as of September 8, 2018 and will continue in effect for a period of one (1) year; provided, however, that this Agreement shall terminate automatically in the event that the Fund
        ceases to be registered under the 1940 Act. This Agreement may be terminated by either party upon giving 30 days prior written notice to the other party or such shorter notice period as is mutually agreed upon by the parties. Subsequent to the end
        of the one (1) year period, this Agreement continues until (i) one party gives 30 days prior written notice to the other party or such shorter period as is mutually agreed upon by the parties (ii) or the deregistration of the Fund under the 1940
        Act. Notwithstanding the foregoing, this Agreement may be terminated by any party upon the breach of the other party of any material term of this Agreement if such breach is not cured within 15 days of notice of such breach to the breaching party.&#160;
        This Agreement may not be amended or modified in any manner except by written agreement executed by USBFS and the Fund, and authorized or approved by the Board of Trustees.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">8</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div><font style="font-weight: bold;">14.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Early Termination</font></div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="margin-left: 36pt;"><font style="color: #000000;">In the absence of any (i) material breach of this agreement, (ii) the Fund ceasing to be registered under the 1940 Act, or (iii) </font>liquidation or dissolution of the <font style="color: #000000;">Fund, should the Fund otherwise elect to terminate this agreement prior to the end of the one (1) year term, the Fund agrees to pay the following fees</font>:</div>
      <div style="margin-left: 36pt;">:</div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zee2e934e6ac94263ac831304291fef91">

            <tr>
              <td style="width: 90pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">a.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>all monthly fees through the life of the Agreement, including the repayment of any negotiated discounts;</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb86232dbc1704084b6c788b912bfcad0">

            <tr>
              <td style="width: 90pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">b.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>all fees associated with converting services to successor service provider;</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb9201f0def044998a45f7efc6be6ad44">

            <tr>
              <td style="width: 90pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">c.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>all fees associated with any record retention and/or tax reporting obligations that may not be eliminated due to the conversion to a successor service provider;</div>
                <div> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5deab18b6afb4b0fb8ac0a84df5c5b62">

            <tr>
              <td style="width: 90pt; vertical-align: top; align: right;">
                <div style="margin-left: 72pt;">d.</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>all miscellaneous costs associated with a-c above.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div><font style="font-weight: bold;">15.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Assignment</font></div>
      <div>&#160;</div>
      <div style="margin-left: 36pt;">This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Fund without the written consent
        of USBFS, or by USBFS without the written consent of the Fund accompanied by the authorization or approval of the Fund&#8217;s Board of Trustees.</div>
      <div>&#160;</div>
      <div><font style="font-weight: bold;">16.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Governing Law</font></div>
      <div>&#160;</div>
      <div style="margin-left: 36pt; color: #000000;">This Agreement shall be governed by and construed in accordance with the laws of the State of Wisconsin, without regard to conflicts of law principles.&#160; To the extent that the applicable laws of the
        State of Wisconsin, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the 1940 Act or any rule or order of the
        Securities and Exchange Commission thereunder.</div>
      <div>&#160;</div>
      <div><font style="font-weight: bold;">17.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">No Agency Relationship</font></div>
      <div>&#160;</div>
      <div style="margin-left: 36pt;">Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the other party to this Agreement, or to conduct business in the name, or for the account, of the other party to this
        Agreement.</div>
      <div>&#160;</div>
      <div><font style="font-weight: bold;">18.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Services Not Exclusive</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; margin-left: 36pt;">Nothing in this Agreement shall limit or restrict USBFS from providing services to other parties that are similar or identical to some or all of the services provided hereunder.</div>
      <div><br>
      </div>
      <div><font style="font-weight: bold;">19.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Invalidity</font></div>
      <div>&#160;</div>
      <div style="margin-left: 36pt;">Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
        unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.&#160; In such case, the
        parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.</div>
      <div>&#160;</div>
      <div><font style="font-weight: bold;">20.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Notices</font></div>
      <div>&#160;</div>
      <div style="margin-left: 36pt;">Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by
        registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party&#8217;s address set forth below:</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">9</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>&#160;</div>
      <div style="margin-left: 18pt;">Notice to USBFS shall be sent to:</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-left: 72pt;">U.S. Bancorp Fund Services, LLC</div>
      <div style="text-indent: 36pt; margin-left: 72pt;">615 East Michigan Street</div>
      <div style="text-indent: 36pt; margin-left: 72pt;">Milwaukee, WI 53202</div>
      <div><br>
      </div>
      <div style="text-indent: 108pt;">Att.: President</div>
      <div><br>
      </div>
      <div style="margin-left: 18pt;">and</div>
      <div>&#160;</div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="margin-left: 18pt;">Notice to the Fund shall be sent to:</div>
      <div>&#160;</div>
      <div style="text-align: justify; margin-left: 108pt;">High Income Securities Fund</div>
      <div style="text-align: justify; margin-left: 108pt;">c/o Bulldog Investors, LLC</div>
      <div style="text-align: justify; margin-left: 108pt; color: #000000;">Park 80 West - Plaza Two 250 Pehle Avenue, Suite 708</div>
      <div style="text-align: justify; margin-left: 108pt; color: #000000;">Saddle Brook, NJ 07663</div>
      <div style="margin-left: 108pt; color: #000000;">Attn:</div>
      <div style="margin-left: 108pt;">Phone:</div>
      <div style="margin-left: 108pt;">Fax:</div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div><font style="font-weight: bold;">20.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">Multiple Originals</font></div>
      <div>&#160;</div>
      <div style="margin-left: 36pt;">This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument.</div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">Signatures on the following page</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">10</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the last date written below.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="font-weight: bold;">HIGH INCOME SECURITIES FUND</div>
      <div>&#160;</div>
      <div style="text-align: justify; color: #000000;">By:<u> /s/ </u><u>Thomas Antonucci</u></div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">Name: <u>Thomas Antonucci</u></div>
      <div><br>
      </div>
      <div style="text-align: justify;">Title: <u>Treasurer</u></div>
      <div><br>
      </div>
      <div style="text-align: justify;">Date: <u>July 24, 2018</u></div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="font-weight: bold;">U.S. BANCORP FUND SERVICES, LLC</div>
      <div>&#160;</div>
      <div style="font-weight: bold;">By:________________________________</div>
      <div>&#160;</div>
      <div style="font-weight: bold;">Name:_____________________________</div>
      <div>&#160;</div>
      <div style="font-weight: bold;">Title:______________________________</div>
      <div>&#160;</div>
      <div style="font-weight: bold;">Date:</div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">11</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">Exhibit A <font style="color: #000000;">to the</font></div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">Fund <font style="color: #000000;">Transfer Agent Servicing Agreement</font></div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000;">As of Processing Policy</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; color: #000000;">USBFS will reimburse each Fund for any Net Material Loss that may exist on the Fund&#8217;s books and for which USBFS is responsible, at the end of each calendar month.&#160; &#8220;Net Material Loss&#8221; shall be defined
        as any remaining loss, after netting losses against any gains, which impacts a Fund&#8217;s net asset value per share by at least &#189; cent.&#160; Gains and losses will be reflected on the Fund&#8217;s daily share sheet, and the Fund will be reimbursed for any net
        material loss on a monthly basis.&#160; USBFS will reset the as of ledger each calendar month so that any losses which do not exceed the materiality threshold of &#189; cent will not be carried forward to the next succeeding month.&#160; USBFS will notify the
        advisor to the Fund on the daily share sheet of any losses for which the advisor may be held accountable.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">Exhibit B to the</div>
      <div style="text-align: center; font-weight: bold;">Fund Transfer Agent Servicing Agreement</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="color: #0C2074; font-weight: bold;">Investor Services/Stock Transfer Agency Fee Schedule at July 2018</div>
      <div>&#160;</div>
      <div style="font-style: italic;">Annual Service Charges to the Fund*</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z477f90385fd94ec2ac3009513afd2768">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div style="color: #000000;">&#9726;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div><font style="color: #000000;">Base Fee Per CUSIP (Annual Income Distributions)</font><font style="color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160; $20,000 per year</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcb1d0bb0f59249b4bf51afb06e2bff4c">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div style="color: #000000;">&#9726;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div><font style="color: #000000;">Base Fee Per CUSIP (Monthly/Quarterly Income Distributions)</font><font style="color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; $25,000 per year</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z49714c1eba3446f89ca3575a1dd46471">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div style="color: #000000;">&#9726;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div><font style="color: #000000;">Open Account&#160;</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 238.5pt" id="TRGRRTFtoHTMLTab"> </font><font style="color: #000000;">$12.00 per open account</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb3441c79fa9b488e90d47c32de191154">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div style="color: #000000;">&#9726;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div><font style="color: #000000;">Closed Accounts</font><font style="color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; $3.00 per closed account</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div style="color: #0C2074; font-weight: bold;">Initial CUSIP Conversion/Setup</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4cc61aa44ea24b658a799f87ee8a9418">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div style="color: #000000;">&#9726;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">CUSIP Setup Fee &#8211; $5,000</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="font-style: italic;">Miscellaneous Expenses</div>
      <div>All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred:</div>
      <div>brokerage fees, telephone toll-free lines, inbound calls, mailing, sorting and postage, stationery, envelopes, service/data conversion, AML verification services, special reports, record retention, lost shareholder search, disaster recovery
        charges, Fed wire charges, shareholder/dealer print out (daily confirms, investor statements, tax, checks, and commissions), voice response (VRU) maintenance and development, data communication and implementation charges, return mail processing,
        travel, FATCA and other compliance mailings.</div>
      <div><br>
      </div>
      <div style="font-style: italic;">Additional Services</div>
      <div>Additional services not included above shall be mutually agreed upon at the time of the service being added.&#160; Available but not included above are the following services- client Web data access, client dedicated line data access, programming
        charges, physical certificate processing, CUSIP setup and additional services mutually agreed upon.</div>
      <div><br>
      </div>
      <div>In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided (e.g., compliance with new liquidity
        risk management and reporting requirements).</div>
      <div><br>
      </div>
      <div>*Subject to annual CPI increase &#8211; All Urban Consumers &#8211; U.S. City Average.</div>
      <div>Fees are calculated pro rata and billed monthly.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">The monthly fee for an open account shall be charged in the month during which an account is opened through the month in which such account is closed. The monthly fee for a closed account shall be charged in the month
        following the month during which such account is closed.</div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;">13</font></div>
      <div><br>
      </div>
      <div>
        <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
      <br>
    </div>
  </div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(L)
<SEQUENCE>7
<FILENAME>legalconsent.htm
<DESCRIPTION>OPINION AND CONSENT OF COUNSEL
<TEXT>
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    <div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z5560f06c6f7046fcb0d5e80c9a2c6d40" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

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              <div style="text-align: center;"><img width="598" height="64" src="image00003.jpg"></div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif;"> </div>
      <div style="text-align: justify;">
        <div><br>
        </div>
        <div style="text-align: right; font-weight: bold;">John Hunt</div>
        <div style="text-align: right; font-weight: bold;">&#160;Partner</div>
        <div style="text-align: right; font-weight: bold;">&#160;T +1 617 338 2961</div>
        <div style="text-align: right; font-weight: bold;">&#160;M +1 617 549 4045</div>
        <div style="text-align: right; font-weight: bold;">&#160;jhunt@sullivanlaw.com</div>
      </div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify;">November 19, 2020</div>
      <div>&#160;</div>
      <div style="text-align: justify;">The Trustees of High Income Securities Fund</div>
      <div style="text-align: justify;">c/o US Bancorp Fund Services, LLC</div>
      <div style="text-align: justify;">615 East Michigan Street</div>
      <div style="text-align: justify;">Milwaukee, Wisconsin 53202</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Re:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; High Income Securities Fund</div>
      <div style="text-align: justify; text-indent: 36pt;"><u>Registration Statement on Form N-2</u></div>
      <div>&#160;</div>
      <div style="text-align: justify;">Ladies and Gentlemen:</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">You have requested our opinion, as special Massachusetts counsel to High Income Securities Fund (the &#8220;<u>Trust</u>&#8221;), a trust with transferable shares established under Massachusetts law pursuant to an Amended and Restated Agreement and Declaration of Trust dated September 19, 2014, as amended
        to date (the &#8220;<u>Declaration of Trust</u>&#8221;), as to certain matters of Massachusetts law relating to the issuance, offer and sale of non-transferrable rights (&#8220;<u>Rights</u>&#8221;) to the Trust&#8217;s holders of record of shares of beneficial interests without par value in the Trust (&#8220;<u>Shareholders</u>&#8221;), which Rights purportedly will allow Shareholders to subscribe for new shares of beneficial interests of the Trust without par value (the &#8220;<u>Shares</u>,&#8221; and together with the Rights, the &#8220;<u>Securities</u>&#8221;).&#160; We understand that our opinion is requested in
        connection with the filing by the Trust with the Securities and Exchange Commission (the &#8220;<u>SEC</u>&#8221;) a pre-effective amendment no. 1 (the &#8220;<u>Amendment</u>&#8221;) to the Trust&#8217;s Registration Statement under the Securities Act of 1933, as amended, and an amendment to the Trust&#8217;s Registration Statement under the Investment Company
        Act of 1940, as amended (as amended, the &#8220;<u>Registration Statement</u>&#8221;).</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">For purposes of rendering the opinions stated herein, we have examined and are familiar with the Declaration of Trust, and we have
        reviewed the forms of the prospectus (the &#8220;<u>Prospectus</u>&#8221;) and statement of additional information (the &#8220;<u>SAI</u>&#8221;) contained in the Registration Statement, as well as records of the actions taken by yourselves as the Trustees of the Trust (the &#8220;<u>Resolutions</u>&#8221;) to (a) authorize and approve the preparation and filing of the Amendment, and (b) authorize the issuance, offer, and sale of the Securities pursuant to the Registration Statement, certified as of the date
        hereof by an officer of the Trust, certificates of officers of the Trust and of public officials as to matters of fact relevant to such opinions, and such other documents and instruments, certified or otherwise identified to our satisfaction, and
        such questions of law and fact, as we have considered necessary or appropriate for purposes of giving such opinions.&#160; We call to your attention that, in doing so, we have assumed the genuineness of the signatures on, and the authenticity of, all
        documents furnished to us, and the conformity to the originals of documents submitted to us as copies, which we have not independently verified.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Our opinion in paragraph 1 below with respect to the valid existence of the Trust in Massachusetts is based solely on a certificate to
        such effect issued by the Secretary of the Commonwealth of Massachusetts.&#160; In addition, our opinion in paragraph 4 is qualified to the extent that enforceability may be limited by and be subject to general principles of equity, regardless of
        whether such enforceability is considered in a proceeding in equity or at law (including concepts of notice and materiality), and by bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors&#8217; and debtors&#8217; rights
        generally (including any state or federal law in respect of fraudulent transfers).</div>
      <div style="font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif;"> <img src="image00006.jpg"></div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
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      <!--PROfilePageNumberReset%Num%2%-%-%-->
      <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;" id="zbd7797b34af2464e80556656bf9023c1">

