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<SEC-HEADER>0001999371-24-008507.hdr.sgml : 20240711
<ACCEPTANCE-DATETIME>20240711133958
ACCESSION NUMBER:		0001999371-24-008507
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		14
FILED AS OF DATE:		20240711
DATE AS OF CHANGE:		20240711

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HIGH INCOME SECURITIES FUND
		CENTRAL INDEX KEY:			0000810943
		ORGANIZATION NAME:           	
		IRS NUMBER:				046562068
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-278720
		FILM NUMBER:		241111685

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High
Income Securities Fund</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>17,530,463
</b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights for 17,530,463 Shares of Beneficial
Interest </span></b></p>

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

<!-- Field: Rule-Page --><div style="text-align: left"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 July 8, 2024 (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 10% of the Shares available in the Offering (the &#8220;Over-Subscription
Shares&#8221;) to honor additional subscription requests. To the extent that sufficient unsubscribed Shares or Over-Subscription
Shares are not available to honor all additional subscription requests, available Shares will be allocated to assure that the
total number of Shares available for over-subscription are distributed on a pro-rata basis. See &#8220;The Offering&#8221; below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foregoing 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Rights are non-transferable and may not be purchased or sold. As such, the Rights will not be listed for trading on any exchange.
The 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 May 31, 2024, the last reported net asset value (&#8220;NAV&#8221;) per Share was <span id="xdx_90C_eus-gaap--NetAssetValuePerShare_iI_c20240531__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zko2vPY8ReHi">$<ix:nonFraction name="us-gaap:NetAssetValuePerShare" contextRef="AsOf2024-05-31_custom_CommonSharesMember" id="Fact000012" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">7.55</ix:nonFraction></span> and the last reported sales price per
Share on the NYSE was <span id="xdx_902_eus-gaap--SharePrice_iI_c20240531__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zn47a2CzvYE">$<ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2024-05-31_custom_CommonSharesMember" id="Fact000013" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.82</ix:nonFraction></span>, which represents a <span id="xdx_90B_ecef--LatestPremiumDiscountToNavPercent_iN_di_c20240531__20240531__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zm7N198yyHlh"><ix:nonFraction name="cef:LatestPremiumDiscountToNavPercent" contextRef="From2024-05-312024-05-31_custom_CommonSharesMember" id="Fact000014" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Ratio">9.67</ix:nonFraction>%</span> discount to the Fund&#8217;s NAV per Share. The subscription price per Share
(the &#8220;Subscription Price&#8221;) will be the greater of (1) 97% of the volume weighted average market price (&#8220;VWAP&#8221;)
per Share for the three consecutive trading days ending on the Expiration Date and (2) 85% of the NAV per Share on the Expiration
Date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
Offering: </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>may
                                         dilute the aggregate NAV of Shares owned by Shareholders who do not fully exercise their
                                         rights and purchase additional Shares, and such dilution may be substantial;</b></span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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 Offer;</b></span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>may
                                         increase the discount at which the Shares trade to NAV if the Subscription Price is less
                                         than the NAV; and</b></span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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 sizable
                                         numbers of Shares immediately after such issuance; however, this possibility may be mitigated
                                         by the Fund&#8217;s commitment to conduct the self-tender offer described in &#8220;Summary
                                         &#8211; The Offer&#8221; below.</b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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 PRIOR TO THE DETERMINATION OF THE SUBSCRIPTION PRICE. 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 AUGUST 9, 2024 (THE &#8220;EXPIRATION
DATE&#8221;), UNLESS EXTENDED, AS DISCUSSED IN THIS PROSPECTUS.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
information regarding delivery of Shares to Shareholders who exercise their Rights, see &#8220;The Offering &#8211; Delivery of
the Shares&#8221; below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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) of the NAV as of the end of the previous calendar year. For 2024, the monthly distribution amount is $0.0622 based
upon the Fund&#8217;s NAV as of December 31, 2023 which was $7.46. As of the date of this prospectus, a significant portion of
the Fund&#8217;s distributions for 2024 may be comprised of return-of-capital. See &#8220;Distribution Policy.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
more information, please call InvestorCom (the &#8220;Information Agent&#8221;) toll free at (877) 972-0090.</span></p>

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


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    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif"><b>Investing
in the Fund involves risks. See &#8220;Risk Factors&#8221; on page 28 of this prospectus.</b></span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated
Subscription </b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Price<sup>(1)</sup></b></span></p></td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated
&#160;</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sales
Load</b></span></p></td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated
Proceeds <br/>
to the Fund<sup>(2)</sup></b></span></p></td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 54%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Per
    Share</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.53</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 13%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125,921,318</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.53</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125,921,318</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

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<p style="margin-top: 0; margin-bottom: 0"></p>



<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup>&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 95%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 on May 31,
    2024 and the VWAP per Share for the three consecutive trading days ending on May 31, 2024. See &#8220;The Offering - Subscription
    Price&#8221; and &#8220;The Offering - Payment for Shares.&#8221;</span></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(2)</sup>&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 95%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
    to the Fund are estimated to be approximately $125,921,318 or approximately $6.53 per Share, if fully subscribed (including
    full utilization of the Additional Subscription Privilege, as defined and discussed herein). 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
    $117,000 or approximately $0.003 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 Expiration 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.</span></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
date of this prospectus is July 12, 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&#8217;s Shares are listed on the NYSE under the ticker symbol &#8220;PCF.&#8221;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.
The Investment Committee of the Board of Trustees is responsible for implementing the Fund&#8217;s investment strategy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 <span style="background-color: white">July 12,
2024 (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 <a href="#c001">Statement of Additional Information</a>
&#160;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 47 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.<span style="background-color: white">highincomesecuritiesfund.com</span>. The Fund files annual
and semi-annual shareholder reports, proxy statements and other information with the SEC. You can obtain this information or the
Statement of Additional Information or any information regarding the Fund filed with the SEC from the SEC&#8217;s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>You
should rely only on the information contained or incorporated by reference in this prospectus. The Fund has 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.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 electronically 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, Equiniti
Trust Company, LLC, at 1-800-937-5449.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, Equiniti Trust Company, LLC, at 1-800-937-5449. Your election
to receive reports in paper form will apply to all funds held in your account with your financial intermediary.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 90%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2aa001">SUMMARY</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2aa002">SUMMARY OF FUND EXPENSES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2aa003">THE FUND</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2aa004">THE OFFERING</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2aa005">FINANCIAL HIGHLIGHTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2aa006">USE OF PROCEEDS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2aa007">INVESTMENT OBJECTIVE AND INVESTMENT STRATEGIES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2aa008">RISK FACTORS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2aa009">LISTING OF SHARES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2aa010">MANAGEMENT OF THE FUND</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">35</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2aa011">DETERMINATION OF NET ASSET VALUE</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2aa012">DISTRIBUTION POLICY</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2aa013">CERTAIN ADDITIONAL MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2aa014">DESCRIPTION OF CAPITAL STRUCTURE</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2aa015">LEGAL MATTERS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2aa016">REPORTS TO STOCKHOLDERS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2aa017">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2aa018">ADDITIONAL INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2aa019">TABLE OF CONTENTS OF THE STATEMENT OF ADDITIONAL INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</span></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="pcfn2aa001"></span>SUMMARY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>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;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; padding-right: 5pt; padding-left: 5pt; padding-top: 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
    Fund</b></span></td>
    <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 80%; padding-right: 5pt; padding-left: 5pt; padding-top: 5pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        Fund was formed on April 28, 1987 as a Massachusetts business trust under the laws of the Commonwealth of Massachusetts.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 (&#8220;NAV&#8221;). These developments led the Fund&#8217;s former investment adviser to resign in
        July 2018. 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. A self-tender offer for the Fund&#8217;s shares at a price of 99% of NAV was completed
        in March 2019.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
        April 2019, the Fund has been 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. The Fund&#8217;s shares
        of beneficial interest are listed and trade on the NYSE under the trading symbol &#8220;PCF.&#8221;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
        September 2023, the Board established a Strategic Planning Committee, composed of Trustees who are not &#8220;interested
        persons&#8221; of the Fund within the meaning of the 1940 Act, to consider, among other things, what, if any, fundamental
        changes in the Fund&#8217;s structure and investment restrictions are warranted. The Strategic Planning Committee recommended
        that the Board consider and approve an investment advisory agreement (the &#8220;Advisory Agreement&#8221;) between the
        Fund and Bulldog Investors, LLP (&#8220;Bulldog&#8221;) whereby Bulldog will provide investment management services to
        the Fund. At a meeting on June 14, 2024, the Board approved the Advisory Agreement. At its June 14, 2024 meeting, the
        Board also considered and approved changes to the Fund&#8217;s investment strategies and fundamental policies in order
        to expand the types of investments the Fund can make and increase the Fund&#8217;s flexibility to pursue investment opportunities
        (the &#8220;Investment Changes&#8221;). The Board did not consider the conversion of the Fund to an open-end mutual fund
        as part of the Investment Changes. <b>The Advisory Agreement and the Investment Changes will not take effect unless and
        until they are approved by the Fund&#8217;s shareholders.</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
the Expiration Date, the Fund will schedule a special meeting of the Fund&#8217;s shareholders (the &#8220;Special Meeting&#8221;)
to consider the approval of the Advisory Agreement and the Investment Changes. A proxy statement will be filed with the SEC which
further describes the Advisory Agreement and the Investment Changes (the &#8220;Special Meeting Proxy Statement&#8221;). Certain
Trustees and Officers of the Fund are affiliated with Bulldog, as more fully described in the Fund&#8217;s Statement of Additional
Information under the heading &#8220;Management.&#8221; Bulldog and its affiliates may participate in the Offering as shareholders.
Bulldog and its affiliates intend to vote their shares in favor of any proposals made by the Board, including the approval of
the Advisory Agreement and the Investment Changes.</span></p></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; padding-right: 5pt; padding-left: 5pt; padding-top: 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: justify; padding-right: 5pt; padding-left: 5pt; padding-top: 5pt"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Board intends to authorize a self-tender offer by the Fund to commence after the Special Meeting which will be at a price of at least 98% of NAV for at least (a) 90% of the number of shares issued in the rights offering if all the proposals at the Special Meeting are approved by the Fund&#8217;s shareholders, or (b) 60% of the number of shares issued in the rights offering if all of the proposals at the Special meeting are not approved by the Fund&#8217;s shareholders. <b>The foregoing does not constitute a tender offer or an offer to purchase the shares of any shareholder. Any such offer will be made pursuant to separate tender offer materials complying with the requirements of Section 13(e) of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), and Rule 13e-4 thereunder.</b></span></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; padding-left: 5pt; padding-top: 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
    Offering</b></span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5pt; padding-left: 5pt; padding-top: 5pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        Fund is issuing non-transferable rights (&#8220;Rights&#8221;) to its Shareholders as of the close of business on July 8,
        2024 (each such Shareholder, a &#8220;Rights Holder&#8221;), which Rights will allow Rights Holders to subscribe for an
        aggregate of 17,530,463 Shares (the &#8220;Offering&#8221;). Rights are non-transferable. 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 that will be the greater of (1) 97% of the volume weighted average
        market price (&#8220;VWAP&#8221;) per Share for the three consecutive trading days ending on the Expiration Date and (2)
        85% of the NAV per Share on 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 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 10% of
        the Shares available in the Offering to honor over-subscription requests.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        Fund previously conducted a rights offering that expired on January 29, 2021 (the &#8220;January 2021 Offering&#8221;)
        and included similar terms and conditions as this Offering. Pursuant to the January 2021 Offering, the Fund issued 3,922,867
        shares in fulfillment of basic subscription requests at a subscription price of $8.24 per share, for a total offering
        of $32,324,424.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent
to the January 2021 Offering, the Fund conducted a rights offering that expired on October 22, 2021 (the &#8220;October 2021 Offering&#8221;)
and also included similar terms and conditions as this Offering. Pursuant to the October 2021 Offering, the Fund issued 8,042,590
shares in fulfillment of basic subscription requests at a subscription price of $8.36 per share, for a total offering of $67,236,052.&#160;</span></p></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

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<table cellspacing="0" cellpadding="0" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 0pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; padding-top: 5pt; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Purpose of the Offering</b></span></td>
    <td style="border-bottom: Black 0pt solid; font: 10pt Times New Roman, Times, Serif; width: 80%; padding-top: 5pt; padding-right: 5pt; padding-left: 5pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
        its meeting held on June 14, 2024, the Board determined in good faith that the proposed Offering is
        in the best interests of the Fund and its Shareholders and would result in a net benefit to existing Shareholders. The
        primary reasons for the Offering are summarized below.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;&#160;The
        Board believes that increasing the Shareholder base of the Fund may increase the proportion of Fund Shareholders that
        actively participate in Shareholder meetings. The Fund&#8217;s Shareholder base has become increasingly inactive with
        respect to participation in Shareholder meetings, culminating in the failure to obtain a quorum to do business at the
        annual meeting of Fund Shareholders in 2023. The Board believes that, in order to obtain a quorum to do business at any
        future meeting (special or annual) of the Fund&#8217;s Shareholders, the Fund needs to increase the amount of active Shareholders.
        Without obtaining such a quorum, it will be virtually impossible for the Shareholders to approve any proposals requiring
        shareholder approval, including entering into the proposed Advisory Agreement and implementing the Investment Changes.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;&#160;The
        Basic Subscription will provide existing Shareholders an opportunity to purchase additional Shares at a price that is
        potentially below market price without incurring any commission or transaction charges.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;&#160;&#160;Raising
        more cash may better position the Fund to take advantage of investment opportunities that exist or may arise. If the Fund&#8217;s
        shareholders approve the Investment Changes, the Fund would have an expanded scope of investments in which to invest.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;&#160;&#160;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.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        Board considered alternatives to the Offering, such as a more limited/less dilutive non-transferable rights offering or
        a transferable rights offering which, pursuant to applicable SEC No-Action relief, would be limited in size to one-third
        of the Fund&#8217;s outstanding shares. The Board determined that the decreased size of such alternatives would hinder
        the ability of the offering to increase Fund shareholder participation in meetings of shareholders.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Offering is expected to be moderately dilutive with respect to the NAV per share. In addition, all the costs of the Offering will
be indirectly borne by all Shareholders whether or not they exercise their Rights. The Offering will dilute the voting power of
those Shareholders electing not to participate in the Offering because they will own a smaller percentage of the total number
of shares outstanding after the completion of the Offering.</span></p></td></tr>
</table>

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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="border: black 0pt solid; font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; padding-left: 5pt; padding-right: 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 80%; padding-left: 5pt; padding-right: 5pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
                                                                     <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Because
        the Offering will increase the number of the Fund&#8217;s outstanding Shares, it may increase the level of market interest
        in and visibility of the Fund and improve the trading liquidity of the Shares on the NYSE. Shareholders who choose not
        to exercise all their Rights will permit Shareholders who exercise the Additional Subscription Privilege to purchase additional
        Shares at a discount to the market price without furnishing additional rights or providing any compensation to the non-participating
        Shareholders for the dilution of their ownership percentage or voting power.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        following illustrates the dilutive impact of the Offering if the Subscription Price is below the NAV on the pricing date.
        The amounts in the table are based on the Fund&#8217;s per-share NAV on May 31, 2024, the Fund&#8217;s market price on
        May 31, 2024, and the Fund&#8217;s per-share VWAP for the three consecutive trading days ending on May 31, 2024 ($7.55,
        $6.82, and $6.73, respectively) and estimated Subscription Price of $6.53 per share (97% of $6.73).</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        following table shows the impact assuming the Basic Subscription is fully subscribed:</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></td></tr>
</table>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">
    <td style="border-left: Black 1pt solid; width: 20%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NAV
    Per<br/>
 Share</span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Market
    <br/>
Price</span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">New
    NAV<br/>
 Per Share</span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Percentage</span></b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br/>
    <span style="background-color: white"><b><span style="text-decoration: underline">Dilution</span></b></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Dollar
    Amt<br/>
Per Share <br/>
Dilution</span></b></span></td>
    <td style="border-right: Black 1pt solid; width: 3%">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-left: Black 1pt solid">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$7.55</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$6.82</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$7.04</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.8%</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0.51</span></td>
    <td style="border-right: Black 1pt solid">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-left: Black 1pt solid">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td>
    <td style="border-right: Black 1pt solid">&#160;</td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-left: Black 1pt solid">&#160;</td>
    <td colspan="6" style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 5pt; padding-left: 5pt"><span style="font: 10pt Times New Roman, Times, Serif">The following table shows the impact assuming the Basic Subscription and the Additional Subscription Privilege are fully subscribed:</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">
    <td style="border-left: Black 1pt solid; width: 20%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NAV Per <br/>
Share</span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Market <br/>
Price</span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">New NAV<br/>
 Per
    Share</span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Percentage</span></b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br/>
    <span style="background-color: white"><b><span style="text-decoration: underline">Dilution</span></b></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Dollar
    Amt <br/>
Per Share <br/>
Dilution</span></b></span></td>
    <td style="border-right: Black 1pt solid; width: 3%">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-left: Black 1pt solid; padding-bottom: 6pt">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$7.55</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$6.82</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$7.02</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1%</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0.53</span></td>
    <td style="border-right: Black 1pt solid; padding-bottom: 6pt">&#160;</td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; padding-top: 5pt; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment
    Objective and Policies</b></span></td>
    <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 80%; padding-top: 5pt; padding-right: 5pt; padding-left: 5pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        Fund&#8217;s investment objective is to seek to provide high current income as a primary objective and capital appreciation
        as a secondary objective.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
        is no assurance that the Fund will achieve its investment objective. <b>Some of the Fund&#8217;s investment policies are
        considered fundamental policies and may not be changed without Shareholder approval.</b> 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;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
        noted above, at a meeting on June 14, 2024, the Board approved the Investment Changes with respect to the Fund, which
        are subject to the approval of the Fund&#8217;s shareholders. The Investment Changes will be described in detail in the
        Special Meeting Proxy Statement.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment
    Strategies</b></span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 5pt; padding-left: 5pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.
In addition, units or common shares issued by SPACs may comprise up to 20% of the Fund&#8217;s portfolio.</span></p></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 5pt; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 5pt; width: 80%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
noted above, at a meeting on June 14, 2024, the Board approved the Investment Changes with respect to the Fund, which are subject
to the approval of the Fund&#8217;s shareholders. The Investment Changes will be described in the Special Meeting Proxy Statement.&#160;</b></span></p></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment
    Committee</b></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 5pt; padding-left: 5pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        Fund is internally managed by the Investment Committee, which is responsible for implementing the Fund&#8217;s investment
        strategy. The Investment Committee is comprised of three Trustees, 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 $150,000 each for Messrs. Goldstein and Dakos and $75,000 for Mr. Das, in each case on an annual basis paid
        monthly in advance.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
        noted above, at a meeting on June 14, 2024, the Board approved the Advisory Agreement with respect to the Fund, which
        will be subject to the approval of the Fund&#8217;s shareholders. Upon such approval by the Fund&#8217;s shareholders,
        the Investment Committee will be disbanded and Bulldog will commence providing investment management services for the
        Fund. The terms of the Advisory Agreement and the Board&#8217;s considerations in approving it will be described in detail
        in the Special Meeting Proxy Statement.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Distribution
    Policy</b></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 5pt; padding-left: 5pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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) of the NAV as of the end of the previous calendar year. 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.
        Payments representing a reduction of the Shareholder&#8217;s principal investment is a &#8220;return-of-capital.&#8221;
        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. In addition, return-of-capital distributions reduce the level of
        assets available for investment which may negatively affect the Fund&#8217;s ability to meet its objective. As of the
        date of this prospectus, a significant portion of the Fund&#8217;s distributions for 2024 may be comprised of return-of-capital.
        See &#8220;Distribution Policy.&#8221;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Administrator
    and Accounting Agent, </b></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 5pt; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 and accounting agent to the Fund. See &#8220;Management of the Fund.&#8221;</span></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

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    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Custodian
    </b></span></td>
    <td colspan="2" style="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 5pt; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Transfer
    Agent</b></span></td>
    <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 5pt; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equiniti
    Trust Company, LLC serves as the Fund&#8217;s transfer agent and registrar. See &#8220;Management of the Fund.&#8221;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Closed-End
    Fund Structure</b></span></td>
    <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-right: 5pt; padding-left: 5pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 NAV 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.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
        of closed-end funds frequently trade at a discount from their NAV. In recognition of the possibility that the Shares might
        trade at a discount to NAV and that any such discount may not be in the interest of Shareholders, the Fund&#8217;s Board
        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 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
        NAV per Share.</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 5pt; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
    Factors</b></span></td>
    <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 5pt; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 <span style="background-color: white">28
    </span>and the other information included in this prospectus for a discussion of risks that you should carefully consider
    about the Fund and about this Offering.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td rowspan="4" style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; padding-top: 5pt; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Important
    Dates</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 56%; text-align: justify; padding-top: 5pt; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Record
    Date</span></td>
    <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: justify; padding-top: 5pt; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July 8,
    2024</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 5pt; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription Date</span></td>
    <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 5pt; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July
    12, 2024</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> &#8211; <span style="background-color: white">August
    9, 2024</span>*</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 5pt; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expiration Date/Deadline
    to Purchase Shares</span></td>
    <td style="border-right: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 5pt; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 9,
    2024</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 5pt; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
    Unless the Offering is extended.</span></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 5pt; padding-right: 5pt; padding-left: 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