            <tr>
              <td style="width: 33.33%;">
                <div>
                  <div style="text-align: left;">The Trustees of</div>
                  <div style="text-align: left;">&#160;&#160;High Income Securities Fund</div>
                </div>
              </td>
              <td style="width: 33.33%;">
                <div>&#160;
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">-2-</div>
                </div>
              </td>
              <td style="width: 33.33%;">
                <div>&#160;
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">November 19, 2020</div>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Based upon and subject to the foregoing, we hereby advise you that, in our opinion, under the laws of Massachusetts:</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zc9127acbe73e4070af80b21dfaabb20f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>The Trust is validly existing as a trust with transferable shares of the type commonly called a Massachusetts business trust.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zad2f674513034fe9aa0b449763eebf1b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>The Trust is authorized to issue an unlimited number of shares of beneficial interest without par value.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zda6a4ddf271c4f87a0a1aaed743260c3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Upon the effectiveness of the Amendment, the issuance of the Shares by the Trust will be duly authorized and, when issued and paid for in accordance with the
                Registration Statement, the Prospectus and the Resolutions, will be validly issued, fully paid and non-assessable by the Trust.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z6e33843d78ce4c12b8ea290fe74745b8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Upon the effectiveness of the Amendment, the issuance of the Rights will be duly authorized and, when issued in accordance with the Prospectus and the Resolutions,
                will constitute valid and legally binding obligations of the Trust.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">This letter expresses our opinions as to the provisions of the Declaration of Trust and the laws of Massachusetts applying to business
        trusts generally, but does not extend to the Massachusetts Securities Act, or to federal securities or other laws.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">This opinion is limited to the present laws of The Commonwealth of Massachusetts (as such laws are applied by courts located in
        Massachusetts) and to the present judicial interpretations thereof and to the facts as they presently exist.&#160; We express no opinion with respect to, or as to the effect of the laws of, any other jurisdiction.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">All of the opinions set forth herein are rendered as of the date hereof, and we assume no obligation to update such opinions to
        reflect any facts or circumstances that may hereafter come to our attention or any changes in the law that may hereafter occur.&#160;This opinion letter should be
        interpreted in accordance with the <u>Legal Opinion Principles</u> issued by the Committee on Legal Opinions of the American Bar Association&#8217;s Section of Business
        Law, as published in 53 <font style="font-style: italic;">Business Lawyer</font> 831 (May 1998).</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">This opinion is solely for the benefit of the Trust and its shareholders and may not be otherwise quoted or relied upon by any person
        or entity without our prior express written consent.</div>
      <div>&#160;</div>
      <div style="text-align: center;">*&#160; &#160; &#160; *&#160; &#160;&#160; *</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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      </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;" id="zd83d6dbe649b4a2889d5c6d415500967">

            <tr>
              <td style="width: 33.33%;">
                <div>
                  <div style="text-align: left;">The Trustees of</div>
                  <div style="text-align: left;">&#160;&#160;High Income Securities Fund</div>
                </div>
              </td>
              <td style="width: 33.33%; text-align: center; vertical-align: bottom;">
                <div>&#160;-3-</div>
              </td>
              <td style="width: 33.33%;">
                <div>&#160;
                  <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">November 19, 2020</div>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">We consent to your filing this letter with the SEC as an exhibit to the Amendment, but we do not thereby concede that we come within
        the class of persons whose consent is required under Section 7 of the Securities Act.</div>
      <div>&#160;</div>
      <div style="text-align: justify;">Very truly yours,</div>
      <div><br>
      </div>
      <div style="text-align: justify;">/s/ Sullivan &amp; Worcester LLP</div>
      <div><br>
      </div>
      <div style="text-align: justify;">SULLIVAN &amp; WORCESTER LLP</div>
    </div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div>
      <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"> </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(N)
<SEQUENCE>8
<FILENAME>auditorconsent.htm
<DESCRIPTION>CONSENT OF INDEPENDENT AUDITOR
<TEXT>
<html>
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    <title></title>
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <hr align="center" style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;">
    <div><br>
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      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">We consent to the references to our firm in the Registration Statement on Form N-2 of High Income Securities Fund and to the use of our report dated
        October 28, 2020 on the financial statements and financial highlights of High Income Securities Fund.&#160;&#160; Such financial statements and financial highlights appear in the 2020 Annual Report to Shareholders, which is incorporated by reference into the
        Registration Statement.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-indent: 216pt; font-weight: bold;">/s/ TAIT, WELLER &amp; BAKER LLP</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Philadelphia, Pennsylvania</div>
      <div style="font-weight: bold;">November 19, 2020</div>
      <br>
      <div><br>
      </div>
    </div>
    <div><br>
      <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"><br>
    </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(S)
<SEQUENCE>9
<FILENAME>agentagree.htm
<DESCRIPTION>INFORMATION AGENT AGREEMENT
<TEXT>
<html>
  <head>
    <title></title>
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
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    <hr align="center" style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;">
    <div>
      <div style="text-align: center;"><img width="210" height="60" src="image00007.jpg"></div>
      <div style="text-align: center;"><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: center;">19 Old Kings Highway S., Suite 210, Darien, CT&#160; 06820 &#8226; 203 972 9300 &#8226; Fax 203 621 3333&#160;&#160; www.investor-com.com</div>
      <div><br>
      </div>
      <div>November 16, 2020</div>
      <div><br>
      </div>
      <div>Mr. Phillip Goldstein</div>
      <div>Chairman of the Board</div>
      <div>High Income Securities Fund</div>
      <div>615 East Michigan Street</div>
      <div>Milwaukee, WI 53202</div>
      <div style="text-indent: 72pt;"><br>
      </div>
      <div style="text-align: center; font-weight: bold;">INFORMATION AGENT LETTER OF AGREEMENT</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">This Letter of Agreement sets forth the terms and conditions under which High Income Securities Fund (PCF) agrees to retain
        InvestorCom LLC ("ICOM") as Information Agent during its Rights Offering (the Offer).&#160; The term of the Agreement shall be the term of the Offer, including extensions thereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">1.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>During the term of the Agreement, we will:</div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zd3bcb1702e9b4cf0b51e843aa23c0c28" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt;">(a)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">Monitor any trading activity and make best efforts to identify and profile major street name stockholders;</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z55af6eeb7dc046d39d8a07c05fb4c662" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Communicate with stockholders and brokers, through both outgoing and incoming calls on our toll-free number, to confirm receipt and understanding of the terms of the
                Offer and answer questions relating solely to the Offer;</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="zee17beef262a49ba80e00e350be71a6f" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 72pt;">
                <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; (c)</div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">If requested, handle the issuance of press
                    releases and other public relations activities;</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z466d96725d894097bc03100645d4df0c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>If requested, distribute necessary printed materials to Broadridge, brokers, banks and registered name holders;</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z2922b4f543f84ad28b26f12c398fe904" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 72pt;">
                <div style="text-align: left; font-family: 'Times New Roman',Times,serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (e)</div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left; font-family: 'Times New Roman',Times,serif;">Communicate with back office personnel of brokerage
                    firms and banks to confirm redistribution of materials to beneficial owners.</div>
              </td>
            </tr>

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            <td style="width: 36pt; vertical-align: top; align: right;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>In performing the services outlined in paragraph 1 (a) - (e) above, we will not render investment advice to the holders or others, and will not make recommendations,
                either directly or indirectly, to anyone regarding a decision by such person to participate in the Offer.</div>
            </td>
          </tr>

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      <div>3.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>During the Offer, we will:</div>
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      <div style="text-indent: 36pt;">(a)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Follow up with bank and broker reorganization departments to confirm<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt">&#160;</font>receipt
          of offer material and ensure timely notification to beneficial<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt">&#160;</font>owners;</div>
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            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
            <td style="width: auto; vertical-align: top;">
              <div>Continue to monitor trading activity, establishing contacts at holders to solidify support for the Offer;</div>
            </td>
          </tr>

      </table>
      <div><br>
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          <tr>
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            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
            <td style="width: auto; vertical-align: top;">
              <div>Contact individual beneficial holders to confirm receipt of material, answer questions, explain terms of the Offer, determine likelihood of support for the Offer and
                provide assistance in participating in the Offer;</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>
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            <tr style="vertical-align: top;">
              <td style="width: 18pt;">&#160;</td>
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                <div style="text-align: left;"><font style="font-family: 'Times New Roman',Times,serif;">&#160;&#160;&#160;&#160;&#160; (d)</font></div>
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                <div style="text-align: left;"><font style="font-family: 'Times New Roman',Times,serif;">Contact reorganization departments at all banks and brokerage firms to remind them of the expiration date of the Offer and
                    to determine the responses from their clients.&#160; We will also arrange for brokers to contact<font style="display: inline-block; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font>those clients which have not yet given
                    instructions to participate; and</font></div>
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      <div><br>
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      <div>
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              <td style="vertical-align: top; width: 72pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (e)<br>
                </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div>Follow up with holders whose participation is expected, but which have
                  not yet been received.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
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          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>For our services, you will pay us a non-refundable fee of $5,000.&#160; In the event of a successful Offer, you agree to negotiate a fee of no greater than $2,500 to be
                paid after completion of the Offer.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
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          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">5.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>You represent to us and agree that you will indemnify and hold us harmless against any liability which we may incur by reason of a material omission or misstatement,
                if any, in the Offer material. We will advise you promptly of any claims for any such liability.&#160; You may, at your election, assume the defense of any such action.</div>
            </td>
          </tr>