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    <div style="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&#160;</p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pcfn2aa002"></span>SUMMARY
OF FUND EXPENSES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table shows Fund expenses that you as an investor in the Fund&#8217;s Shares will bear directly or indirectly.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
<ix:nonNumeric contextRef="AsOf2024-07-11" continuedAt="ConU000017-01" escape="true" id="Fact000017" name="cef:ShareholderTransactionExpensesTableTextBlock"><div id="xdx_803_ecef--ShareholderTransactionExpensesTableTextBlock_dU_gL1STETTB-ALVJNY_zbGFil99MMs"></div>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; width: 80%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 85%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shareholder Transaction
    Expenses</b></span></td>
    <td id="xdx_492_20240711__20240711_z3nolgWqa2Ej" style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr id="xdx_40D_ecef--SalesLoadPercent_i01_dpn_zlZz7Jp7K8q2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales load</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="cef:SalesLoadPercent" contextRef="AsOf2024-07-11" id="Fact000019" format="ixt-sec:numwordsen" decimals="INF" scale="-2" unitRef="Ratio">None</ix:nonFraction></span></td></tr>
<tr id="xdx_406_ecef--OtherTransactionExpensesPercent_i01_dp_zRetva0Pq905" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering expenses<sup id="xdx_F4C_zVedznnTQKxf">(1)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="cef:OtherTransactionExpensesPercent" contextRef="AsOf2024-07-11" id="Fact000021" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">0.09</ix:nonFraction>%</span></td></tr>
<tr id="xdx_407_ecef--DividendReinvestmentAndCashPurchaseFees_i01_pid_dn_zHYH8f82Chr" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend Reinvestment and Cash Purchase Plan
    Fees</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="cef:DividendReinvestmentAndCashPurchaseFees" contextRef="AsOf2024-07-11" id="Fact000023" format="ixt-sec:numwordsen" decimals="INF" unitRef="USD">None</ix:nonFraction></span></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
</ix:nonNumeric><div id="xdx_817_zVAx8VCNfRBc"></div>
<ix:nonNumeric contextRef="AsOf2024-07-11" continuedAt="ConU000028-01" escape="true" id="Fact000028" name="cef:AnnualExpensesTableTextBlock"><div id="xdx_801_ecef--AnnualExpensesTableTextBlock_dU_gL1AETTB-EEOWTHM_zHzFFAUX8cOf"></div>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; width: 80%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 85%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Expenses (as a percentage of net assets
    attributable to the Shares)</b></span></td>
    <td id="xdx_491_20240711__20240711_z9Vh0nV0dzdj" style="font: 10pt Times New Roman, Times, Serif; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr id="xdx_40B_ecef--ManagementFeesPercent_i01_dp_zQ0YGx2mrO93" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management fees<sup id="xdx_F42_zpY1LZxUtom">(2)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="cef:ManagementFeesPercent" contextRef="AsOf2024-07-11" id="Fact000030" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">0.00</ix:nonFraction>%</span></td></tr>
<tr id="xdx_40D_ecef--InterestExpensesOnBorrowingsPercent_i01_dpn_zUaNZ539KGbk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Payments on Borrowed Funds</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="cef:InterestExpensesOnBorrowingsPercent" contextRef="AsOf2024-07-11" id="Fact000032" format="ixt-sec:numwordsen" decimals="INF" scale="-2" unitRef="Ratio">None</ix:nonFraction></span></td></tr>
<tr id="xdx_40E_ecef--OtherAnnualExpensesPercent_i01_dp_zIGa87lHddg1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #D9D9D9">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other expenses<sup id="xdx_F4D_zL11g4mOLez1">(2)(3)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="cef:OtherAnnualExpensesPercent" contextRef="AsOf2024-07-11" id="Fact000034" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">0.95</ix:nonFraction>%</span></td></tr>
<tr id="xdx_40F_ecef--AcquiredFundFeesAndExpensesPercent_i01_dp_zJuVTRbX4oAg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquired Fund fees and expenses<sup id="xdx_F4B_z6CNdRv1QHD1">(4)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="cef:AcquiredFundFeesAndExpensesPercent" contextRef="AsOf2024-07-11" id="Fact000036" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">3.82</ix:nonFraction>%
    </span></td></tr>
<tr id="xdx_400_ecef--TotalAnnualExpensesPercent_i01T_dp_zf6LlnU0CdTg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #D9D9D9">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Expenses</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="cef:TotalAnnualExpensesPercent" contextRef="AsOf2024-07-11" id="Fact000038" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">4.77</ix:nonFraction>%</span></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
</ix:nonNumeric><ix:nonNumeric contextRef="AsOf2024-07-11" continuedAt="ConU000041-01" escape="true" id="Fact000041" name="cef:ExpenseExampleTableTextBlock"><p id="xdx_803_ecef--ExpenseExampleTableTextBlock_dU_gL1EETTB-WEAVG_zE91fPff86wa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Example</b><sup>(5)</sup></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following example illustrates the hypothetical expenses (including estimated expenses with respect to year 1 of this Offering
of approximately $117,000) that you would pay on a $1,000 investment in the Shares, assuming (i) annual expenses of <span style="background-color: white">4.77</span>%
of net assets attributable to the Shares and (ii) a 5% annual return:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; width: 80%">
<tr style="font: 10pt Times New Roman, Times, Serif; text-align: center; background-color: #D9D9D9; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 53%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_48C_ecef--ExpenseExampleYear01_zDWBxj55ZaC7" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1
    Year</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_488_ecef--ExpenseExampleYears1to3_zV9BbBT56Qs4" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3
    Years</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_487_ecef--ExpenseExampleYears1to5_zChFf7IAohg7" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5
    Years</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_487_ecef--ExpenseExampleYears1to10_zfCtztmv12ja" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10
    Years</b></span></td></tr>
<tr id="xdx_41E_20240711__20240711_zWCvucigag68" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You would pay the following expenses on a $1,000
    investment, assuming a 5% annual return</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<ix:nonFraction name="cef:ExpenseExampleYear01" contextRef="AsOf2024-07-11" id="Fact000042" format="ixt:numdotdecimal" decimals="0" unitRef="USD">49</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;$<ix:nonFraction name="cef:ExpenseExampleYears1to3" contextRef="AsOf2024-07-11" id="Fact000043" format="ixt:numdotdecimal" decimals="0" unitRef="USD">144</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<ix:nonFraction name="cef:ExpenseExampleYears1to5" contextRef="AsOf2024-07-11" id="Fact000044" format="ixt:numdotdecimal" decimals="0" unitRef="USD">241</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;$<ix:nonFraction name="cef:ExpenseExampleYears1to10" contextRef="AsOf2024-07-11" id="Fact000045" format="ixt:numdotdecimal" decimals="0" unitRef="USD">483</ix:nonFraction></span></td></tr>
</table>

</ix:nonNumeric><p id="xdx_81B_zqDsEP305Ly4" style="margin-top: 0; margin-bottom: 0">&#160;</p>

<!-- Field: Rule-Page --><div style="text-align: left"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 20%">&#160;</div></div><!-- Field: /Rule-Page -->

<div id="xdx_C05_gL1STETTB-ALVJNY_zOjPNaHcsPYk"><ix:continuation id="ConU000017-01"><p style="margin-top: 0; margin-bottom: 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in; text-align: left"><span id="xdx_F0B_zjNglqyakhD9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F15_zoDYgKh7feJd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000046" xml:lang="en-US"><span id="xdx_904_ecef--OtherTransactionFeesNoteTextBlock_c20240711__20240711_zc3eU7ruc9i8"><ix:nonNumeric contextRef="AsOf2024-07-11" escape="true" id="Fact000047" name="cef:OtherTransactionFeesNoteTextBlock">Assuming
the Fund will have 35,060,927 Shares outstanding if fully subscribed and Offering expenses to be paid by the Fund are estimated
to be approximately $117,000 or approximately $0.003 per Share.</ix:nonNumeric></span></ix:footnote></span></td>
</tr></table></ix:continuation></div>

<div id="xdx_C0B_gL1AETTB-EEOWTHM_z0xZKpjLvhS8"><ix:continuation continuedAt="ConU000028-02" id="ConU000028-01"><p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in; text-align: left"><span id="xdx_F0A_zx1sXGAPTUki" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="text-align: justify"><span id="xdx_F10_ztpxuB0jIiX8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000048" xml:lang="en-US"><span id="xdx_90F_ecef--ManagementFeeNotBasedOnNetAssetsNoteTextBlock_c20240711__20240711_zJ2ZVkNd6Lpb"><ix:nonNumeric contextRef="AsOf2024-07-11" escape="true" id="Fact000049" name="cef:ManagementFeeNotBasedOnNetAssetsNoteTextBlock">The
Fund does not pay a management fee. 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: $150,000 each for Messrs. Goldstein
and Dakos and $75,000 for Mr. Das. This compensation is included in &#8220;Other Expenses.&#8221;</ix:nonNumeric></span></ix:footnote></span></td>
</tr></table></ix:continuation></div>

<div id="xdx_C0E_gL1AETTB-EEOWTHM_z8YSZTyPdAjf"><ix:continuation continuedAt="ConU000028-03" id="ConU000028-02"><p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in; text-align: left"><span id="xdx_F00_zhLJkYWVju8j" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td><td style="text-align: justify"><span id="xdx_F15_z3PGiJNkeg73" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000050" xml:lang="en-US"><span id="xdx_905_ecef--OtherExpensesNoteTextBlock_c20240711__20240711_zuQOZihtqZ94"><ix:nonNumeric contextRef="AsOf2024-07-11" escape="true" id="Fact000051" name="cef:OtherExpensesNoteTextBlock">&#8220;Other
Expenses&#8221; are based on estimated amounts for the current fiscal year.</ix:nonNumeric></span></ix:footnote></span></td>
</tr></table></ix:continuation></div>

<div id="xdx_C0D_gL1AETTB-EEOWTHM_zIgzWxphht06"><ix:continuation id="ConU000028-03"><p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in; text-align: left"><span id="xdx_F08_zL5tCvKOHhpc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td><td style="text-align: justify"><span id="xdx_F17_zOGZsEtL4j3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000052" xml:lang="en-US"><span id="xdx_909_ecef--AcquiredFundFeesAndExpensesNoteTextBlock_c20240711__20240711_zHqUGw1QcWVj"><ix:nonNumeric contextRef="AsOf2024-07-11" escape="true" id="Fact000053" name="cef:AcquiredFundFeesAndExpensesNoteTextBlock">The
Fund invests in other closed-end investment companies and ETFs (collectively, the &#8220;Acquired Funds&#8221;). The Shareholders
indirectly bear a pro rata portion of the fees and expenses of the Acquired Funds in which the Fund invests. <span id="xdx_907_ecef--AcquiredFundFeesEstimatedNoteTextBlock_c20240711__20240711_zDPalhJmvxe"><ix:nonNumeric contextRef="AsOf2024-07-11" escape="true" id="Fact000054" name="cef:AcquiredFundFeesEstimatedNoteTextBlock">Acquired Fund fees
and expenses are based on estimated amounts for the current fiscal year.</ix:nonNumeric></span></ix:nonNumeric></span></ix:footnote></span></td>
</tr></table></ix:continuation></div>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0"></p>