      </table>
      <div><br>
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          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">6.</td>
            <td style="width: auto; vertical-align: top;">
              <div>We represent to you that we will comply with applicable requirements of law relating to our services.&#160; We further agree not to make any representations not included
                in the Offer material and not to make any recommendations as to whether a stockholder should participate in the Offer.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt;">However, if we do make any representation not included in the Offer material or fail to comply with such laws or make such a
        recommendation, we agree to</div>
      <div style="text-align: justify; margin-left: 36pt;">indemnify and hold you harmless against any liability you may incur by reason of any such representation.</div>
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          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">7.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>We agree to preserve the confidentiality of all non-public information provided by you or your agents for use in providing services under this Agreement, or
                Information developed by us in connection with our services under this Agreement or based upon such non-public information.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-left: 36pt;"><br>
      </div>
      <div><br>
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      <div style="text-align: justify;">8.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>The obligations contained this Agreement shall survive the term of this Agreement.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">&#160; If the above is agreed to by you, please sign, date and return.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
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      <div style="text-indent: 36pt;">
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            <tr>
              <td style="width: 50.00%;">
                <div>&#160;Accepted:<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 216pt"> <br>
                  </font></div>
              </td>
              <td style="width: 50.00%;">
                <div>&#160;Sincerely,</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50.00%;">
                <div>&#160;</div>
              </td>
              <td style="width: 50.00%;">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50.00%;">
                <div>
                  <div style="text-align: left;">HIGH INCOME SECURITIES FUND<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 216pt"> <br>
                    </font></div>
                </div>
              </td>
              <td style="width: 50.00%;">
                <div>INVESTORCOM LLC</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50.00%;">
                <div>&#160;</div>
              </td>
              <td style="width: 50.00%;">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50.00%;" rowspan="1">
                <div>By:_____________________________</div>
                <div>
                  <div style="text-align: left;">Name:<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font></div>
                  <div style="text-align: left;">Title:</div>
                   </div>
              </td>
              <td style="width: 50.00%;" rowspan="1">
                <div>By: <u>/s/</u><u>John Glenn Grau&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
                      </u></div>
                <div style="margin-left: 18pt;">John Glenn Grau</div>
                <div style="margin-left: 18pt;">President </div>
              </td>
            </tr>
            <tr>
              <td style="width: 50.00%;" rowspan="1">&#160;</td>
              <td style="width: 50.00%;" rowspan="1">&#160;</td>
            </tr>
            <tr>
              <td style="width: 50.00%;" rowspan="1">Date:______________________________<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 252pt"> <br>
                </font></td>
              <td style="width: 50.00%;" rowspan="1">Date:______________________________<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 252pt"> <br>
                </font></td>
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      <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"> </div>
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<DOCUMENT>
<TYPE>EX-99.(T)
<SEQUENCE>10
<FILENAME>subagree.htm
<DESCRIPTION>SUBSCRIPTION AGENT AGREEMENT
<TEXT>
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      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">SUBSCRIPTION AND INFORMATION AGENT AGREEMENT</div>
      <div style="color: rgb(0, 0, 0);">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">This Subscription and Information Agent Agreement (the &#8220;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Agreement</font>&#8221;) is entered into as of this 29 day of July 2020 (the &#8220;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Effective Date</font>&#8221;), by and between, the
        High Income Securities Fund, organized and existing under the laws of Massachusetts a business trust, and Broadridge Corporate Issuer Solutions, Inc., a corporation having its principal offices in Edgewood, New York (<font style="font-weight: bold;"><u style="border-bottom: 1px solid;">&#8220;</u></font><font style="font-weight: bold; font-style: italic;"><u style="border-bottom: 1px solid;">Broadridge</u></font><font style="font-weight: bold;"><u style="border-bottom: 1px solid;">&#8221;</u></font>).</div>
      <div style="color: rgb(0, 0, 0);">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);"><u style="border-bottom: 1px solid;">[NTD - -THE LANGUAGE IN THIS PARAGRAPH IS TO BE CONFORMED TO
            THE CURRENT OFFERING TERMS - WHEREAS, pursuant</u></font><font style="color: rgb(0, 0, 0);"> to a <font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u style="border-bottom: 1px solid;">rights</u></font> offering (the
          &#8220;<font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; font-style: italic;"><u style="border-bottom: 1px solid;">Rights </u></font><font style="font-weight: bold; font-style: italic;">Offering</font>&#8221;), <font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u style="border-bottom: 1px solid;">the </u></font>record a<font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u style="border-bottom: 1px solid;">nd beneficial holders of the Corporation&#8217;s common stock, par value $.01 per share (the &#8220;</u></font><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; font-style: italic;"><u style="border-bottom: 1px solid;">Common
              Stock</u></font><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u style="border-bottom: 1px solid;">&#8221;) will be given the right (the &#8220;</u></font><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; font-style: italic;"><u style="border-bottom: 1px solid;">Subscription Rights</u></font><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u style="border-bottom: 1px solid;">&#8221;) to subscribe for an
              aggregate of approximately 5,565,006 shares of Common Stock, in each case as more fully set forth in a [prospectus/private placement memorandum] and related offering documents (the &#8220;</u></font><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; font-style: italic;"><u style="border-bottom: 1px solid;">Offering Documents</u></font><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u style="border-bottom: 1px solid;">&#8221;)
              to be prepared by the Corporation [and filed with the Securities and Exchange Commission] for the purpose of effecting the Rights Offering; and]</u></font></font></div>
      <div style="color: rgb(0, 0, 0);">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);"><u style="border-bottom: 1px solid;">WHEREAS, the</u></font><font style="color: rgb(0, 0, 0);">
          Corporation has authorized and directed the Agent to hold funds<font style="font-family: 'Times New Roman',Times,serif;"><strike>&#160;</strike></font><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u style="border-bottom: 1px solid;">submitted by stockholders who exercise Subscription Rights</u></font> (the &#8220;<font style="font-weight: bold; font-style: italic;">Subscription Funds</font>&#8221;) in accordance with the terms and provisions<font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u style="border-bottom: 1px solid;"> of this Agreement</u></font>; and</font></div>
      <div style="color: rgb(0, 0, 0);">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">WHEREAS</font><font style="color: rgb(0, 0, 0);">, upon the terms and conditions set forth in the <font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u style="border-bottom: 1px solid;">applicable </u></font>Offering <font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u style="border-bottom: 1px solid;">Documents</u></font>, the Agent will record <font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u style="border-bottom: 1px solid;">properly exercised Subscription Rights from holders of the Common Stock
              on the Record Date (as defined in the applicable Offering Documents)</u></font>, as well as record and deposit the Subscription <font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u style="border-bottom: 1px solid;">Funds</u></font>
          for the purchase of the <font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u style="border-bottom: 1px solid;">shares of Common Stock pursuant to the Rights </u></font>Offering<font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u style="border-bottom: 1px solid;">; and</u></font></font></div>
      <div style="color: rgb(0, 0, 0);">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">WHEREAS</font><font style="color: rgb(0, 0, 0);">, the Corporation desires that Broadridge act as <font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u style="border-bottom: 1px solid;">both </u></font>Subscription Agent and Information Agent <font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u style="border-bottom: 1px solid;">under</u></font> the <font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u style="border-bottom: 1px solid;">Rights Offering</u></font> (the &#8220;<font style="font-weight: bold; font-style: italic;">Agent</font>&#8221;), and Broadridge has indicated its willingness to do so.</font></div>
      <div style="color: rgb(0, 0, 0);">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">NOW, THEREFORE</font><font style="color: rgb(0, 0, 0);">, in consideration of the mutual covenants
          contained herein, the parties hereto agree as follows:</font></div>
      <div style="color: rgb(0, 0, 0);">&#160;</div>
      <div style="text-indent: 50.4pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">1.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 21.6pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Appointment of Subscription and Information Agent</font>.&#160;
          The Corporation hereby confirms the appointment of Broadridge<font style="font-weight: bold;"><u style="border-bottom: 1px solid;"> as</u></font> Agent, and Broadridge hereby agrees to serve as <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">Agent</u></font>, upon the terms and conditions set forth herein.</font></div>
      <div style="color: rgb(0, 0, 0);">&#160;</div>
      <div style="text-indent: 50.4pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">2.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 21.6pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Acceptance and Receipt of Subscription Documents</font>.</font></div>
      <div style="color: rgb(0, 0, 0);">&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">A.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">After receiving from the Corporation acknowledgement of the <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">commencement</u></font> of the <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">Rights </u></font>Offering, the Agent shall <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">promptly</u></font> mail to each holder of Common Stock as of
          the Record Date <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">(a)&#160;the appropriate Offering Documents</u></font> as approved by the Corporation (which shall specify that the <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">exercise of </u></font>Subscription R<font style="font-weight: bold;"><u style="border-bottom: 1px solid;">ights</u></font> shall be effected, and risk of loss of Subscription Funds shall pass, only upon
          receipt by the Agent of the properly completed Subscription <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">Certificate (as defined in the Offering Documents) and Subscription</u></font> Funds required to effect the <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">exercise of </u></font>Subscription <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">Rights under</u></font> the<font style="font-weight: bold;"><u style="border-bottom: 1px solid;"> Rights</u></font> Offering) and (b)&#160;an envelope addressed to the Agent for use by such holder in <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">exercising</u></font> his or her
          Subscription R<font style="font-weight: bold;"><u style="border-bottom: 1px solid;">ights</u></font> (the&#160; &#8220;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Mailing</font>&#8221;).</font></div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div>
        <div>Document Number: 24784v5</div>
        <div>Broadridge Confidential</div>
        <font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> </font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">1</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><font style="font-weight: bold;"><u style="border-bottom: 1px solid;">B.</u></font>The Agent, upon receipt of <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">Subscription Funds and </u></font>duly, completely and correctly
          executed <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">Subscription Certificates and other documents for the exercise of Subscription Rights</u></font>, shall make note of such S<font style="font-weight: bold;"><u style="border-bottom: 1px solid;">ubscriptions</u></font> and<font style="font-weight: bold;"><u style="border-bottom: 1px solid;"> Subscription</u></font> Funds with respect of the amount of&#160;<font style="font-weight: bold;"><u style="border-bottom: 1px solid;">shares</u></font> subscribed for.&#160; Upon closing of the <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">Rights </u></font>Offering and as promptly as feasible upon the Agent&#8217;s receipt
          of the Corporation&#8217;s acceptance and approval of said Subscription Certificates, (i) the <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">Corporation</u></font> will authorize the Agent to no longer accept any subscription
          documents and to prepare the final subscription list, representing the number of shares of Common Stock for which said stockholder has subscribed, for the issuance of stock certificates by the Corporation&#8217;s Transfer Agent, (the &#8220;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Certificates</font>&#8221;) and (ii) the Agent will release to the<font style="font-weight: bold;"><u style="border-bottom: 1px solid;"> Corporation the
              aggregate</u></font> Subscription Funds minus any fees and expense reimbursements (incurred or reserved for disbursements) due to the Agent from the <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">Corporation</u></font>
          (sections (i) and (ii) directly preceding constituting the &#8220;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Closing</font>&#8221;).&#160; No interest on the Subscription Funds will accrue to either the
          Corporation or the Corporation&#8217;s stockholders.</font></div>
      <div style="color: rgb(0, 0, 0);"><br>
      </div>
      <div style="text-indent: 50.4pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">3.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 21.6pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Notification and Processing</font>.&#160; The Agent is hereby
          authorized and directed to, and hereby agrees to perform certain functions, including but not limited to the following:</font></div>
      <div style="color: rgb(0, 0, 0);">&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">A.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Accept and respond to all telephone requests from stockholders for information relative to the <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">exercise
              of Subscription Rights</u></font> (except that Agent will not answer questions relating to the sufficiency of the consideration or the tax implications of the <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">Rights </u></font>Offering);
          answer questions regarding the proper method of <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">exercising Subscription Rights, including the completion of Subscription Certificates and other documents related to the Rights
              Offering;</u></font> maintain a toll-free number to respond to inquiries; provide assistance to holders of Common Stock and monitor the response to the <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">Rights </u></font>Offering;
          enclose and re-mail the Subscriptions to interested holders of Common Stock; and provide periodic reports as requested to the Corporation as to the status of the R<font style="font-weight: bold;"><u style="border-bottom: 1px solid;">ights
              Offering</u></font>.</font></div>
      <div style="color: rgb(0, 0, 0);">&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">B.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Date stamp each document relating to its duties hereunder when received;</font></div>
      <div style="color: rgb(0, 0, 0);">&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">C.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Receive and examine all d<font style="font-weight: bold;"><u style="border-bottom: 1px solid;">ocuments</u></font> submitted <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">to it in connection with the exercise of rights under the Rights</u></font> Offering for proper execution in accordance with the terms thereof.&#160; If <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">Common Stock applicable to a subscription is held by </u></font>more than one record holder<font style="font-weight: bold;"><u style="border-bottom: 1px solid;">, the applicable Offering Documents</u></font> must be signed by
          each<font style="font-weight: bold;"><u style="border-bottom: 1px solid;"> such</u></font> holder; if a holder or joint holders (registrants) hold more than one position in the Corporation, as indicated by different accounts on the relevant
          record holder list, <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">then</u></font> separate, properly completed and executed <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">subscriptions</u></font>
          must be submitted for each such position held by that or those joint holders (registrants).</font></div>
      <div style="color: rgb(0, 0, 0);">&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">D.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Retain or return to any holders (as applicable) those <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">Offering Documents</u></font> evidencing some
          deficiency in execution and make reasonable attempts to inform such holders of the need to correct any such deficiency; In any instance where the Agent cannot reconcile such deficiencies, the Agent shall consult with the Corporation for
          instructions as to whether the Agent may accept such exercise of Subscription Rights.&#160; In the absence of such instructions by Corporation in writing or email within twenty-four (24) hours after Agent first requests such instructions, Agent is
          authorized not to accept such exercise of Subscription Rights and shall notify the exercising stockholder that its exercise is deficient;</font></div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div>
        <div>Document Number: 24784v5</div>
        <div>Broadridge Confidential</div>
        <font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> </font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">E.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Accept <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">Subscription Certificates and other documents</u></font> signed by persons acting in a
          fiduciary or representative capacity only if such capacity is properly shown on the <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">subscriptions</u></font> and proper evidence of their authority so to act has been
          submitted;</font></div>
      <div style="color: rgb(0, 0, 0);">&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">F.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Accept <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">subscriptions</u></font> for <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">Common Stock</u></font> to be issued other than in the name that appears on the Corporation record <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">stockholder</u></font> list submitted for <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">such subscription</u></font>, where&#160; (<font style="font-weight: bold;"><u style="border-bottom: 1px solid;">i</u></font>)&#160;the signature thereon is guaranteed by a financial
          institution which is a participant in the Securities Transfer Agents Medallion Program (&#8220;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">STAMP</font>&#8221;), the New York Stock Exchange, Inc.
          Medallion Signature Program (&#8220;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">MSP</font>&#8221;), or The Stock Exchanges Medallion Program (&#8220;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">SEMP</font>&#8221;), (<font style="font-weight: bold;"><u style="border-bottom: 1px solid;">ii</u></font>)&#160;any necessary stock transfer taxes are paid and proof of such payment is submitted or funds therefore
          are provided to the Agent, or it is established by the holder that no such taxes are due and payable and (<font style="font-weight: bold;"><u style="border-bottom: 1px solid;">iii</u></font>)&#160;the &#8220;Special Issuance Instructions&#8221; <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">on</u></font> the <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">Subscription Certificate</u></font> have been properly completed;</font></div>
      <div style="color: rgb(0, 0, 0);">&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">G.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Retain all <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">subscriptions</u></font> accepted and retain such documents pending further instructions
          from the Corporation;</font></div>
      <div style="color: rgb(0, 0, 0);">&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">H.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Return at the Corporation&#8217;s request any and all necessary records, information and material concerning and representing <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">unsubscribed</u></font> Common Stock<font style="font-weight: bold;"><u style="border-bottom: 1px solid;"> under the Rights Offering</u></font>; and</font></div>
      <div style="color: rgb(0, 0, 0);">&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">I.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Maintain on a continuing basis a list of holders of Common Stock that have not yet <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">subscribed pursuant
              to the Rights Offering</u></font>.</font></div>
      <div style="color: rgb(0, 0, 0);">&#160;</div>
      <div style="text-indent: 50.4pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">4.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 21.6pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Concerning the Subscription and Information Agent</font>.</font></div>
      <div style="color: rgb(0, 0, 0);">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Agent:</div>
      <div style="color: rgb(0, 0, 0);">&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd3d6e8a53ac848569561dfdb2accc716">