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<div id="xdx_C0C_gL1EETTB-WEAVG_zchCOydjhN1e"><ix:continuation id="ConU000041-01"><p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 NAV. 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 intend 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.</span></td>
</tr></table></ix:continuation></div>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<ix:nonNumeric contextRef="AsOf2024-07-11" escape="true" id="Fact000056" name="cef:PurposeOfFeeTableNoteTextBlock"><p id="xdx_80D_ecef--PurposeOfFeeTableNoteTextBlock_dU_zBui0fVSRYRd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
purpose of the above table is to help a Shareholder understand the fees and expenses that such Shareholder would bear directly
or indirectly. <b>The example should not be considered a representation of actual future expenses. Actual expenses may be higher
or lower than those shown.</b></span></p>

</ix:nonNumeric><p id="xdx_814_znkExIvVT7T" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pcfn2aa003"></span>THE
FUND</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pcfn2aa004"></span>THE
OFFERING</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Terms
of the Offering</span></b>. The Fund is issuing to Record Date Shareholders (<i>i.e.</i>, 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 July 12, 2024 and ends at 5:00
p.m., New York City time, on August 9, 2024, 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;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 10% of the Shares available in the Offering (or <span style="background-color: white">1,753,047
</span>Shares for a total of <span style="background-color: white">19,283,510 </span>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. To the extent
that sufficient unsubscribed Shares or Over-Subscription Shares are not available to honor all additional subscription requests,
available Shares will be allocated to assure that the total number of Shares available for over-subscription are distributed on
a pro-rata basis. 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;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Rights
will be Evidenced by Subscription Certificates</span></b>. 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Purpose
of the Offering</span></b>. At meetings held on <span style="background-color: white">March 22, 2024 and June 14, 2022</span>, 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 NAV, and shares of special purpose
acquisition companies. In addition, depending in part on the amount of proceeds raised in the Offering, the Fund may consider
expanding its investments in certain securities including special purpose acquisition companies (&#8220;SPACs&#8221;), higher
rated debt instruments, income oriented closed-end funds, and investments with a relatively short-term opportunity to obtain liquidity.
Proceeds will be invested in accordance with the Fund&#8217;s investment objective and policies as stated herein. See &#8220;Business
of the Fund.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Board
Considerations in Approving the Offering</span></b>. At meetings held on <span style="background-color: white">March 22, 2024 and
June 14, 2024</span>, 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
<span style="background-color: white">June 14, 202</span>4, the Board approved the final terms of the Offering. Three of the Fund&#8217;s
Trustees who voted to authorize the Offering may be 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
can be no assurance that the Fund or its Shareholders will achieve any of the foregoing objectives or benefits through the Offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Notice
of NAV Decline</span></b>. 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">The
Subscription Price</span></b>. The Subscription Price for the Shares to be issued under the Offering will be the greater of (1) 97%
of the volume weighted average market price (&#8220;VWAP&#8221;) per Share for the three consecutive trading days ending on the
Expiration Date and (2) 85% of the NAV per Share on the Expiration Date. For example, if the Offering were held using the &#8220;Estimated
Subscription Price&#8221; (<i>i.e.</i>, an estimate of the Subscription Price based on the Fund&#8217;s per-share NAV on May 31,
2024 and the Fund&#8217;s per-share VWAP for the three consecutive trading days ending on <span style="background-color: white">May
31, 2024 </span>($<span style="background-color: white">7.55 </span>and $<span style="background-color: white">6.73</span>, respectively),
the Subscription Price would be $<span style="background-color: white">6.53 </span>per share (<span style="background-color: white">97</span>%
of $<span style="background-color: white">6.73</span>).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Additional
Subscription Privilege</span></b>. 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 10% 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:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 10% 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.</span></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foregoing 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 power.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund will not offer or sell any Shares which are not subscribed for under the Basic Subscription or the Additional Subscription
Privilege.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Expiration
of the Offering</span></b>. The Offering will expire at 5:00 p.m., New York City time, on the Expiration Date (August 9, 2024),
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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Method
of Exercising Rights</span></b>. 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 49%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">If
        by first class mail</span></b><span style="text-decoration: underline">:</span></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Broadridge Corporate Issuer Solutions, LLC</span><br/>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Attn: BCIS Re-Organization
Dept.</span><br/>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">P.O. Box 1317</span><br/>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Brentwood, NY 11717-0718</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 51%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">If
        by overnight courier</span></b>:</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Broadridge Corporate Issuer Solutions, LLC</span><br/>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Attn: BCIS IWS</span><br/>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">51 Mercedes Way</span><br/>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Edgewood, NY 11717</span></p></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Subscription
Agent</span></b>. The Subscription Agent is <span style="background-color: white">Broadridge Corporate Issuer Solutions, LLC</span>, with an address at <span style="background-color: white">51
Mercedes Way, Edgewood, NY 11717</span>. The Subscription Agent will receive from the Fund an amount estimated to be $<span style="background-color: white">14,000</span>,
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, <span style="background-color: white">BROADRIDGE CORPORATE ISSUER SOLUTIONS,
LLC</span>; RIGHTS HOLDERS MAY ALSO CONSULT THEIR BROKERS OR NOMINEES.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Payment
for Shares</span></b>. 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 $<span style="background-color: white">6.53
</span>per Share, if a Shareholder receives <span style="background-color: white">1,000</span> Rights and wishes to subscribe
for <span style="background-color: white">1,000</span> Shares in the Basic Subscription, and also wishes to over-subscribe for
<span style="background-color: white">100</span> additional Shares under the Additional Subscription Privilege, such Shareholder
would remit payment in the amount of $<span style="background-color: white">7,183</span> ($<span style="background-color: white">6,530
</span>plus $<span style="background-color: white">653</span>).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 $<span style="background-color: white">6.53 </span>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).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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. </b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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.</b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PAYMENT
MUST ACCOMPANY ANY SUBSCRIPTION CERTIFICATE FOR SUCH SUBSCRIPTION CERTIFICATE TO BE ACCEPTED.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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>i.e.,</i> 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>i.e</i>., 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 (i) by money order or by checks
drawn on banks located in the continental United States payable to &#8220;<span style="background-color: white">Broadridge Corporate
Issuer Solutions, LLC&#8221; or (ii) by wire transfer of immediately available funds to the following account: </span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Routing
number: 123000848&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">International/Swift
code: USBKUS44IMT&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bank:
U.S. Bank&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">800
Nicollet Mall&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minneapolis,
MN 55402 United States&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beneficiary
Account Name: Broadridge&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Account
Number: 153910728465&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
Further Credit Name: High Income Securities Fund&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
Further Credit Account: 153912017271</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
and delivery of the Shares subscribed for are subject to collection of funds and actual payment by the subscribing Rights Holder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">YOU
WILL HAVE NO RIGHT TO RESCIND YOUR SUBSCRIPTION AFTER THE SUBSCRIPTION AGENT HAS RECEIVED THE SUBSCRIPTION CERTIFICATE.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
instructions accompanying the Subscription Certificates should be read carefully and followed in detail. DO NOT SEND SUBSCRIPTION
CERTIFICATES TO THE FUND.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Delivery
of the Shares</span></b>. 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 after 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">U.S.
Federal Income Tax Consequences Associated with the Offering</span></b>. 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;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For
all Record Date Shareholders:</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the fair market value of the Rights distributed to all of the Record Date Shareholders is 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. 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>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:</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Lapse
of Rights.</i> 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>i.e.,</i> 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).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exercise
of Rights.</i> 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>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:</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Lapse
of Rights</i>. 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exercise
of Rights</i>. 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Employee
Plan Considerations</span></b>. 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 <span style="background-color: white">Massachusetts</span>, 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 Board
that such offering would result in a net benefit to the Fund&#8217;s existing shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="pcfn2aa005"></span>FINANCIAL
HIGHLIGHTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Set
forth below is, for each period 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 information in the table below
for the fiscal years ended August 31, 2023, August 31, 2022, August 31, 2021, August 31, 2020 and August 31, 2019 is derived from
the Fund&#8217;s financial statements for the fiscal year ended August 31, 2023 which have been audited by Tait, Weller &amp;
Baker LLP, the Fund&#8217;s independent registered public accounting firm, whose report on such financial statements is contained
in the Fund&#8217;s August 31, 2023 Annual Report. Information shown in the table below for the six-month period ending February
29, 2024 is derived from the unaudited financial statements for the Fund for the six-month period ended February 29, 2024 included
in the Fund&#8217;s February 29, 2024 Semi-Annual Report. The audited financial statements and notes thereto for the fiscal year
ended August 31, 2023 (together with the report thereon of the Fund&#8217;s independent registered public accounting firm) and
the unaudited financial statements and notes thereto for the six-month period ended February 29, 2024, are incorporated by reference
in the Statement of Additional Information and are available without charge by visiting the Fund&#8217;s website at <span style="background-color: white">www.highincomesecuritiesfund.com</span>,
by calling toll free <span style="background-color: white">1-888-898-4107</span> or by writing to the Fund at <span style="background-color: white">615
East Michigan Street, Milwaukee, WI 53202</span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>


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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: Black">&#160;</td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold">For the six<br/> months ended <br/> February 29, 2024 <br/> (Unaudited)</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; width: 85%; color: Black; font-weight: bold; text-align: left">Net asset value, beginning of year/period</td><td style="border-bottom: Black 1pt solid; width: 1%; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 9%; color: Black; text-align: right">$7.43</td><td style="border-bottom: Black 1pt solid; width: 5%; color: Black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Net investment income<sup>(1)</sup></span></td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">0.26</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: left">Net realized and unrealized gains (losses) from investment activities</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">0.12</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left">Total from investment operations</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">0.38</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: Black; font-weight: bold; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: right">&#160;</td><td style="color: Black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left">Less distributions:</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">&#160;</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: left">Net investment income</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(0.37</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: left">Net realized gains from investment activities</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">&#8212;</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: Black">Return of Capital</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">&#8212;</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left">Total distributions</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(0.37</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: left">Increase from shares repurchased</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">&#8212;</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: left">Ant-dilutive effect of Tender Offer</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">&#8212;</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: left">Dilutive effect of Rights Offer</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">&#8212;</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left">Net asset value, end of year/period</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">$7.44</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold">Market price, end of year/period</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">$6.77</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Total market price return</b><sup>(2)</sup></span></td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">7.50</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #6D5E7B">&#160;</td><td style="color: #6D5E7B">&#160;</td>
    <td style="color: #6D5E7B; text-align: right">&#160;</td><td style="color: #6D5E7B; text-align: left">&#160;</td></tr>
</table>
<div></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left; width: 85%">Ratio to average net assets:</td><td style="border-bottom: Black 1pt solid; color: Black; width: 1%">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right; width: 9%">&#160;</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left; width: 5%">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: left">Ratio of expenses to average net assets</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">0.99</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: left">Ratio of net investment income to average net assets</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">7.03</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #6D5E7B">&#160;</td><td style="color: #6D5E7B">&#160;</td>
    <td style="color: #6D5E7B; text-align: right">&#160;</td><td style="color: #6D5E7B; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: left">Supplemental data:</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">&#160;</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: left">Net assets, end of year/period (000&#8217;s)</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">$130,456</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: left">Portfolio turnover</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">45</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">%</td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>