            <tr>
              <td style="width: 63pt; vertical-align: top; color: rgb(0, 0, 0);">
                <div style="margin-left: 63pt;">A.</div>
              </td>
              <td style="width: auto; vertical-align: top; color: rgb(0, 0, 0);">
                <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Shall have no duties or obligations other than those set forth herein, including those described under &#8220;Included Services&#8221; on <u>Exhibit A</u>, and no duties or
                  obligations shall be inferred or implied, nor shall Agent be obligated nor expected to perform those services described under &#8220;Non-Included Services&#8221; on <u>Exhibit A</u></div>
                <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;"><u> <br>
                  </u></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zeae49170fb5441f094868d33922e96da">

            <tr>
              <td style="width: 63pt; vertical-align: top; color: rgb(0, 0, 0);">
                <div style="margin-left: 63pt;">B.</div>
              </td>
              <td style="width: auto; vertical-align: top; color: rgb(0, 0, 0);">
                <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">May rely on<font style="font-weight: bold;"><u style="border-bottom: 1px solid;">,</u></font> and shall be held harmless by<font style="font-weight: bold;"><u style="border-bottom: 1px solid;">,</u></font> the Corporation in acting upon any certificate, statement, instrument, opinion, notice, letter, facsimile transmission, telegram electronic mail or other document, or any security
                  delivered to it, and reasonably believed by it to be genuine and to have been made or signed by the proper party or parties;</div>
                <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;"> <br>
                </div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
        <div>
          <div>Document Number: 24784v5</div>
          <div>Broadridge Confidential</div>
        </div>
      </div>
      <div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1b958af7e27942488a37fc49e408db31">

            <tr>
              <td style="width: 60pt; vertical-align: top; color: rgb(0, 0, 0);">
                <div style="margin-left: 72pt;">C.</div>
              </td>
              <td style="width: auto; vertical-align: top; color: rgb(0, 0, 0);">
                <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">May rely on and shall be held harmless by the Corporation in acting upon written or oral instructions from the Corporation with respect to any matter relating to
                  its acting as Agent;</div>
                <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;"> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za5c614e2e2854664ad636338283f43b2">

            <tr>
              <td style="width: 72pt; vertical-align: top; color: rgb(0, 0, 0);">
                <div style="margin-left: 72pt;">D.</div>
              </td>
              <td style="width: auto; vertical-align: top; color: rgb(0, 0, 0);">
                <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">May consult on documents with counsel satisfactory to it (including counsel for the Corporation) and shall be held harmless by the Corporation in relying on the
                  advice or opinion of such counsel in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with such advice or opinion of such counsel;</div>
                <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;"> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0961bc8f2b0249d69935aa42c91bd28b">

            <tr>
              <td style="width: 72pt; vertical-align: top; color: rgb(0, 0, 0);">
                <div style="margin-left: 72pt;">E.</div>
              </td>
              <td style="width: auto; vertical-align: top; color: rgb(0, 0, 0);">
                <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Shall make the final determination as to whether or not a Subscription <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">Certificate </u></font>received
                  by Agent is duly, completely and correctly executed in order to qualify for the <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">Rights </u></font>Offering and Agent shall be held harmless by the Corporation in
                  respect of any action taken, suffered or omitted by Agent hereunder in good faith and in accordance with its determination; shall not be obligated to take any legal or other action hereunder which might, in its judgment subject or expose
                  it to any expense or liability unless it shall have been furnished with an indemnity satisfactory to it;</div>
                <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;"> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5910422502bf43729848ad18f4a31385">

            <tr>
              <td style="width: 72pt; vertical-align: top; color: rgb(0, 0, 0);">
                <div style="margin-left: 72pt;">F.</div>
              </td>
              <td style="width: auto; vertical-align: top; color: rgb(0, 0, 0);">
                <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Shall not be liable or responsible for any recital or statement contained in any Offering Document or any other documents relating thereto; and</div>
                <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;"> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z49803b596eed4909b4b82f9239d00058">

            <tr>
              <td style="width: 72pt; vertical-align: top; color: rgb(0, 0, 0);">
                <div style="margin-left: 72pt;">G.</div>
              </td>
              <td style="width: auto; vertical-align: top; color: rgb(0, 0, 0);">
                <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Shall not be liable or responsible for any failure of the Corporation to comply with any of its obligations relating to the Offering, including without limitation
                  obligations under applicable regulation or law.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">This Agreement does not contemplate any service to be provided by Agent in the case where the conditions of the<font style="font-weight: bold;"><u style="border-bottom: 1px solid;"> Rights</u></font> Offering have not been met in a timely manner.&#160; If necessary, service to be provided by Agent under such circumstances and remuneration to Agent therefore, will be
        established in a mutual agreement between Agent and the Corporation, which will become a part of this Agreement.</div>
      <div style="color: rgb(0, 0, 0);">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">No later than the business day after the Mailing, the Corporation will provide Agent with a list of talking points dealing with
        anticipated questions from holders of Common Stock.&#160; It is understood and agreed that Agent will not provide tax advice, will not interpret tax regulations, will not opine regarding the merits of the<font style="font-weight: bold;"><u style="border-bottom: 1px solid;"> Rights</u></font> Offering, and will not provide any comments related to any legal proceedings related to the Corporation.</div>
      <div style="color: rgb(0, 0, 0);">&#160;</div>
      <div style="text-indent: 50.4pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">5.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 21.6pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Compensation of the Agent by the Corporation</font>.&#160; The
          Corporation shall pay fees for the services rendered hereunder, as set forth in the Fee Schedule (attached hereto as <font style="font-family: 'Times New Roman', Times, serif;"><u>Exhibit A</u></font>).&#160; The Agent shall also be entitled to
          reimbursement from the Corporation for all reasonable and necessary expenses paid or incurred by it in connection with the administration by the Agent of its duties hereunder.&#160; The fees must be paid following completion of the services described
          hereunder.&#160; An invoice for such fees and any out-of-pocket and/or per item fees incurred will be rendered to and payable by the Corporation within fifteen (15) days of the date of said invoice, except for invoiced estimated postage, printing and
          mailing expenses, which funds must be received five (5) business days prior to the scheduled Mailing date.&#160; It is understood and agreed that no fees shall be due from the Corporation if the Corporation notifies the Agent that it has terminated
          the Rights Offering prior to the date on which the Agent beings printing materials required in connection with the Rights Offering. t.</font></div>
      <div style="text-indent: 50.4pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div>
        <div>Document Number: 24784v5</div>
        <div>Broadridge Confidential</div>
        <font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> </font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-indent: 50.4pt;">&#160;<font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">6.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 21.6pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Reminder Mailings.</font>&#160; The Corporation agrees that any
          follow up mailing program will be coordinated exclusively through Agent, either by Agent or using a vendor that Agent has previously approved.&#160; Agent may conduct follow up mailings through electronic mail, to the extent the email address of the
          intended recipient Stockholder has been provided by Corporation to Agent.</font></div>
      <div style="color: rgb(0, 0, 0);">&#160;</div>
      <div style="text-indent: 50.4pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">7.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 21.6pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Performance</font>.</font></div>
      <div style="color: rgb(0, 0, 0);">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Agent shall at all times act in good faith and agrees to use its commercially reasonable efforts within reasonable time limits
        to insure the accuracy and timeliness of all services performed under this Agreement.</div>
      <div style="color: rgb(0, 0, 0);">&#160;</div>
      <div style="text-indent: 50.4pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">8.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 21.6pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Indemnification</font>.</font></div>
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      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">A.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Corporation covenants and <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">agrees</u></font> to indemnify and to hold the Agent harmless against
          any claims, actions, judgments, liabilities, costs, expenses (including reasonable fees of its legal counsel), losses or damages, which may be paid, incurred or suffered by or to which it may become subject, arising from or out of its duties
          under this Agreement, including, but not limited to, Agent&#8217;s compliance with instructions set forth herein or with any instructions delivered to Agent pursuant hereto, or as a result of defending itself against any claim or liability resulting
          from its actions as Agent, including any claim against Agent by any stockholder or the Corporation, which covenant and agreement shall survive the termination hereof.&#160; Promptly after the receipt by the Agent of notice of any demand or claim, or
          the commencement of any action, suit, proceeding or investigation, the Agent shall notify the Corporation thereof in writing.&#160; The Corporation shall be entitled to participate at its own expense in the defense of any such claim or proceeding,
          and, if it so elects at any time after receipt of such notice, it may assume the defense of any suit brought to enforce any such claim or of any other legal action or proceeding.&#160; Agent will not, without the Corporation&#8217;s prior consent, settle or
          compromise or consent to the entry of any judgment to any pending or threatened Action in respect of which indemnification may be sought hereunder.&#160; For the purposes of this Section&#160;<font style="font-weight: bold;"><u style="border-bottom: 1px solid;">8,</u></font> the phrase &#8220;any costs, expenses (including reasonable fees of its legal counsel), losses or damages&#8221; means any amount paid or payable to satisfy any claim, demand, action, suit or proceeding settled, and all reasonable
          costs and expenses, including, but not limited to, reasonable counsel fees and disbursements, paid or incurred in investigating or defending against any such action, suit, proceeding or investigation.</font></div>
      <div style="color: rgb(0, 0, 0);">&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">B.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="color: #000000;">In the event any question or dispute arises with respect to the proper interpretation of this Agreement or Agent&#8217;s duties hereunder or the rights of the Corporation or of any Stockholders exercising Subscription Rights,
          Agent shall not be required to act and shall not be held liable or responsible for refusing to act until the question or dispute has been judicially settled (and Agent may, if it deems it advisable, but shall not be obligated to, file a suit in
          interpleader or for a declaratory judgment for such purpose) by final judgment rendered by a court of competent jurisdiction, binding on all stockholders and parties interested in the matter which is no longer subject to review or appeal, or
          settled by a written document in form and substance satisfactory to Agent and executed by the Corporation and each such stockholder and party.&#160; In addition, Agent may require for such purpose, but shall not be obligated to require, the execution
          of such written settlement by all the stockholders and all other parties that may have an interest in the settlement.</font></div>
      <div style="text-indent: 72pt;"><font style="color: #000000;"> <br>
        </font></div>
      <div>
        <div>Document Number: 24784v5</div>
        <div>Broadridge Confidential</div>
        <font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"></font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-indent: 50.4pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">9.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 21.6pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Limitation of Liability</font>.</font></div>
      <div style="color: rgb(0, 0, 0);">&#160;</div>
      <div style="text-indent: 54pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">A.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Agent shall not be liable or deemed to be in default for any delay or failure to perform under this Agreement or any schedule resulting directly or indirectly from any cause
          beyond Agent&#8217;s reasonable control, including, without limitation, natural disasters, and failure of utilities or carriers.</font></div>
      <div style="color: rgb(0, 0, 0);"><br>
      </div>
      <div style="text-indent: 54pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">B.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Agent<font style="font-weight: bold;"><u style="border-bottom: 1px solid;">&#8217;s aggregate liability for any and all damages arising from or relating to any and all claims and
              causes of action not covered by Section 9(a) in connection with the services provided under this Agreement or any schedule hereto (the &#8220;Services&#8221;), shall not exceed </u></font>the lesser of: (i) the amount of actual damages incurred by
          Corporation; and (ii) an amount equal to the fees <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">(excluding pass-through charges) paid by </u></font>Corporation<font style="font-weight: bold;"><u style="border-bottom: 1px solid;"> to </u></font>Agent<font style="font-weight: bold;"><u style="border-bottom: 1px solid;"> with respect to those Services giving rise to such claim or cause of action </u></font>during the twelve (12) month period (or such lesser
          period if those Services have been provided for less than twelve (12) months) immediately preceding the date of occurrence of the event upon which a claim is asserted, less any amounts previously paid by Agent in satisfaction or settlement of
          other claims applicable to those Services <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">giving rise to such claim or cause of action, regardless of the basis on which </u></font>Corporation<font style="font-weight: bold;"><u style="border-bottom: 1px solid;"> is entitled to claim damages </u></font><u style="border-bottom: 1px solid;">(including, without limitation</u><font style="font-weight: bold;"><u style="border-bottom: 1px solid;"> breach,
              negligence, misrepresentation, or other contract or tort claim) </u></font>and shall constitute Corporation&#8217;s sole monetary remedy.</font></div>
      <div style="color: rgb(0, 0, 0);"><br>
      </div>
      <div style="text-indent: 54pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">C.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">NEITHER PARTY TO THIS AGREEMENT SHALL BE LIABLE FOR ANY CONSEQUENTIAL, INDIRECT, SPECIAL OR INCIDENTAL DAMAGES UNDER ANY PROVISION OF THIS AGREEMENT OR FOR ANY
          CONSEQUENTIAL, INDIRECT, PENAL, SPECIAL OR INCIDENTAL DAMAGES ARISING OUT OF ANY ACT OR FAILURE TO ACT HEREUNDER EVEN IF THAT PARTY HAS BEEN ADVISED OF OR HAS FORESEEN THE POSSIBILITY OF SUCH DAMAGES.</font></div>
      <div style="color: rgb(0, 0, 0);"><br>
      </div>
      <div style="text-indent: 54pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">D.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">This Section allocates the risks under this Agreement between Agent and Corporation and is viewed by the parties as an integral part of the business arrangement between
          them.&#160; The pricing and other terms and conditions of this Agreement and any schedule hereto reflect this allocation of risk and the limitations specified herein.</font></div>
      <div style="color: rgb(0, 0, 0);"><br>
      </div>
      <div style="text-indent: 50.4pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">10.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 57.6pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Further Assurance</font>.&#160; From time-to-time and after the
          date hereof, the Corporation shall deliver or cause to be delivered to the Agent such further documents and instruments and shall do and cause to be done such further acts as the Agent shall reasonably request (it being understood that the Agent
          shall have no obligation to make any such request) to carry out more effectively the provisions and purposes of this Agreement, to evidence compliance herewith or to assure itself that it is protected in acting hereunder.</font></div>
      <div style="text-indent: 50.4pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div>
        <div>Document Number: 24784v5</div>
        <div>Broadridge Confidential</div>
        <font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> </font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-indent: 50.4pt;">&#160;<font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">11.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 57.6pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Term</font>.&#160; The Corporation may terminate this Agreement
          at any time by providing sixty (60)&#160;days written notification to the Agent.&#160; The Agent may terminate this Agreement by providing the Corporation sixty (60)&#160;days&#8217; written notice, except that Agent may terminate this agreement at any time
          Corporation has not paid in full an invoice from the Agent within the time period described in Section 5 herein.&#160; Upon the effective date of termination of this Agreement, all cash and other payments, without interest, and all other property then
          held by the Agent on behalf of the holders of Common Stock hereunder shall be delivered by it to such successor agent or as otherwise shall be designated in writing by the parties hereto.&#160; Upon termination of this Agreement, all <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">subscription</u></font> documents received and related documentation will be returned to the Corporation.</font></div>
      <div style="color: rgb(0, 0, 0);">&#160;</div>
      <div style="text-indent: 50.4pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">12.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 57.6pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Notices</font>.&#160; Until further notice in writing by either
          party hereto to the other party, all written reports, notices and other communications between the Agent and the Corporation required or permitted&#160; hereunder shall be delivered or mailed by first class mail, postage prepaid, addressed as follows:</font></div>
      <div style="color: rgb(0, 0, 0);">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z2c23b5b58e4c44cbbd5d73bd286d2cff">