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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td colspan="14" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: center">For the years ended August 31,</td></tr>
<tr style="text-align: center; vertical-align: bottom">
    <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold">2023</td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold">2022</td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold">2021</td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: Black; font-weight: bold">2020</td><td style="border-bottom: Black 1pt solid; color: Black; font-weight: bold">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; width: 13%; color: Black; text-align: right">$7.87</td><td style="border-bottom: Black 1pt solid; width: 7%; color: Black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; width: 1%; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 12%; color: Black; text-align: right">$9.31</td><td style="border-bottom: Black 1pt solid; width: 7%; color: Black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; width: 1%; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 12%; color: Black; text-align: right">$8.65</td><td style="border-bottom: Black 1pt solid; width: 7%; color: Black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; width: 1%; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 12%; color: Black; text-align: right">$9.49</td><td style="border-bottom: Black 1pt solid; width: 7%; color: Black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; width: 1%; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 12%; color: Black; text-align: right">$9.69</td><td style="border-bottom: Black 1pt solid; width: 7%; color: Black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: Black; text-align: right">0.36</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: right">0.31</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: right">0.21</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: right">0.38</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: right">0.13</td><td style="color: Black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(0.02</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">)</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(0.43</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">)</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">2.01</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(0.32</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">)</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">0.01</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">0.34</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(0.12</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">)</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">2.22</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">0.06</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">0.14</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: Black; text-align: right">&#160;</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: right">&#160;</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: right">&#160;</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: right">&#160;</td><td style="color: Black; text-align: left">&#160;</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: right">&#160;</td><td style="color: Black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">&#160;</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(0.40</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">)</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(0.34</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">)</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(0.33</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">)</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(0.34</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">)</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(0.05</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">&#8212;</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(0.32</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">)</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(0.43</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">)</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(0.05</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">)</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(0.41</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(0.38</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">)</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(0.24</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">)</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(0.19</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">)</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(0.51</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">)</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">&#8212;</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(0.78</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">)</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(0.90</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">)</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(0.95</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">)</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(0.90</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">)</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(0.46</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">&#8212;</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">0.00</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">0.00</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">0.00</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">&#8212;</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">&#8212;</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">&#8212;</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">&#8212;</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">&#8212;</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">0.12</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">&#8212;</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">(0.42</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">)</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">&#160;</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">&#160;</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">&#160;</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">&#160;</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">&#160;</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">&#160;</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">$130,309</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; color: Black; text-align: right">52</td><td style="border-bottom: Black 1pt solid; color: Black; text-align: left">%</td><td style="border-bottom: Black 1pt solid; color: Black">&#160;</td>
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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>



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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
    <td style="color: #6D5E7B">&#160;</td><td style="color: #6D5E7B">&#160;</td>
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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif; color: Black"><b><span id="pcfn2aa006"></span>USE
OF PROCEEDS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
fully-subscribed, the net proceeds of the Offering will be approximately $125,921,318 or approximately $6.53 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 NAV would earn interest income at a modest rate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="AsOf2024-07-11" escape="true" id="Fact000058" name="cef:InvestmentObjectivesAndPracticesTextBlock"><p id="xdx_803_ecef--InvestmentObjectivesAndPracticesTextBlock_dU_zu8beDelgOc6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pcfn2aa007"></span>INVESTMENT
OBJECTIVE AND INVESTMENT STRATEGIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
disclosure below describes the Fund&#8217;s current Investment Objective and Investment Strategies. As noted earlier, at a meeting
on June 14, 2024, the Board approved an investment advisory agreement (the &#8220;Advisory Agreement&#8221;) between the Fund
and Bulldog Investors, LLP (&#8220;Bulldog&#8221;) whereby Bulldog will provide investment management services to the Fund. At
its June 14, 2024 meeting, the Board also approved changes to the Fund&#8217;s investment strategies and fundamental policies
in order to expand the types of investments the Fund can make and increase the Fund&#8217;s flexibility to pursue investment opportunities
(the &#8220;Investment Changes&#8221;). The Board did not consider the conversion of the Fund to an open-end mutual fund as part
of the Investment Changes. <b>The Advisory Agreement and the Investment Changes will not take effect unless and until they are
approved by the Fund&#8217;s shareholders.</b> After the Expiration Date, the Fund will schedule a special meeting of the Fund&#8217;s
shareholders (the &#8220;Special Meeting&#8221;) to consider the approval of the Advisory Agreement and the Investment Changes.
A proxy statement will be filed with the SEC which further describes the Advisory Agreement and the Investment Changes (the &#8220;Special
Meeting Proxy Statement&#8221;).</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment
Objective</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&#8217;s current 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment
Strategies</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. 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. In addition, units or common shares issued by special purpose acquisition companies (SPACs)
may comprise up to 20% of the Fund&#8217;s portfolio. The Fund may hold fixed income securities with any maturity or duration.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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<div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Portfolio
Investments</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other
Closed-End Investment Companies (including BDCs)</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, unless legally permissible, 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.
The Fund &#8220;looks through&#8221; to these investments in determining whether at least 80% of the Fund&#8217;s investments
are comprised of fixed income securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Special
Purpose Acquisition Companies</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;). 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. 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. 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. Some
SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices. 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.</span></p></div>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Common
Stocks</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Preferred
Stocks</i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Warrants</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Corporate
Bonds, Government Debt Securities and Other Debt Securities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Convertible
Securities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
Securities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
it has no current intention to 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Illiquid
Securities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. The Fund does not consider
its investments in SPACs to be illiquid because they are publicly traded securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Rule
144A Securities</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="AsOf2024-07-11" escape="true" id="Fact000060" name="cef:RiskFactorsTableTextBlock"><p id="xdx_80F_ecef--RiskFactorsTableTextBlock_dU_zhlJ5U4q7Pbi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pcfn2aa008"></span>RISK
FACTORS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>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. 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.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
Fund may invest in securities of other investment companies (&#8220;underlying funds&#8221;). 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.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Risks
Related to this Offering</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2024-07-112024-07-11_custom_DeclineInTradingPriceMember" escape="true" id="Fact000062" name="cef:RiskTextBlock"><p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--DeclineInTradingPriceMember_dU_z0Fkv8YrS6P1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Decline
in Trading Price: </i></b>If the Fund&#8217;s trading price declines below the Subscription Price, you will suffer an immediate
unrealized loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

</ix:nonNumeric><div><ix:nonNumeric contextRef="From2024-07-112024-07-11_custom_ValueVersusSubscriptionPriceMember" escape="true" id="Fact000064" name="cef:RiskTextBlock"><p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--ValueVersusSubscriptionPriceMember_dU_zHUJq3BHYbsg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Value
versus Subscription Price. </i></b>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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2024-07-112024-07-11_custom_TerminationOfOfferingMember" escape="true" id="Fact000066" name="cef:RiskTextBlock"><p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--TerminationOfOfferingMember_dU_zYVMiSllcLz4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Termination
of Offering. </i></b>The Board may terminate the Offering at any time. If the Fund decides to terminate the Offering, the Fund
has no obligation to you except to return, without interest, your subscription payments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2024-07-112024-07-11_custom_RejectionOfExerciseOfSubscriptionRightsMember" escape="true" id="Fact000068" name="cef:RiskTextBlock"><p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--RejectionOfExerciseOfSubscriptionRightsMember_dU_zGx3ZjVKfEe1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Rejection
of Exercise of Subscription Rights. </i></b>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. The Fund 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 the Fund nor the Subscribing Agent undertakes to contact you concerning an incomplete
or incorrect subscription form or payment, nor is the Fund under any obligation to correct such forms or payments. The Fund has
the sole discretion to determine whether a subscription exercise properly follows the subscription procedures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2024-07-112024-07-11_custom_DiscountToNetAssetValueMember" escape="true" id="Fact000070" name="cef:RiskTextBlock"><p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--DiscountToNetAssetValueMember_dU_zebUSW9DWZaa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Discount
to Net Asset Value</i></b>. The Fund&#8217;s shares of beneficial interest have historically traded on the NYSE at a discount
to the Fund&#8217;s NAV per share. On May 31, 2024, the last reported NAV per Share was <span id="xdx_908_eus-gaap--NetAssetValuePerShare_iI_c20240531__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zCrxYuc4m641">$<ix:nonFraction name="us-gaap:NetAssetValuePerShare" contextRef="AsOf2024-05-31_custom_CommonSharesMember" id="Fact000071" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">7.55</ix:nonFraction></span> and the last reported sales price
per Share on the NYSE was <span id="xdx_902_eus-gaap--SharePrice_iI_c20240531__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zyiNfAkLRww4">$<ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2024-05-31_custom_CommonSharesMember" id="Fact000072" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.82</ix:nonFraction></span>, which represents a <span id="xdx_905_ecef--LatestPremiumDiscountToNavPercent_iN_di_c20240531__20240531__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zYtCJZlC5g4e"><ix:nonFraction name="cef:LatestPremiumDiscountToNavPercent" contextRef="From2024-05-312024-05-31_custom_CommonSharesMember" id="Fact000073" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Ratio">9.67</ix:nonFraction>%</span> discount to the Fund&#8217;s NAV per Share. There is no assurance that
this Offering will not have an effect on the discount to NAV experienced by the Fund.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2024-07-112024-07-11_custom_DilutionOfOwnershipMember" escape="true" id="Fact000075" name="cef:RiskTextBlock"><p id="xdx_847_ecef--RiskTextBlock_hcef--RiskAxis__custom--DilutionOfOwnershipMember_dU_zoGwvy65OGkf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext"><b><i>Dilution
of Ownership</i></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></b><span style="font: 10pt Times New Roman, Times, Serif">
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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2024-07-112024-07-11_custom_DilutionToNAVMember" escape="true" id="Fact000077" name="cef:RiskTextBlock"><p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--DilutionToNAVMember_dU_z5g6NScwotj2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Dilution
to NAV</i></b>. Shareholders would experience an immediate moderate dilution of the 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, and (ii) the Fund
will incur expenses in connection with the Offer. This dilution would affect Record Date Shareholders to a greater extent if they
do not exercise their Rights in full.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><p id="xdx_853_zNyHq4RwyDx9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Principal
Risks</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2024-07-112024-07-11_custom_ClosedEndInvestmentCompanyRiskMember" continuedAt="Con000079-01" escape="true" id="Fact000079" name="cef:RiskTextBlock"><p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--ClosedEndInvestmentCompanyRiskMember_dU_zUWcf1u0Q765" style="font: 10pt Times New Roman, Times, Serif; color: #141213; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Closed-End
Investment Company Risk. </i></b>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. 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.</span></p></ix:nonNumeric></div>