          <tr>
            <td style="width: 46.88%; vertical-align: top; color: rgb(0, 0, 0);">
              <div style="text-align: justify;">If to the Corporation, to:</div>
            </td>
            <td style="width: 53.12%; vertical-align: top; color: rgb(0, 0, 0);">
              <div style="text-align: justify;">[&#160; ]</div>
            </td>
          </tr>
          <tr>
            <td style="width: 46.88%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
            <td style="width: 53.12%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 46.88%; vertical-align: top; color: rgb(0, 0, 0);">
              <div style="text-align: justify;">If to the Agent, to:</div>
            </td>
            <td style="width: 53.12%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Broadridge Corporate Issuer Solutions, Inc.</div>
              <div style="color: rgb(0, 0, 0);">
                <div style="font-family: 'Times New Roman',Times,serif;">51 Mercedes Way</div>
              </div>
              <div style="text-align: justify; color: #000000;">Edgewood, NY 11717</div>
              <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Attn:&#160; Re-Organization Department</div>
              <div style="color: rgb(0, 0, 0);">&#160;</div>
              <div style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">with a copy (which shall not constitute notice) to:</div>
              <div style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Broadridge Financial Solutions, Inc.</div>
              <div style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">2 Gateway Center</div>
              <div style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Newark, New Jersey 07102,</div>
              <div style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">and a copy via email to <font style="font-family: 'Times New Roman', Times, serif;">legalnotices@broadridge.com</font></div>
              <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">in each case, Attention: General Counsel</div>
            </td>
          </tr>

      </table>
      <div style="color: rgb(0, 0, 0);"><br>
      </div>
      <div style="text-indent: 50.4pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">13.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 57.6pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Governing Law</font>.&#160; This Agreement shall be governed by
          and construed in accordance with the laws of the State of New York and shall inure to the benefit of, and the obligations created hereby shall be binding upon, the successors and assigns of the parties hereto. The parties hereby irrevocably
          submit to the jurisdiction of any state or federal court sitting in New York County, New York over any suit, action or proceeding arising out of or relating to this Agreement.</font></div>
      <div style="text-indent: 50.4pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div>
        <div>Document Number: 24784v5</div>
        <div>Broadridge Confidential</div>
        <font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> </font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-indent: 50.4pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">14.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 57.6pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Assignment</font>.</font></div>
      <div style="color: rgb(0, 0, 0);">&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">A.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Except as provided in Section&#160;13(B) below, neither this Agreement nor any rights or obligations hereunder may be assigned by either party without the written consent of the
          other party.</font></div>
      <div style="color: rgb(0, 0, 0);">&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">B.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Agent may, without further consent on the part of the Corporation, subcontract with subcontractors for systems, processing, telephone and mailing services, and reminder
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      <div style="color: rgb(0, 0, 0);">&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">C.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Except as explicitly stated elsewhere in this Agreement, nothing under this Agreement shall be construed to give any rights or benefits in this Agreement to anyone other
          than the Agent and the Corporation and the duties and responsibilities undertaken pursuant to this Agreement shall be for the sole and exclusive benefit of the Agent and the Corporation.&#160; This Agreement shall inure to the benefit of and be
          binding upon the parties and their respective permitted successors and assigns.</font></div>
      <div style="color: rgb(0, 0, 0);">&#160;</div>
      <div style="text-indent: 50.4pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">15.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 57.6pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Amendment</font>.&#160; This Agreement may not be modified,
          amended or supplemented without an express written agreement executed by each of the parties hereto.</font></div>
      <div style="color: rgb(0, 0, 0);">&#160;</div>
      <div style="text-indent: 50.4pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">16.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 57.6pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Counterparts</font>.&#160; This Agreement may be executed in
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      <div style="color: rgb(0, 0, 0);">&#160;</div>
      <div style="text-indent: 50.4pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">17.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 57.6pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">No Joint Venture</font>.&#160; This Agreement does not
          constitute an agreement for a partnership or joint venture between the Agent and the Corporation.&#160; Neither party shall make any commitments with third parties that are binding on the other party without the other party&#8217;s prior written consent.</font></div>
      <div style="color: rgb(0, 0, 0);">&#160;</div>
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      <div style="text-indent: 50.4pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">19.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 57.6pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Severability</font>.&#160; If any provision of this Agreement
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      <div style="text-indent: 50.4pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">20.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 57.6pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><font style="font-weight: bold;">Confidentiality.</font>&#160; The Agent and the Corporation agree that all books, records, information and
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          and shall not be voluntarily disclosed to any third party (except the party&#8217;s attorneys, subcontractors, vendors, representatives, agents, advisors and affiliates), except with the written approval of the other party or as may be required by law
          or regulatory authority.</font></div>
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        </font></div>
      <div>
        <div>Document Number: 24784v5</div>
        <div>Broadridge Confidential</div>
        <font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> </font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      </div>
      <div style="text-indent: 50.4pt;">&#160;<font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">21.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 57.6pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Survival</font>.&#160; The provisions of Sections&#160;4, 5, 6, 8,
          9, 10, 12, 13, 14, <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">21 and 22 </u></font>shall survive any termination of this Agreement.</font></div>
      <div style="color: rgb(0, 0, 0);">&#160;</div>
      <div style="text-indent: 50.4pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">22.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 57.6pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Merger of Agreement</font>.&#160; This Agreement constitutes
          the entire agreement between the parties hereto and supersedes any prior agreement with respect to the subject matter hereof whether oral or written.</font></div>
      <div style="color: rgb(0, 0, 0);">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">IN WITNESS WHEREOF</font><font style="color: rgb(0, 0, 0);">, the parties hereto have caused this
          Agreement to be executed by their respective officers, hereunto duly authorized, as of the day and year first above written.</font></div>
      <div style="color: rgb(0, 0, 0);">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc38cee9477d04599b9af34821837e323">

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            <td style="width: 50%; vertical-align: top; color: rgb(0, 0, 0);">
              <div style="text-align: justify;">BROADRIDGE CORPORATE ISSUER SOLUTIONS, INC.</div>
            </td>
            <td style="width: 50%; vertical-align: top; color: rgb(0, 0, 0);">
              <div style="text-align: justify; font-weight: bold;">[CLIENT NAME]</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; color: rgb(0, 0, 0);">
              <div style="text-align: justify;">By:</div>
            </td>
            <td style="width: 50%; vertical-align: top; color: rgb(0, 0, 0);">
              <div style="text-align: justify;">By:</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; color: rgb(0, 0, 0);">
              <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">Title:</div>
            </td>
            <td style="width: 50%; vertical-align: top;">
              <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Title:</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt; color: rgb(0, 0, 0);" id="TRGRRTFtoHTMLTab">&#160;</font></div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div>
        <div>Document Number: 24784v5</div>
        <div>Broadridge Confidential</div>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      <div><br>
      </div>
      <div>
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          <div>&#160;<img src="image00011.jpg"></div>
        </div>
        <div id="EFPFTCR" style="float: right; width: 48%;">
          <div>&#160;<img src="image00012.jpg"></div>
        </div>
        <div style="clear: both;"><br>
        </div>
        <div><br>
        </div>
        <div style="text-align: center; font-weight: bold;">AMENDMENT TO THE SUBSCRIPTION AND INFORMATION AGENT AGREEMENT</div>
        <div><br>
        </div>
        <div style="text-align: justify;">Reference is made to that certain Subscription and Information Agent Agreement (the &#8220;<font style="font-weight: bold;">Agreement</font>&#8221;) dated as of 29 day of July 2020, by and between, the High Income Securities
          Fund (the &#8220;<font style="font-weight: bold;">Corporation</font>&#8221;), organized and existing under the laws of Massachusetts a business trust and Broadridge Corporate Issuer Solutions, Inc., a corporation having its principal offices in Edgewood, New
          York (&#8220;<font style="font-weight: bold;">Broadridge</font>&#8221;).</div>
        <div><br>
        </div>
        <div style="text-align: justify;">WHEREAS, Client and Broadridge desire and agree, to, as of the date indicated by the signature pages below (the &#8220;<font style="font-weight: bold;">Effective Date</font>&#8221;) amend the Agreement in the manner set forth
          below pursuant to the terms of this amendment (the &#8220;<font style="font-weight: bold;">Amendment</font>&#8221;);</div>
        <div><br>
        </div>
        <div>NOW THEREFORE, for good and valuable consideration, the sufficiency of which is mutually acknowledged, the parties agree to amend the Agreement in accordance with the below:</div>
        <div><br>
        </div>
        <div>
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              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">
                  <div style="margin-left: 18pt;">1.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-weight: bold;"><u>Changes to the Agreement</u></font>.</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">a.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">As of the Effective Date, Broadridge shall no longer act in the capacity of &#8220;Information Agent&#8221; pursuant to the Agreement.</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">b.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">Delete the below listed language included in Section 3A:</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 72pt;">&#8220;Accept and respond to all telephone requests from stockholders for information relative to the exercise of Subscription Rights (except that Agent will not answer questions relating to the
          sufficiency of the consideration or the tax implications of the Rights Offering); answer questions regarding the proper method of exercising Subscription Rights, including the completion of Subscription Certificates and other documents related to
          the Rights Offering; maintain a toll-free number to respond to inquiries;&#8221;</div>
        <div><br>
        </div>
        <div>
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              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">c.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">In Exhibit A, the reference to &#8220;$15,000&#8221; shall be changed to &#8220;$13,000&#8221;.</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
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                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt;">d.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">The below listed language in Exhibit A to the Agreement shall be deleted in their entirety:</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
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              <tr>
                <td style="width: 90pt; vertical-align: top; align: right;">
                  <div style="margin-left: 54pt;">(i)</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">&#8220;&#8226; Designating an Information Agent account manager to review and become familiar with all Offer Documents and provide expert assistance to holders of Common Stock related to matters concerning the Rights
                    Offering.&#8221;</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
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              <tr>
                <td style="width: 90pt; vertical-align: top; align: right;">
                  <div style="margin-left: 54pt;">(ii)</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">Providing stockholder relations services to all holders of Common Stock related to the Rights Offering, including phone, email, and regular mail inquiries.</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
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                <td style="width: 90pt; vertical-align: top; align: right;">
                  <div style="margin-left: 54pt;">(iii)</div>
                </td>
                <td style="width: auto; vertical-align: top;"><br>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
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                  <div style="margin-left: 18pt; color: #000000; font-weight: bold;">2.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify; color: #000000; font-weight: bold;"><u>General terms</u></div>
                </td>
              </tr>

          </table>
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                <td style="width: 54pt; vertical-align: top; align: right;">
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                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify; color: #000000;">In the event of any conflict between the terms and conditions of this Amendment and the terms and conditions of the Agreement, the terms and conditions of this Amendment shall prevail.</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
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                <td style="width: 54pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36pt; color: #000000; font-weight: bold;">b.</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">This <font style="color: #000000;">Amendment </font>may be executed in two or more counterparts, each of which shall be considered an original, but all of which together shall constitute the same
                    instrument.&#160; Such counterpart copies may be executed in electronic versions, which scanned and emailed signatures shall be binding upon the parties.</div>
                </td>
              </tr>

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        <div style="text-align: center; color: #000000;">[Remainder of page intentionally left blank]</div>
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        <div style="text-align: justify;"><font style="font-weight: bold;">IN WITNESS WHEREOF</font>, this Amendment has been executed as of the date set forth below by the duly authorized representatives of the parties hereto.</div>
        <div><br>
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                <div style="text-align: center; font-weight: bold;">BROADRIDGE INVESTOR COMMUNICATION SOLUTIONS, INC.</div>
                <div> <br>
                </div>
                <div>By:&#160;<u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u><br>
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                <div>&#160;</div>
                <div>Name and</div>
                <div>Title: <u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></div>
                <div>&#160;</div>
                <div>Date:<u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></div>
                <div>&#160;</div>
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                <div style="text-align: center; font-weight: bold;">HIGH INCOME SECURITIES FUND</div>
                <div>&#160;</div>
                <div>By: <u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></div>
                <div>&#160;</div>
                <div>Name and</div>
                <div>Title: <u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></div>
                <div>&#160;</div>
                <div>Date: <u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></div>
                <div>&#160;</div>
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<SEQUENCE>18
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<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>21
<FILENAME>filename21.htm
<TEXT>
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    <div style="text-indent: -18pt; margin-left: 18pt;"><img width="215" height="23" src="image00014.jpg"></div>
    <div style="text-indent: -18pt; margin-left: 18pt; color: #595959;">1271 Avenue of the Americas |New York, NY 10020</div>
    <div style="text-indent: -18pt; margin-left: 18pt; color: #595959;">blankrome.com</div>
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    <div style="color: #000000;">&#160;</div>
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            <div style="text-indent: 3.6pt; font-style: italic; font-weight: bold;">Phone:</div>
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            <div style="font-style: italic; font-weight: bold;">(212) 885-&#160;5239</div>
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            <div style="text-indent: 3.6pt; font-style: italic; font-weight: bold;">Fax:</div>
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            <div style="font-style: italic; font-weight: bold;">(212) 885-5205</div>
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            <div style="text-indent: 3.6pt; font-style: italic; font-weight: bold;">Email:</div>
          </td>
          <td style="width: 85%; vertical-align: middle;">
            <div style="font-style: italic; font-weight: bold;">mmmurphy@blankrome.com</div>
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    <div><br>
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    <div style="color: #000000;">&#160;</div>
    <div style="text-indent: 216pt; color: #000000;">November 23, 2020</div>
    <div><br>
    </div>
    <div style="text-indent: -36pt; margin-left: 36pt; color: #000000; font-weight: bold;"><u>FILED VIA EDGAR CORRESPONDENCE</u></div>
    <div><br>
    </div>
    <div style="text-indent: -36pt; margin-left: 36pt; color: #000000;">Division of Investment Management</div>
    <div style="text-indent: -36pt; margin-left: 36pt; color: #000000;">U.S. Securities and Exchange Commission</div>
    <div style="color: #000000;">100 F Street, NE</div>
    <div style="color: #000000;">Washington, DC 20549-4720</div>
    <div style="color: #000000;">Attn: Ms. Jaea Hahn</div>
    <div><br>
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            <div style="color: #000000;">Re:</div>
          </td>
          <td style="width: 92.31%; vertical-align: top;">
            <div style="color: #000000;">High Income Securities Fund<br>
              Registration Statement on Form N-2</div>
            <div style="color: #000000;"><u>Filing No. 333-248509&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
              </u></div>
          </td>
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    <div style="margin-left: 36pt;"><br>
      <br>
      <br>
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    <div style="text-indent: -36pt; margin-left: 36pt; color: #000000;">Dear Ms. Hahn:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">On behalf of the High Income Securities Fund (the &#8220;Fund&#8221;), this letter is in response to the comments from the Staff of the U.S. Securities and Exchange Commission (the &#8220;Commission&#8221;)
      in your letter dated September 30, 2020 regarding the Fund&#8217;s Registration Statement on Form N-2 filed on August 31, 2020 (the &#8220;Registration Statement&#8221;) under the Securities Act of 1933 as amended (the &#8220;1933 Act&#8221;) and the Investment Company Act of
      1940, as amended (the &#8220;1940 Act&#8221;). Where revisions to the Registration Statement are referenced in the responses set forth below, such revisions have been included in Pre-Effective Amendment No. 1 to the Registration Statement filed with the
      Commission on November 23, 2020. We have set forth below, in bold face type, the text of the comment, followed by the Fund&#8217;s responses:</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-weight: bold;"><u>General Comments</u></div>
    <div><br>
    </div>
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          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">1.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Please either confirm that the rights offering will not involve any arrangements among the Fund, any underwriters, and/or any broker dealers or that FINRA has reviewed any proposed underwriting terms and other
                arrangements for the transaction described in the registration statement and has no objections.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 36pt;"><u> <br>
      </u></div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160; The Fund confirms that the rights offering will not involve any arrangements among the Fund, any underwriters, and/or any broker dealers.</div>
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    <div style="text-align: center; color: #000000; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; color: #000000; font-weight: bold;">
      <div style="text-align: left;"><img width="215" height="23" src="image00014.jpg"></div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: left;">November 23, 2020</div>
      <div style="text-align: left;">Page 2</div>
      &#160; <u>Accounting Comments</u></div>
    <div>&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z58290a77f38743b0992b546b8c0b8fa5">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">2.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Please update financial information and include an auditor&#8217;s consent.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 36pt;"><u> <br>
      </u></div>
    <div style="margin-left: 36pt;"><u>Response</u>: The financial information has been updated to include the financial information for the Fund&#8217;s fiscal year ended August 31, 2020. The auditor&#8217;s consent is included as an exhibit.</div>
    <div>&#160;</div>
    <div style="font-weight: bold;"><u>Summary of Fund Expenses, page 10</u></div>
    <div>&#160;</div>
    <div>
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          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">3.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Please explain the 0.92% in the line item of &#8220;Other Expenses&#8221; since the expense ratio from the financial statements on page 21 is 1.89%</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 36pt;"><u> <br>
      </u></div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160; &#8220;Other Expenses&#8221; on page 10 has been changed to 1.89%.</div>
    <div>&#160;</div>
    <div>
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          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">4.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Please confirm the Acquired Fund Fees and Expenses which, given the Fund&#8217;s portfolio of closed-end funds and BDC&#8217;s, appears low.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 36pt;"><u> <br>
      </u></div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160; Acquired Fund Fees and Expenses has been changed to 2.71%.</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;"><u>Legal Comments</u></div>
    <div>&#160;</div>
    <div style="font-weight: bold;"><u>Registration Statement Facing Sheet</u></div>
    <div>&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb30df0ae52a940bb8d64c2dec4498f63">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">5.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Please revise the facing sheet of the registration statement to reflect the new Form N-2 effective August 1, 2020. See Securities Offering Reform for Closed-End Companies (Release No. IC-33866).</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 36pt;"><u> <br>
      </u></div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160; The facing sheet of the registration statement has been revised to reflect the new Form N-2.</div>
    <div>&#160;</div>
    <div style="font-weight: bold;"><u>Cover Page</u></div>
    <div>&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3c13ba6211654e269f0a73055cc98451">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">6.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">The last sentence of the first paragraph, as well as multiple other places in the registration statement, state that if there are not enough unsubscribed Shares to honor all additional subscription requests,
                the Fund may, in its sole discretion, issue additional Shares up to 100% of the Shares available in the Offering to honor additional subscription requests. The Fund is registering an equal number of Shares and Rights, and footnote 1 to the
                registration fee table states that the amount of securities being registered includes Shares subject to the Additional Subscription Privilege. Please supplementally confirm that the Fund will have enough registered, issued and outstanding
                Shares to honor all additional subscription requests, including Over Subscriptions, and revise the disclosure accordingly.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 36pt;"><u> <br>
      </u></div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160;&#160;The Fund confirms that it has a sufficient number of registered, issued and outstanding Shares to honor all additional subscription requests, including Over Subscriptions.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div>
      <div>
        <div><img width="215" height="23" src="image00014.jpg"></div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div>November 23, 2020</div>
        <div>Page 3</div>
      </div>
      <div> <br>
      </div>
      <div> <br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb2eda7301a8a4bb3a7e27b67e0380b57">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">7.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Please add disclosure stating that the rights offering: (a) will substantially dilute the net asset value of shares owned by Shareholders who do not fully exercise their rights and purchase additional Shares;
                (b) will substantially dilute the voting power of shareholders who do not fully exercise their rights since they will own a smaller proportionate interest in the Fund upon completion of the offering; and (c) may increase the discount if the
                subscription price per Share is set at a time when Shares are trading at a discount.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 36pt;"><u> <br>
      </u></div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160;&#160;The Fund has added the requested disclosure on the cover page, however clauses (a) and (b) of the requested disclosure have been revised to replace &#8220;will&#8221; with &#8220;may&#8221; to reflect that the potential for
      substantial dilution of a Shareholder&#8217;s Shares depends not only on the subscription price relative to the net asset value but also to the extent to which the Shareholder exercises its Rights and to the extent to which all other Shareholders exercise
      their Rights.</div>
    <div>&#160; <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze8cc948d930a411382c97b4e49fb29d6">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">8.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">In the second paragraph, please consider highlighting (e.g., bold) the last sentence which discusses the risk that the discount will increase as a result of the Offering. Alternatively, please add bullet points
                to highlight this risk and risks discussed in comment 7 above.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 36pt;"><u> <br>
      </u></div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160;&#160;The requested sentence has been bolded and combined with the additional disclosure requested in comment 7 above.</div>
    <div>&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z076a961c88b54ec59e9669f9a5ef240b">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">9.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Please clarify how long after the Expiration Date (a) a Shareholder who exercises the right to purchase a Basic Subscription will receive subscribed Shares and (b) a Shareholder who exercises the Additional
                Subscription Privilege will receive additional Shares, or add a cross-reference to where such information is presented in the prospectus.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160;&#160;The Fund has added the requested cross-reference.</div>
    <div>&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd4538fff16164a808671ed9200a23557">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">10.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">If the Fund&#8217;s distribution policy includes a return of capital, please disclose this on the cover page and include a cross-reference to the discussion of return of capital in the prospectus.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160;&#160;The following disclosure has been added to the cover page:</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">
      <div><img width="215" height="23" src="image00014.jpg"></div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman', Times, serif;">November 23, 2020</div>
      <div style="font-family: 'Times New Roman', Times, serif;">Page 4</div>
    </div>
    <div style="margin-left: 36pt;"> <br>
    </div>
    <div style="margin-left: 36pt;">&#160;Pursuant to its current distribution policy, the Fund makes monthly distributions at an annual rate of at least 10% per annum (or 0.8333% per month).&#160; As of the date of this prospectus, the Fund expects that a
      significant portion of its distributions for 2020 will be comprised of return of capital. See &#8220;Distribution Policy.&#8221;</div>
    <div>&#160; <br>
    </div>
    <div>&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7e138be63b104e4797e1f575998003d6">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">11.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">In the table, please revise the recent market price to a more recent date in your next filing.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="margin-left: 36pt;">&#160;<u>Response</u>:&#160;&#160;The Fund has updated the registration statement to include the market price on September 30, 2020.</div>
    <div>&#160; <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z710580f52aca45ef99b6de21c7978e9e">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">12.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">In footnote 2 to the table, please define &#8220;Over Subscription Shares&#8221; for context or add &#8220;as defined below.&#8221;</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="margin-left: 36pt;">&#160;<u>Response</u>:&#160;&#160;The Fund has made the requested revision to footnote 2.</div>
    <div>&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4ec381b7ad86415ca4996349433802b6">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">13.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Please combine footnotes 2 and 3 which relate to the same column of the table and repeat information.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160;&#160;The footnotes have been revised as requested.</div>
    <div>&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z91b0ca3b73e14d29983bf087d57115c0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">14.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">In the second paragraph on page 4, third sentence, please clarify those jurisdictions where &#8220;the offer or sale&#8221; of the securities being registered is not permitted.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160;&#160; The referenced sentence has been deleted.</div>
    <div>&#160;</div>
    <div style="font-weight: bold;"><u>Summary, pages 6-9</u></div>
    <div>&#160;</div>
    <div style="font-weight: bold;">The Fund, page 6</div>
    <div>&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4b57dd0ddd874aff8b06712b30aa7526">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">15.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Please discuss the Fund&#8217;s history in greater detail. We note, for example, that after the proxy contest, the Fund&#8217;s Board moved substantially all of the Fund&#8217;s assets into cash and cash equivalents so the Fund
                could conduct a self-tender offer and convert from a closed-end fund to an operating company. After failing to find suitable investments, in April 2019, the Board decided it would be in the best interests of the shareholders to resume
                investing in securities.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 36pt;"><u> <br>
      </u></div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160; The following two paragraphs have been added to this section in order to provide the requested additional detail regarding the Fund&#8217;s recent history:</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: left;"><img width="215" height="23" src="image00014.jpg"></div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman', Times, serif;">November 23, 2020</div>
      <div style="text-align: left; font-family: 'Times New Roman', Times, serif;">Page 5</div>
    </div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 72pt;"> <br>
    </div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 72pt;">A proxy contest at the Fund&#8217;s 2018 annual shareholder meeting resulted in the election of a new Board of Trustees (the &#8220;Board&#8221;) and the approval of a proposal requesting the Board
      to authorize a self-tender offer at or close to net asset value (NAV). These developments led to the Fund&#8217;s former investment adviser to resign in July 2018.&#160; In preparation for the self-tender offer (1) substantially all the Fund&#8217;s portfolio
      securities were sold and the proceeds invested in cash equivalents and (2) the monthly dividends that were historically paid were discontinued after the August 2018 dividend.&#160; A self-tender offer for the Fund&#8217;s shares at a price of 99% of NAV was
      completed in March 2019.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 72pt;">In April 2019, the Board of Trustees approved a transitional investment strategy to invest, within the parameters of the Fund&#8217;s existing investment policies and restrictions, in
      securities likely to generate more income.&#160; Meanwhile, an investment search committee of the Board continued to explore potential acquisitions of controlling stakes in operating companies and other non-security investments.&#160; This committee&#8217;s efforts
      did not bear fruit and, as a result, the Fund has continued, and is expected to continue, to operate as a closed-end fund.&#160; The investment search committee was disbanded in September 2020.&#160;&#160;</div>
    <div>&#160;</div>
    <div style="font-weight: bold;"><u>Summary, pages 6-9</u></div>
    <div>&#160;</div>
    <div style="font-weight: bold;">The Offering, page 6</div>
    <div>&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z854781e045da4d91b6786fee6c0f0771">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">16.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">The second sentence of the third paragraph states that &#8220;[t]he Fund intends to expand the types of investments in which the Fund&#8217;s assets (including proceeds of the Offering) are invested.&#8221; Please clarify
                whether the Fund intends to change its objectives and policies, and briefly describe the types of investments in which the Fund intends to &#8220;expand&#8221; into and how the Fund&#8217;s current asset size prevents such expansion.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 36pt;"><u> <br>
      </u></div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160;&#160;</div>
    <div>&#160; <br>
    </div>
    <div style="margin-left: 36pt;">The Board has no current intention to change the Fund&#8217;s investment objective,&#160; However, depending in part on the amount of proceeds raised in the Offering and subject to any required shareholder approval, the Board may
      consider changes to the Fund&#8217;s investment policies and may expand the types of investments in which the Fund invests its assets, including the proceeds of the Offering.&#160; The types of investments the Board may consider expanding into include SPACs,
      higher rated debt instruments, income oriented closed-end funds, and investments with a relatively short- term opportunity to obtain liquidity, e.g., liquidations, tender offers, and merger arbitrage.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div>&#160; <br>