<ix:continuation id="Con000079-01"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #141213; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #141213; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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</ix:continuation><div><ix:nonNumeric contextRef="From2024-07-112024-07-11_custom_SpecialPurposeAcquisitionCompaniesRiskMember" escape="true" id="Fact000081" name="cef:RiskTextBlock"><p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialPurposeAcquisitionCompaniesRiskMember_dU_zYXEeCmGzL6g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #141213; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Special
Purpose Acquisition Companies Risk.</i></b> 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;).
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. 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. 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. Some SPACs may pursue acquisitions only within certain industries or regions,
which may increase the volatility of their prices. 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. The Fund may invest
a maximum of 20% of its assets in SPACS.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #141213; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2024-07-112024-07-11_custom_ManagementRiskMember" escape="true" id="Fact000083" name="cef:RiskTextBlock"><p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--ManagementRiskMember_dU_zsWTe7utMn2e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Management
Risk.</i></b> 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2024-07-112024-07-11_custom_MarketRiskMember" continuedAt="Con000085-01" escape="true" id="Fact000085" name="cef:RiskTextBlock"><p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketRiskMember_dU_zhmpUItPmq71" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market
Risk.</i></b> 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, military conflict, acts of terrorism,
social unrest, natural disasters, recession, inflation, changes in interest rate levels, supply chain disruptions, sanctions,
the spread of infectious illness or other public health threats, lack of liquidity in the markets, volatility in the securities
markets, adverse investor sentiment affect the securities markets and political events 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, ongoing armed
conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East, have caused
and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East
and the United States. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant
impact on certain Fund investments, as well as Fund performance. In addition, 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. 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></div>

<ix:continuation continuedAt="Con000085-02" id="Con000085-01"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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</ix:continuation><div><ix:continuation id="Con000085-02"><div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">COVID-19
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.</span></p></div>

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</ix:continuation><ix:nonNumeric contextRef="From2024-07-112024-07-11_custom_RiskRelatedToFixedIncomeSecuritiesincludingNonInvestmentGradeSecuritiesMember" escape="true" id="Fact000087" name="cef:RiskTextBlock"><p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--RiskRelatedToFixedIncomeSecuritiesincludingNonInvestmentGradeSecuritiesMember_dU_zDyre7i8kUe6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risk
Related to Fixed Income Securities, including Non-Investment Grade Securities. </i></b>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. 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. 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.</span></p>

</ix:nonNumeric><p id="xdx_853_zWLsAoMQmWZi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></div>

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<div><ix:nonNumeric contextRef="From2024-07-112024-07-11_us-gaap_InterestRateRiskMember" escape="true" id="Fact000089" name="cef:RiskTextBlock"><p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__us-gaap--InterestRateRiskMember_dU_ztTGwbG6DjJ" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interest
Rate Risk.</i></b> 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2024-07-112024-07-11_custom_CreditRisksMember" escape="true" id="Fact000091" name="cef:RiskTextBlock"><p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--CreditRisksMember_dU_zh964699YjQl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Credit
Risk.</i></b> 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2024-07-112024-07-11_custom_ExtensionRiskMember" escape="true" id="Fact000093" name="cef:RiskTextBlock"><p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--ExtensionRiskMember_dU_zpbLQW1ij1s7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Extension
Risk.</i></b> 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>i.e.</i>, interest rate sensitivity) and potentially reduce the value of these securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2024-07-112024-07-11_custom_DebtSecurityRiskMember" escape="true" id="Fact000095" name="cef:RiskTextBlock"><p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--DebtSecurityRiskMember_dU_zceVmX2Ptiob" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Debt
Security Risk.</i></b> 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.</span></p>

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</ix:nonNumeric><ix:nonNumeric contextRef="From2024-07-112024-07-11_custom_MarketDiscountFromNetAssetValueRiskMember" escape="true" id="Fact000097" name="cef:RiskTextBlock"><p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketDiscountFromNetAssetValueRiskMember_dU_zVW3ciRgWeOl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market
Discount from Net Asset Value Risk.</i></b> Shares of closed-end investment companies frequently trade at a discount from their
NAV. This characteristic is a risk separate and distinct from the risk that the Fund&#8217;s NAV 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. In general, the NAV of a fund selling at a discount would be reduced immediately following a rights
offering as a result of (i) the subscription price of an offering 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
NAV 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 NAV.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2024-07-112024-07-11_custom_LeverageRiskMember" escape="true" id="Fact000099" name="cef:RiskTextBlock"><p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--LeverageRiskMember_dU_z1llo9oYlnz5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Leverage
Risk</i>.</b> 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.</span></p>

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</ix:nonNumeric><ix:nonNumeric contextRef="From2024-07-112024-07-11_custom_DefensivePositionRiskMember" escape="true" id="Fact000101" name="cef:RiskTextBlock"><p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--DefensivePositionRiskMember_dU_zQKcAD5sQdte" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Defensive
Position Risk. </i></b>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.</span></p>

</ix:nonNumeric><p id="xdx_858_zG4ZbsIS7dbd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></div>

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<div><ix:nonNumeric contextRef="From2024-07-112024-07-11_custom_ChangesInPoliciesRiskMember" escape="true" id="Fact000103" name="cef:RiskTextBlock"><p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--ChangesInPoliciesRiskMember_dU_zmNShE3oiwy8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Changes
in Policies Risk.</i></b> The Fund&#8217;s Trustees may change the Fund&#8217;s investment objective, investment strategies and
non-fundamental investment restrictions without shareholder approval, except as otherwise indicated.</span></p>

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</ix:nonNumeric><ix:nonNumeric contextRef="From2024-07-112024-07-11_custom_PreferredStockRiskMember" escape="true" id="Fact000105" name="cef:RiskTextBlock"><p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--PreferredStockRiskMember_dU_zDPFr5CygSA" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Preferred
Stock Risk. </i></b>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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 trustees 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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

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</ix:nonNumeric><ix:nonNumeric contextRef="From2024-07-112024-07-11_custom_ConvertibleSecuritiesRiskMember" continuedAt="Con000107-01" escape="true" id="Fact000107" name="cef:RiskTextBlock"><p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_dU_zo6oKqGCOID6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Convertible
Securities Risk. </i></b>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.</span></p>

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<ix:continuation continuedAt="Con000107-02" id="Con000107-01"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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</ix:continuation><div><ix:continuation id="Con000107-02"><div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p></div>
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</ix:continuation><ix:nonNumeric contextRef="From2024-07-112024-07-11_custom_IssuerSpecificChangesRiskMember" escape="true" id="Fact000109" name="cef:RiskTextBlock"><p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--IssuerSpecificChangesRiskMember_dU_zxOYphw6pxai" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Issuer
Specific Changes Risk. </i></b>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.</span></p>

</ix:nonNumeric><p id="xdx_85C_z03rYioOrRR8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Non-Principal
Risks</span></i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the principal risks set forth above, the following additional risks may apply to an investment in the Fund.</span></p>

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<ix:nonNumeric contextRef="From2024-07-112024-07-11_custom_AntiTakeoverProvisionsRiskMember" escape="true" id="Fact000111" name="cef:RiskTextBlock"><p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--AntiTakeoverProvisionsRiskMember_dU_z8ADX2ngW9y" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Anti-Takeover
Provisions Risk.</i></b> 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.</span></p>

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</ix:nonNumeric><ix:nonNumeric contextRef="From2024-07-112024-07-11_custom_CommonStockRiskMember" continuedAt="Con000113-01" escape="true" id="Fact000113" name="cef:RiskTextBlock"><p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--CommonStockRiskMember_dU_zsNMUvuZWKH9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Common
Stock Risk. </i></b>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.</span></p></ix:nonNumeric></div>


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</ix:continuation><div><ix:nonNumeric contextRef="From2024-07-112024-07-11_custom_ExchangeTradedFundsRiskMember" escape="true" id="Fact000115" name="cef:RiskTextBlock"><p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--ExchangeTradedFundsRiskMember_dU_zWrz4WRNpoi6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Exchange
Traded Funds Risk. </i></b>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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2024-07-112024-07-11_custom_ForeignSecuritiesRiskMember" escape="true" id="Fact000117" name="cef:RiskTextBlock"><p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForeignSecuritiesRiskMember_dU_zu2atJYFnMD9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Foreign
Securities Risk</i>.</b> Investments in securities of non-U.S. issuers involve special risks not presented by investments in securities
of U.S. issuers, including the following: less publicly available information about companies due to less rigorous disclosure
or accounting standards or regulatory practices; the impact of political, social or diplomatic events, including war; possible
seizure, expropriation or nationalization of the company or its assets; possible imposition of currency exchange controls; and
changes in foreign currency exchange rates. These risks are more pronounced to the extent that the Fund invests a significant
amount of its investments in companies located in one region. These risks may be greater in emerging markets and in less developed
countries. For example, prior governmental approval for foreign investments may be required in some emerging market countries,
and the extent of foreign investment may be subject to limitation in other emerging countries. With respect to risks associated
with changes in foreign currency exchange rates, the Fund does not expect to engage in foreign currency hedging transactions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2024-07-112024-07-11_custom_IlliquidSecuritiesRiskMember" escape="true" id="Fact000119" name="cef:RiskTextBlock"><p id="xdx_847_ecef--RiskTextBlock_hcef--RiskAxis__custom--IlliquidSecuritiesRiskMember_dU_zDfKLSxQ7kxi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Illiquid
Securities Risk.</i></b> 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2024-07-112024-07-11_custom_PortfolioTurnoverRiskMember" escape="true" id="Fact000121" name="cef:RiskTextBlock"><p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--PortfolioTurnoverRiskMember_dU_z69a2BlYnb54" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Portfolio
Turnover Risk.</i></b> 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2024-07-112024-07-11_custom_SmallAndMediumCapCompanyRiskMember" continuedAt="Con000123-01" escape="true" id="Fact000123" name="cef:RiskTextBlock"><p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--SmallAndMediumCapCompanyRiskMember_dU_zLKWoeCCGSdb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Small
and Medium Cap Company Risk. </i></b>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.</span></p></ix:nonNumeric></div>

<ix:continuation id="Con000123-01"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