      <div><img width="215" height="23" src="image00014.jpg"></div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div>November 23, 2020</div>
      <div>Page 6</div>
      <div> <br>
      </div>
    </div>
    <div style="margin-left: 36pt;">The referenced sentence has been revised to read: &#8220;Depending in part on the amount of proceeds raised in the Offering and subject to any required shareholder approval, the Board may consider changes to the Fund&#8217;s
      investment policies and may expand the types of investments in which the Fund invests its assets, including the proceeds of the Offering.&#160; The types of investments the Board may consider expanding into include SPACs, higher rated debt instruments,
      income oriented closed-end funds, and investments with a relatively short-term opportunity to obtain liquidity, e.g., liquidations, tender offers, and merger arbitrage.&#8221;</div>
    <div>&#160; <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zebf6596e109945ddb1d17ed3f387fc43">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">17.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">The penultimate sentence of the first paragraph states that Shareholders who exercise all of their rights may purchase Shares that were not otherwise subscribed by others in the Basic Subscription. Please add a
                cross-reference to the discussion of the Additional Subscription Privilege.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160;&#160;The requested cross-reference has been added.</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4186791ce0f9414b81ff95701f8a7deb">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">18.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Please clarify that because the rights are non-transferable, a Shareholder cannot trade the rights on the secondary market if he or she chooses not to exercise them.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160;&#160;The requested clarification has been added.</div>
    <div>&#160;</div>
    <div style="font-weight: bold;">Purpose of the Offering, page 6</div>
    <div>&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za8cc33bee03943d4b13f78d9854267e9">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">19.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Please clarify whether offering proceeds will be used to support the Fund&#8217;s distribution policy, and if so, disclose that this will be a return of capital.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="margin-left: 36pt;">&#160;<u>Response</u>:&#160;&#160;Disclosure has been added to clarify that proceeds of the Offering will not be used to support the Fund&#8217;s distribution policy.</div>
    <div>&#160; <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z74513d4c59424d07a2a3c167ca7e70e6">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">20.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">In the fifth paragraph, please clarify that Shareholders who choose not to exercise their full rights to purchase additional Shares will permit Shareholders who exercise the Additional Subscription Privilege to
                purchase additional Shares at a discount without furnishing additional rights or providing any compensation to the non-participating Shareholders for the dilution of their ownership percentage or voting rights.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160; The requested clarification has been added.</div>
    <div>&#160; <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1941afdf2f7f4538bc3262b6f77f4d75">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">21.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Please provide an example showing the extent of the dilutive effect when the subscription price is below the NAV on the pricing date.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 36pt;"><u> <br>
      </u></div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160; The requested example has been added.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="font-weight: bold;">
      <div><img width="215" height="23" src="image00014.jpg"></div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div>November 23, 2020</div>
      <div>Page 7</div>
    </div>
    <div style="font-weight: bold;"> <br>
    </div>
    <div style="font-weight: bold;">Investment Strategies, page 7</div>
    <div>&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z66922e07c3ac4056b296108df19db1b9">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">22.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Please clarify whether the Fund invests in affiliated or unaffiliated funds or BDCs.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 36pt;"><u> <br>
      </u></div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160; The disclosure has been revised to clarify that Fund invests in unaffiliated funds and BDCs.</div>
    <div>&#160;</div>
    <div style="font-weight: bold;">Transitional Investment Committee, page 8</div>
    <div>&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z878f7d41db1b4dc1b926c98b5527d224">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">23.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">The name &#8220;Transitional Investment Committee&#8221; seems to imply that this committee will only be managing the Fund temporarily, for a transitional period. The disclosure states that the Board may engage an
                investment advisory firm in the future. Please reconcile.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 36pt;"><u> <br>
      </u></div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160; The disclosure throughout the Registration Statement has been revised to reflect that name of the committee has been changed to &#8220;Investment Committee&#8221; as of November 4, 2020.&#160; Depending in part on the
      amount of proceeds raised in the Offering, the Board will monitor/assess whether an investment advisory firm should be engaged by the Fund in the future.</div>
    <div>&#160;</div>
    <div style="font-weight: bold;">Distribution Policy, page 8</div>
    <div>&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc7cc3569f15c4f688c885a006b740b64">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">24.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">The Fund&#8217;s Semi-Annual Report states that in August 2019, the Fund resumed monthly distributions and that the goal of the Fund in 2020 is to distribute 10% of the Fund&#8217;s NAV. Please disclose whether the Fund&#8217;s
                distributions during 2020 have included a return of capital. In addition, please define &#8220;return of capital&#8221; and explain the consequences of a return of capital distribution including the impact on a Shareholder&#8217;s tax basis.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="margin-left: 36pt;">&#160;<u>Response</u>:&#160;&#160;The following disclosure has been added to the summary of the Distribution Policy:</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 72pt;">&#160;To the extent that the Fund&#8217;s investments do not generate sufficient investment income, the Fund may be required to liquidate a portion of its portfolio to fund these
      distributions and, therefore, these payments may represent a reduction of the Shareholder&#8217;s principal investment. A return-of-capital distribution reduces the U.S. federal income tax basis of an investor&#8217;s Shares, which may make record-keeping by
      certain Shareholders more difficult. As of the date of this prospectus, the Fund expects that a significant portion of its distributions for 2020 will be comprised of return of capital.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="font-weight: bold;">
      <div><img width="215" height="23" src="image00014.jpg"></div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div>November 23, 2020</div>
      <div>Page 8</div>
    </div>
    <div style="font-weight: bold;"> <br>
    </div>
    <div style="font-weight: bold;"> <br>
    </div>
    <div style="font-weight: bold;">Summary of Fund Expenses, page 10</div>
    <div>&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z05ab8645f89f4ce6b27c739d54c475dc">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">25.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Footnote 2 to the Fee table states that the Fund does not pay a management fee. Supplementally, please discuss the amount of director&#8217;s fees paid to the three directors serving on the Transitional Investment
                Committee and provide an analysis as to why these amounts should not be considered a management fee.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 36pt;"><u> <br>
      </u></div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160; The members of the Investment Committee are compensated by the Fund (on an annual basis paid monthly in advance) as follows: $100,000 each for Messrs. Goldstein and Dakos and $50,000 for Mr. Das.&#160; These
      fees are paid in addition to the $25,000 annual fee that each member receives for serving as a director of the Fund as well as the $25,000 annual fee that each of Messrs. Goldstein and Dakos receives for serving as an officer of the Fund.</div>
    <div>&#160; <br>
    </div>
    <div style="margin-left: 36pt;">The Fund does not currently have an investment adviser.&#160; The Board has determined tat it is appropriate to internally manage the assets of the Fund. As a result, the Fund has not entered into an advisory contract and
      does not pay an investment advisory fee.&#160; The Fund believes that, because the Fund has not entered into a written advisory agreement with, and does not pay any investment advisory fees to, an external investment advisory firm, the fees it pays its
      members of the Transitional Investment Committee have been appropriately included in the fee table as &#8220;Other Expenses&#8221; and have been clearly described in the footnote to such line item.&#160;&#160; We also note that this is consistent with the classification
      of these fees as a separate expense line item titled &#8220;Transitional Investment Committee fees&#8221; on the Fund&#8217;s Statement of Operations for the year ended August 31, 2020, as audited by Tait, Weller &amp; Baker LLP, the Fund&#8217;s independent registered
      public accounting firm.</div>
    <div>&#160; <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z359f2d8ec76e46788ed5076f9645724a">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">26.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Footnote 3 to the fee table states the Fund has a fundamental policy prohibiting short sales; however, the SAI does not identify a prohibition on short sales as a fundamental policy. Please reconcile.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 36pt;"><u> <br>
      </u></div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160; The referenced sentence was inadvertently included in the footnote and has been removed.</div>
    <div>&#160;</div>
    <div style="font-weight: bold;"><u>The Offering, pages 11-19</u></div>
    <div>&#160;</div>
    <div style="font-weight: bold;">Purpose of the Offering, page 12</div>
    <div>&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z32b29d81743e4109a23c9f733e3232fd">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">27.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">You include the purchase of mutual funds as a potential use of the proceeds of the Offering but the discussion of principal strategy does not include mutual funds as a principal investment. Please clarify
                whether mutual funds will be a principal investment of the Fund; we note the SAI states the Fund has a non-fundamental policy limiting its investment in open-end investment companies.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 36pt;"><u> <br>
      </u></div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160; The reference to mutual funds has been removed from this section.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="font-weight: bold;">
      <div><img width="215" height="23" src="image00014.jpg"></div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div>November 23, 2020</div>
      <div>Page 9</div>
    </div>
    <div style="font-weight: bold;"> <br>
    </div>
    <div style="font-weight: bold;"> <br>
    </div>
    <div style="font-weight: bold;">Payment for Shares, page 15</div>
    <div>&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2c96bd36c82b4e80bee7a65a1d6baf39">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">28.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">In the third paragraph, please highlight the information and break up the paragraph using bullet points or other formatting techniques.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 36pt;"><u> <br>
      </u></div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160; The third paragraph of this section has been broken up into bullet points and bolded.</div>
    <div>&#160;</div>
    <div style="font-weight: bold;"><u>Use of Proceeds, page 21</u></div>
    <div>&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7b63e7a6344c4bc78c5a21ab0de4f2cc">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">29.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">As required by Item 7 of Form N-2, please identify how the Fund intends to use the net proceeds of the offering and clarify the approximate amount to be used for each purpose. For example, please revise the
                third sentence to clarify the amount of proceeds that may be considered a &#8220;substantial portion.&#8221;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 36pt;"><u> <br>
      </u></div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160; The is section has been revised to clarify that the Fund intends to use the net proceeds of the Offering to invest in accordance with the Fund&#8217;s investment objective and policies.&#160;&#160; The reference to
      &#8220;substantial portion&#8221; has been removed.</div>
    <div>&#160; <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z09cd374f88ef44b09b5ec97a94076e61">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">30.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">If the Fund needs the proceeds of the offering to meet monthly distributions, please revise this section to emphasize this intended use of proceeds.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 36pt;"><u> <br>
      </u></div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160; The Fund does not currently anticipate needing the proceeds of the offering to meet monthly distributions and does not currently intend to use the proceeds of the offering to pay such distributions.</div>
    <div>&#160;</div>
    <div style="font-weight: bold;">&#160;<u>Investment Objectives and Policies, pages 22-26</u></div>
    <div>&#160;</div>
    <div style="font-weight: bold;">Investment Objectives, page 22</div>
    <div>&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z32f73340cfd34da68a19ad8b2d2cdde8">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">31.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Please revise the first sentence to note that &#8220;high yield securities&#8221; are also known as &#8220;junk bonds.&#8221;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 36pt;"><u> <br>
      </u></div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160; The reference to &#8220;high yield securities&#8221; has been removed in connection with the response to Comment #32 below.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div>
      <div>
        <div><img width="215" height="23" src="image00014.jpg"></div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div>November 23, 2020</div>
        <div>Page 10</div>
      </div>
      <div> <br>
      </div>
      <div> <br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8bdccf6eea4942748a6317af8f908cf2">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">32.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Please confirm the Fund&#8217;s investment objective which currently states that it will invest in &#8220;a portfolio of lower-grade or non-rated convertible securities and non-convertible, high-yield securities.&#8221;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 36pt;"><u> <br>
      </u></div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160; Because it speaks more to strategy than objective, the Fund has removed the quoted language from the sentence describing the Fund&#8217;s investment objective.</div>
    <div>&#160;</div>
    <div style="font-weight: bold;">Investment Strategies, page 22</div>
    <div>&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zedfd35d7762e4bddba0a579ccb2afd92">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">33.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">The Fund has an 80% policy to invest in fixed income securities, including debt instruments, convertible and preferred stock. The Fund&#8217;s latest Semi-Annual Report disclosed that as of February 29, 2020, 70% of
                the Fund&#8217;s portfolio was invested in other investment companies, 15% in money market funds, and 14% in special purpose acquisition companies. The Fund&#8217;s benchmark index for measuring its performance is a 6-month Treasury Bill index.
                Supplementally, please discuss whether the Fund&#8217;s name is consistent with rule 35d-1 given its current portfolio and whether the Fund&#8217;s investments are consistent with its stated 80% policy, particularly with respect to its investment in
                common stocks and SPACs, and its investment objectives.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 36pt;"><u> <br>
      </u></div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160; The Fund meets the 80% policy by looking through to its investments in closed end funds and by its approach to its SPAC investments.&#160; The Fund invests in income generating securities primarily through
      its closed end fund investments.&#160; In addition, the Fund treats its investments in SPACs as income investments because it exits such investments prior to the disbursement of the funds held in each SPAC&#8217;s trust account. As a result, the Fund&#8217;s
      investments are consistent with its stated 80% policy.</div>
    <div>&#160; <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z53787f51a96f41d884f87dc4bb733f15">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">34.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Please clarify whether the Fund may hold fixed income securities with any maturity or duration.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 36pt;"><u> <br>
      </u></div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160; The requested clarifying language has been added.</div>
    <div>&#160;</div>
    <div style="font-weight: bold;">Portfolio Investments, Other Closed End Investment Companies, page 23</div>
    <div>&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z166dadccd0f74c86bdbeb4187ea31ba8">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">35.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Please describe the holdings of the underlying closed-end investment companies in greater detail. Please confirm that the Fund looks through to the underlying funds to determine compliance with its 80% test and
                revise disclosure accordingly. Please also revise disclosure, as necessary, to account for the investments and risks of the underlying funds that are principal to the Fund.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 36pt;"><u> <br>
      </u></div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160; As noted above, the Fund looks through to the underlying funds to determine compliance with its 80% test.&#160; The disclosure has been revised accordingly.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="font-weight: bold;">
      <div><img width="215" height="23" src="image00014.jpg"></div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div>November 23, 2020</div>
      <div>Page <font id="DSPFPageNumber">11</font></div>
    </div>
    <div style="font-weight: bold;"> <br>
    </div>
    <div style="font-weight: bold;">Corporate Bonds, Government Debt Securities and Other Debt Securities, page 23</div>
    <div>&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5c1b4884b6534c598501da9b0d53ef25">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">36.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Please describe the kinds of securities that may pay variable rates of interests in greater detail. If the Fund may invest in bank loans or other floating rate loans, please describe these loans in greater
                detail, and discuss any risks related to an investment in variable rate securities in the discussion of principal risks (e.g., settlement risk for bank loans or any risks posed by the discontinuation of LIBOR).</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 36pt;"><u> <br>
      </u></div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160; The Fund does not invest in securities that pay variable rates.&#160; Accordingly, the references to variable rates have been removed.&#160; In addition, the Fund does not invest in bank loans or other floating
      rate loans.</div>
    <div>&#160; <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9a6e124781e9477d86450f60e2a9027b">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">37.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Please review the second paragraph and consider moving the last three sentences to the discussion of principal risks since they discuss risks that are likely to affect the Fund&#8217;s net asset value, yield and
                total return.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 36pt;"><u> <br>
      </u></div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160; The referenced sentences have been moved as requested.</div>
    <div>&#160;</div>
    <div style="font-weight: bold;">Illiquid Securities, page 25</div>
    <div>&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf89e1bd5aea54435a556adfcf9ce93e1">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">38.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Please clarify whether the Fund&#8217;s principal investments, particularly in SPACs, are consistent with this disclosure in this section that states that the Fund will limit investments in illiquid securities to 10%
                of its net assets.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 36pt;"><u> <br>
      </u></div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160; The Fund does not consider its investments in SPACs to be illiquid because they are publicly traded securities.</div>
    <div>&#160;</div>
    <div style="font-weight: bold;"><u>Risk Factors, pages 26-36</u></div>
    <div>&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za8036c7736a0412aadd3056117974e38">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">39.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Common stock risk and small and medium company risk are identified as principal risks of investing in the Fund even though the Fund has an 80% policy focused on fixed income securities. Please confirm that
                investments in common stock, including in small and medium companies, is a principal investment strategy of the Fund. Please move any risks related to non-principal investments of the Fund to the SAI.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 36pt;"><u> <br>
      </u></div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160; The Common Stock Risk and the Small and Medium Company Risk have been moved to the Non-Principal Risks section.</div>
    <div>&#160; <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z29ff0b8d891a4eaaa111659f98b7c83f">