</ix:continuation><div><ix:nonNumeric contextRef="From2024-07-112024-07-11_custom_ForeignCurrencyRiskMember" escape="true" id="Fact000125" name="cef:RiskTextBlock"><p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForeignCurrencyRiskMember_dU_zkupqDE4dYci" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Foreign
Currency Risk</i>.</b> Although the Fund will report its net asset value and pay expenses and distributions in U.S. dollars,
the Fund may invest in foreign securities denominated or quoted in currencies other than the U.S. dollar. Therefore, changes
in foreign currency exchange rates will affect the U.S. dollar value of the Fund&#8217;s investment securities and net asset
value. For example, even if the securities prices are unchanged on their primary foreign stock exchange, the Fund&#8217;s net
asset value may change because of a change in the rate of exchange between the U.S. dollar and the trading currency of that
primary foreign stock exchange. Certain currencies are more volatile than those of other countries and Fund investments
related to those countries may be more affected. Generally, if a foreign currency depreciates against the dollar
(<i>i.e.</i>, if the dollar strengthens), the value of the existing investment in the securities denominated in that currency
will decline. When a given currency appreciates against the dollar (<i>i.e.</i>, if the dollar weakens), the value of the
existing investment in the securities denominated in that currency will rise. Certain foreign countries may impose
restrictions on the ability of foreign securities issuers to make payments of principal and interest to investors located
outside of the country, due to a blockage of foreign currency exchanges or otherwise.</span></p>

</ix:nonNumeric><p id="xdx_857_zy9lN38rxAXb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></div>

</ix:nonNumeric><p id="xdx_815_zt7gEqO3Llv5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pcfn2aa009"></span>LISTING
OF SHARES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pcfn2aa010"></span>MANAGEMENT
OF THE FUND</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trustees
and Officers</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board 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 may be considered &#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, are set forth under &#8220;Management&#8221; in the Statement
of Additional Information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Portfolio
Management</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
Fund currently continues to be internally managed by the Investment Committee of the Board, which is comprised of Phillip Goldstein,
Andrew Dakos and Rajeev Das. However, as noted above, at a meeting on June 14, 2024, the Board approved the Advisory Agreement
which provides that Bulldog will provide investment management services to the Fund. <b>The Advisory Agreement will not take effect
until it is approved by the Fund&#8217;s shareholders.</b> After the Expiration Date, the Fund will schedule the Special Meeting
for the shareholders to consider the approval of the Advisory Agreement. Upon such approval, the Investment Committee will be
disbanded and Bulldog will commence providing investment management services for the Fund. The Advisory Agreement will be described
in the Special Meeting Proxy Statement. </i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
members of the Investment Committee are compensated by the Fund for their positions on the Investment Committee in the amount
of $150,000 each for Messrs. Goldstein and Dakos and $75,000 for Mr. Das, in each case on an annual basis paid monthly in advance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phillip
Goldstein: Partner in Bulldog Investors, LLP since its inception in October 2009, and Ryan Heritage, LLP. Mr. Goldstein also is
a member of Bulldog Holdings, LLC, the owner of several entities that served until 2020 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: Brookfield DTLA Fund Office Trust Investor, a subsidiary of a large commercial real estate company, since 2017. He
served as a director of MVC Capital, Inc., a business development company, from 2012-2020&#894; and served as a trustee of Crossroads
Liquidating Trust from 2016-2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andrew
Dakos: Partner in Bulldog Investors, LLP since its inception in October 2009, and Ryan Heritage, LLP. Mr. Dakos also is a member
of Bulldog Holdings, LLC, the owner of several entities that served until 2020 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, 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 from 2015-2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rajeev
Das: Head Trader of Bulldog Investors, LLP since its inception in October 2009, and Ryan Heritage, LLP. Since 2004, Mr. Das has
been a Principal of the entities that served until 2020 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fund
Administrator and Fund Accountant</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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; coordinates the preparation and payment of the Fund&#8217;s
expenses; and reviews the Fund&#8217;s expense accruals. Fund Services also serves as the Fund&#8217;s fund accountant. For the
fiscal year ended August 31, 2023, the Fund paid Fund Services $<span style="background-color: white">144,820 for its administration
and accounting services</span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
principal business address for Fund Services is 615 East Michigan Street Milwaukee, WI 53202.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Custodian
</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Transfer
Agent and Registrar</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equiniti
Trust Company, LLC, located at 6201 15th Avenue, Brooklyn, NY 11219, serves as the Fund&#8217;s transfer agent and registrar.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fund
Expenses</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
of Fund Services and U.S. Bank is obligated to pay expenses associated with its provision of services to the Fund.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&#8217;s annual operating expenses for the fiscal year ended August 31, 2023 were approximately $1,241,192. No assurance can
be given, in light of the Fund&#8217;s investment objective and policies, however, that future annual operating expenses will
not be substantially more or less than this estimate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering
expenses relating to the Fund&#8217;s Shares, estimated at approximately $117,000, <span style="font-weight: normal">are</span>
payable upon completion of the Offering and will be deducted from the proceeds of the Offering.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pcfn2aa011"></span>DETERMINATION
OF NET ASSET VALUE</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
NAV 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 NAV, 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. 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 NAV materially have affected the value of the securities.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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
NAV 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 NAV 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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 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 deems
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 believes reflect most closely the value of such securities.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pcfn2aa012"></span>DISTRIBUTION
POLICY</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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) of the NAV as of the end of the
previous calendar year as long as the Fund continues to be a registered investment company. The distributions for 2024 are based on
the NAV of $7.46 of the Fund&#8217;s common shares as of the last business day of 2023. No conclusions should be drawn about the
Fund&#8217;s investment performance from the amount of the distributions. 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. In addition, return-of-capital distributions reduce the level of assets available for investment which
may negatively affect the Fund&#8217;s ability to meet its objective. The percentage of return-of-capital distributions for the
fiscal year ended August 31, 2023 was 49%. As of the date of this prospectus, a significant portion of the Fund&#8217;s
distributions for the fiscal year ended August 31, 2024 may 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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pcfn2aa013"></span>CERTAIN
ADDITIONAL MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.
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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Taxation
as a Regulated Investment Company</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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>i.e.</i>, 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.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund will inform its Shareholders of the source and tax status of all distributions promptly after the close of each calendar
year.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Taxation
of Sales, Exchanges or Other Dispositions</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Information
Reporting</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, <span style="text-decoration: underline">www.highincomesecuritiesfund.com</span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net
Investment Income Tax</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;) 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). 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). 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Payments
to Foreign Financial Institutions</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. 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, 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
Taxation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pcfn2aa014"></span>DESCRIPTION
OF CAPITAL STRUCTURE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">The
Fund was formed on April 28, 1987 as a Massachusetts business trust under the laws of the Commonwealth of Massachusetts.</span>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of May 31, 2024, the Fund had <span style="background-color: white"><span id="xdx_900_ecef--OutstandingSecurityNotHeldShares_c20240531__20240531__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zyFj0CZ2Nlj7"><ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2024-05-312024-05-31_custom_CommonSharesMember" id="Fact000126" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">17,530,463</ix:nonFraction></span>
</span>Shares issued and outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="AsOf2024-07-11" escape="true" id="Fact000128" name="cef:CapitalStockTableTextBlock"><p id="xdx_804_ecef--CapitalStockTableTextBlock_dU_z0qlUxKrNSOg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shares
of Beneficial Interest</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. Any additional offering will not be sold at
a price per Share below the then current NAV (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.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="AsOf2024-07-11" escape="true" id="Fact000130" name="cef:OutstandingSecuritiesTableTextBlock"><p id="xdx_804_ecef--OutstandingSecuritiesTableTextBlock_dU_zHQESoth7aI9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Outstanding
Securities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth certain information regarding the Fund&#8217;s authorized shares and shares outstanding as of May
31, 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(1)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(2)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(3)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(4)</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><br/>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title of Class</b></span></p></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><br/>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amount Authorized</b></span></p></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amount
    Held By Registrant or for its Account</b></span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amount
    Outstanding Exclusive of Amount Shown Under (3)</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_ecef--OutstandingSecurityTitleTextBlock_c20240531__20240531__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zkio0zgb7gM7"><ix:nonNumeric contextRef="From2024-05-312024-05-31_custom_CommonSharesMember" escape="true" id="Fact000131" name="cef:OutstandingSecurityTitleTextBlock">Common
    Shares of Beneficial Interest</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unlimited</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_ecef--OutstandingSecurityHeldShares_c20240531__20240531__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zoUArz3s4PZk"><ix:nonFraction name="cef:OutstandingSecurityHeldShares" contextRef="From2024-05-312024-05-31_custom_CommonSharesMember" id="Fact000132" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">7,365,349</ix:nonFraction></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_ecef--OutstandingSecurityNotHeldShares_c20240531__20240531__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zCFNR1NmB7K1"><ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2024-05-312024-05-31_custom_CommonSharesMember" id="Fact000133" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">17,530,463</ix:nonFraction></span></span></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
</ix:nonNumeric><ix:nonNumeric contextRef="AsOf2024-07-11" escape="true" id="Fact000135" name="cef:SharePriceTableTextBlock"><p id="xdx_801_ecef--SharePriceTableTextBlock_dU_zgY0oGjed5T9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Trading
and Net Asset Value Information</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>In
the past, the Shares have traded at a discount in relation to NAV. </i></b>Shares of 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, 2023 was <span style="background-color: white">41,608
</span>Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fiscal
    Quarter Ended</b></span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_488_ecef--HighestPriceOrBid_zc9DIrjgT2S5" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High
    Close</b></span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_484_ecef--LowestPriceOrBid_zDKHhq3aIug5" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Low
    Close</b></span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_48F_ecef--HighestPriceOrBidNav_zlIkp00LEpli" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High
    NAV</b></span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_48C_ecef--LowestPriceOrBidNav_zd7VGZg0b3ke" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Low
    NAV</b></span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="3" id="xdx_488_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_zn5gZ1WjBm0k" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Premium/
(Discount) to</b></span></p>
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<tr id="xdx_41F_20220601__20220831__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_z8T11j83oY95" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
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    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
</table>