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            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">40.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Investments in exchange traded funds and short sales are not identified as a principal investment strategy of the Fund and the prospectus states in a number of places that the Fund will not engage in short
                sales; however, ETF risk and short sale risk are identified as principal risks of investing in the Fund. Please reconcile.</div>
            </td>
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      </table>
    </div>
    <div style="margin-left: 36pt;"><u> <br>
      </u></div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160; The ETF risk has been moved to the Non-Principal Risks section.&#160; The short sale risk has been deleted.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div>
      <div>
        <div><img width="215" height="23" src="image00014.jpg"></div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div>November 23, 2020</div>
        <div>Page <font id="DSPFPageNumber">12</font></div>
      </div>
      <div> <br>
      </div>
      <div> <br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z46d386c62f684582a2134c28ea049eb8">

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            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">41.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Leverage risk is discussed on page 30. The fee table suggests that the fund itself does not borrow for investment purposes and the principal investment strategy does not suggest the Fund invests in derivatives.
                Please clarify here how the fund is subject to leverage risk (e.g., through underlying funds, if accurate).</div>
            </td>
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      </table>
    </div>
    <div style="margin-left: 36pt;"><u> <br>
      </u></div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160; The Fund may currently be indirectly exposed to leverage risk through its investments in underlying funds.</div>
    <div>&#160; <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9915195c755b4ddc840a55044b5753de">

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              <div style="font-weight: bold;">42.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">On page 35, you identify principal risks related to options and futures, securities lending and &#8220;Other Risks,&#8221; yet none of these investment types is identified as a principal investment strategy of the Fund.
                Please reconcile so that principal risk section discusses only those risks associated with the Fund&#8217;s objectives, policies, capital structure and trading. See, ADI 2019-08 &#8211; Improving Principal Risks Disclosure. With regard to &#8220;Other
                Risks,&#8221; it is unclear whether the types of securities included in discussion are principal investments of the Fund, and what the risks related to these investments entail.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 36pt;"><u> <br>
      </u></div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160; The risks related to options and futures, securities lending and &#8220;Other Risks&#8221; have been deleted.</div>
    <div>&#160;</div>
    <div style="font-weight: bold;"><u>Non-Principal Risks, page 36</u></div>
    <div>&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbb22af52702e4195b134799742bac3e5">

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            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">43.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Given the fund&#8217;s 80% policy, please confirm that interest rate risk and debt security risk are non-principal risks of the Fund.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 36pt;"><u> <br>
      </u></div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160; The referenced risks have been moved to the Principal Risks section.</div>
    <div>&#160;</div>
    <div style="font-weight: bold;"><u>Management, pages 37-39</u></div>
    <div style="font-weight: bold;"><u> <br>
      </u></div>
    <div style="font-weight: bold;">Portfolio Management, page 37</div>
    <div>&#160;</div>
    <div>
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            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">44.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Because the Fund invests in foreign securities, please provide a basis to assess the expertise and experience of the Transitional Investment Committee. See, Guide 9 to Form N-2.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 36pt;"><u> <br>
      </u></div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160; The Fund does not invest in foreign securities, expertise in the noted area is not an issue for the Investment Committee.&#160; Risks relating to foreign securities and emerging markets have been deleted.</div>
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    </div>
    <div style="font-weight: bold;"><br>
      <div><img width="215" height="23" src="image00014.jpg"></div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div>November 23, 2020</div>
      <div>Page <font id="DSPFPageNumber">13</font></div>
    </div>
    <div style="font-weight: bold;"><u> <br>
      </u></div>
    <div style="font-weight: bold;"><u>Exhibits</u></div>
    <div>&#160;</div>
    <div>
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              <div style="font-weight: bold;">45.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Rule 411 under the Securities Act and rule 0-4 under the Investment Company Act require the hyperlinking to any exhibits filed with the registration and to any other information incorporated by reference in a
                registration statement if publicly available on EDGAR. Please add appropriate hyperlinks to your next filing with the Commission.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 36pt;"><u> <br>
      </u></div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160; The hyperlinks have been added to the exhibit list.</div>
    <div>&#160;</div>
    <div style="font-weight: bold;"><u>Undertakings</u></div>
    <div>&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd11f444a92454694a08b64fd3c767a2e">

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            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">46.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">The registration statement filed on August 31, 2020 failed to include the undertaking required by Item 34.1 of Form N-2. Please include the undertaking in your next filing with the Commission.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 36pt;"><u> <br>
      </u></div>
    <div style="margin-left: 36pt;"><u>Response</u>:&#160; The Fund respectfully submits that the undertaking required by Item 34.1 of Form N-2 was included in the August 31, 2020 filing, and will be included in any amendments to such filing.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">&#160;&#160;<font style="color: #000000;">Should you have any additional questions or comments regarding this letter, please contact me at (212) 885-5205.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">&#160;</div>
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          <td style="width: 60%; vertical-align: top;">&#160;</td>
          <td style="width: 40%; vertical-align: top;">
            <div style="color: #000000;">Sincerely,</div>
          </td>
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          <td style="width: 60%; vertical-align: top;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
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          <td style="width: 60%; vertical-align: top;">&#160;</td>
          <td style="width: 40%; vertical-align: top;">
            <div style="color: #000000;">/s/ Margaret M. Murphy</div>
            <div style="color: #000000;">Margaret M. Murphy</div>
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    <div style="color: #000000;">&#160;</div>
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