</ix:nonNumeric><p id="xdx_81F_zPOh7WdW46N7" style="margin-top: 0; margin-bottom: 0">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recent
Rights Offerings</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
October 2021 Offering expired on October 22, 2021 and included similar terms and conditions as this Offering. Pursuant to the
October 2021 Offering, the Fund issued 8,042,590 shares at a subscription price of $8.36 per share, for a total offering of $67,236,052.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
January 2021 Offering expired on January 29, 2021 and included similar terms and conditions as this Offering. Pursuant to the
January 2021 Offering, the Fund issued 3,922,867 shares at a subscription price of $8.24 per share, for a total offering of $32,324,424.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Repurchase
of Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 will consider such factors as the market price of the
Shares, the NAV of the Shares, the liquidity of the assets of the Fund, the 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Additional
Provisions of the Charter and By-laws</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&#8217;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):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">merger
                                         or consolidation of the Fund,</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">sale
                                         of all or substantially all of the assets of the Fund, or</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">conversion
                                         of the Fund to an open-end investment company.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 the Fund in a tender offer or similar transaction and may have the effect of inhibiting
the Fund&#8217;s conversion to open-end status.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pcfn2aa015"></span>LEGAL
MATTERS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
legal matters in connection with the Shares will be passed upon for the Fund by Blank Rome LLP, located at 1271 Avenue of the
Americas, New York, New York 10020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pcfn2aa016"></span>REPORTS
TO STOCKHOLDERS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund makes available to its Shareholders unaudited semi-annual and audited annual reports, including a list of investments held.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pcfn2aa017"></span>INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Two Liberty Place, 50 South 16th Street, Suite 2900, Philadelphia, PA 19102.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pcfn2aa018"></span>ADDITIONAL
INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. <span style="background-color: white">333-278720</span>). 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.<br/></span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pcfn2aa019"></span>TABLE
OF CONTENTS OF THE STATEMENT OF ADDITIONAL INFORMATION</b></span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 94%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2ab001">FORWARD-LOOKING STATEMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-1</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2ab002">GENERAL INFORMATION AND HISTORY</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-1</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2ab003">INVESTMENT RESTRICTIONS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-2</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #D9D9D9">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2ab004">MANAGEMENT</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-3</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2ab005">CODE OF ETHICS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-14</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2ab006">PROXY VOTING PROCEDURES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-14</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2ab007">ADMINISTRATIVE SERVICES, CUSTODIAN, TRANSFER AGENT</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-15</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2ab008">PORTFOLIO MANAGERS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-16</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2ab009">ALLOCATION OF BROKERAGE</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-17</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2ab010">CERTAIN MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-18</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2ab011">FINANCIAL STATEMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-25</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2ab012">OTHER INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-25</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2ab013">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-25</span></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE
FUND&#8217;S PRIVACY POLICY</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Privacy
Policy Notice</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CATEGORIES
OF INFORMATION THE FUND COLLECTS. The Fund collects the following nonpublic personal information about you:</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 22.5pt"/><td style="font: 10pt Times New Roman, Times, Serif; width: 13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 22.5pt"/><td style="font: 10pt Times New Roman, Times, Serif; width: 13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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).</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CATEGORIES
OF INFORMATION THE FUND DISCLOSES.</b> 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONFIDENTIALITY
AND SECURITY.</b> 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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Not
part of the prospectus</i></span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High
Income Securities Fund</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>17,530,463
</b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights for</span></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>17,530,463
</b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares of Beneficial Interest</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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
































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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>July
12, 2024</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>




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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="c001"></span>STATEMENT
OF ADDITIONAL INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>JULY
12, 2024</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>HIGH
INCOME SECURITIES FUND</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C/O
US BANCORP FUND SERVICES, LLC</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>615
EAST MICHIGAN STREET</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MILWAUKEE,
WI 53202</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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 JULY 12, 2024 (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.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A
COPY OF THE PROSPECTUS MAY BE OBTAINED WITHOUT CHARGE BY CALLING THE FUND TOLL FREE AT <span style="background-color: white">1-888-898-4107
</span>OR BY VISITING THE FUND&#8217;S WEBSITE AT <span style="background-color: white">WWW.HIGHINCOMESECURITIESFUND.COM</span></b>.
<b>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.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>TABLE
OF CONTENTS OF THE STATEMENT OF ADDITIONAL INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 94%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2ab001">FORWARD-LOOKING STATEMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-1</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2ab002">GENERAL INFORMATION AND HISTORY</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-1</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2ab003">INVESTMENT RESTRICTIONS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-2</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #D9D9D9">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2ab004">MANAGEMENT</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-3</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2ab005">CODE OF ETHICS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-14</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2ab006">PROXY VOTING PROCEDURES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-14</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2ab007">ADMINISTRATIVE SERVICES, CUSTODIAN, TRANSFER AGENT</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-15</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2ab008">PORTFOLIO MANAGERS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-16</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2ab009">ALLOCATION OF BROKERAGE</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-17</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2ab010">CERTAIN MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-18</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2ab011">FINANCIAL STATEMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-25</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2ab012">OTHER INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-25</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#pcfn2ab013">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-25</span></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="pcfn2ab001"></span>FORWARD-LOOKING
STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 the Fund&#8217;s plans, strategies and goals and the Fund&#8217;s
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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pcfn2ab002"></span>GENERAL
INFORMATION AND HISTORY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
September 2023, the Board established a Strategic Planning Committee to consider, among other things, what, if any, fundamental
changes in the Fund&#8217;s structure and investment restrictions were warranted. The Strategic Planning Committee recommended
that the Board consider and approve an investment advisory agreement (the &#8220;Advisory Agreement&#8221;) between the Fund and
Bulldog Investors, LLP (&#8220;Bulldog&#8221;) whereby Bulldog will provide investment management services to the Fund. At a meeting
on June 14, 2024, the Board approved the Advisory Agreement. At its June 14, 2024 meeting, the Board also considered and approved
changes to the Fund&#8217;s investment strategies and fundamental policies in order to expand the types of investments the Fund
can make and increase the Fund&#8217;s flexibility to pursue investment opportunities (the &#8220;Investment Changes&#8221;).
The Board did not consider the conversion of the Fund to an open-end mutual fund as part of the Investment Changes. <b>The Advisory
Agreement and the Investment Changes will not take effect unless and until they are approved by the Fund&#8217;s shareholders.
</b>After the Expiration Date of the Offering, the Fund will schedule a special meeting of the Fund&#8217;s shareholders (the
&#8220;Special Meeting&#8221;) to consider the approval of the Advisory Agreement and the Investment Changes. A proxy statement
will be filed with the SEC which further describes the Advisory Agreement and the Investment Changes (the &#8220;Special Meeting
Proxy Statement&#8221;).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="pcfn2ab003"></span>INVESTMENT
RESTRICTIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fundamental
Policies</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund has adopted the following investment restrictions that may not be changed without the affirmative vote of a &#8220;majority
of the outstanding voting securities&#8221; 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:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchase
                                         securities restricted as to resale if, as a result, such investments would exceed 10%
                                         of the value of the Fund&#8217;s net assets.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchase
                                         or sell commodities or commodity contracts, except that it may purchase or sell financial
                                         futures contracts and related options.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
                                         respect to 75% of its total assets, acquire more than 10% of the outstanding voting securities
                                         of any issuer.</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&#8217;s total assets would
                                         be invested in any one industry.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Non-Fundamental
Policy</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following non-fundamental investment policy of the Fund may be changed by the Trustees without shareholder approval:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&#8217; commissions.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
noted above, the Board has approved the Investment Changes, which include changes to the above fundamental policies. The Investment
Changes, including the changes to the above fundamental policies, will not take effect until they are approved by the Fund&#8217;s
shareholders. The Investment Changes, including the changes to the above fundamental policies, will be described in the Special
Meeting Proxy Statement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pcfn2ab004"></span>MANAGEMENT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&#8217;s business and affairs are managed under the direction of the 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. The individuals
are referred to as Independent Trustees. The Board elects the Fund&#8217;s officers, who serve at the discretion of the Board.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Trustees
and Executive Officers</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 October 1, 2023. The address for all Trustees and officers of the Fund is c/o High Income Securities Fund, 615 East Michigan
Street, Milwaukee, WI 53202.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 17%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name,
    Address</b><br/>
    <b>and Age</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 13%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position(s)</b><br/>
    <b>Held with</b><br/>
    <b>the Fund</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Term
    of</b><br/>
    <b>Office</b><br/>
    <b>and</b><br/>
    <b>Length</b><br/>
    <b>of Time</b><br/>
    <b>Served</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 26%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal
    Occupation</b><br/>
    <b>During the Past</b><br/>
    <b>Five Years</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
    of</b><br/>
    <b>Portfolios</b><br/>
    <b>in Fund</b><br/>
    <b>Complex</b><br/>
    <b>Overseen</b><br/>
    <b>by Trustee*</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 17%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other</b><br/>
    <b>Directorships</b><br/>
    <b>held by</b><br/>
    <b>Trustee</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td colspan="6" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INTERESTED
    TRUSTEES</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andrew Dakos**<br/>
    (57)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">President as of July 2018.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1 year&#894; Since
    2018</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Partner of Bulldog Investors, LLP since 2009&#894;
    Partner of Ryan Heritage, LLP since 2019&#894; a Principal of the former general partner of several private investment partnerships
    in the Bulldog Investors group of private funds.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director, Special Opportunities Fund, Inc.&#894;
    Chairman, Swiss Helvetia Fund, Inc.&#894; Director, Brookfield DTLA Fund Office Trust Investor, Inc.&#894; Trustee, Crossroads
    Liquidating Trust (until 2020) </span></td></tr>
</table>

<p style="margin: 0">&#160;</p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name,
    Address</b><br/>
    <b>and Age</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position(s)</b><br/>
    <b>Held with</b><br/>
    <b>the Fund</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Term
    of</b><br/>
    <b>Office</b><br/>
    <b>and</b><br/>
    <b>Length</b><br/>
    <b>of Time</b><br/>
    <b>Served</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal
    Occupation</b><br/>
    <b>During the Past</b><br/>
    <b>Five Years</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
    of</b><br/>
    <b>Portfolios</b><br/>
    <b>in Fund</b><br/>
    <b>Complex</b><br/>
    <b>Overseen</b><br/>
    <b>by Trustee*</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other</b><br/>
    <b>Directorships</b><br/>
    <b>held by</b><br/>
    <b>Trustee</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 17%; padding-right: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phillip Goldstein**<br/>
    (78)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secretary
as of July 2018.</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1 year&#894; Since 2018</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 26%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Partner of Bulldog Investors, LLP since 2009&#894;
    Partner of Ryan Heritage, LLP since 2019&#894; a Principal of the former general partner of several private investment partnerships
    in the Bulldog Investors group of private funds.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 17%; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman, The Mexico Equity &amp; Income Fund,
    Inc.&#894; Chairman, Special Opportunities Fund, Inc.&#894; Director, Brookfield DTLA Fund Office Trust Investor Inc.&#894;
    Director, Swiss Helvetia Fund, Inc.&#894; Trustee, Crossroads Liquidating Trust (until 2020)&#894; Director, MVC Capital,
    Inc. (until 2020). </span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rajeev Das<br/>
    (54)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1 year&#894; Since 2018</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 investment funds&#894; Head Trader of Bulldog Investors, LLP, the investment adviser to Special Opportunities Fund, Inc.,
    since its inception in 2009, and Principal of Ryan Heritage, LLP, an affiliate of Bulldog Investors&#894; Secretary of the
    Swiss Helvetia Fund&#894; Vice President of Special Opportunities Fund, Inc.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director, The Mexico Equity &amp; Income Fund,
    Inc. </span></td></tr>
</table>

<p style="margin: 0">&#160;</p>

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<p style="margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name,
    Address</b><br/>
    <b>and Age</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position(s)</b><br/>
    <b>Held with</b><br/>
    <b>the Fund</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Term
    of</b><br/>
    <b>Office</b><br/>
    <b>and</b><br/>
    <b>Length</b><br/>
    <b>of Time</b><br/>
    <b>Served</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal
    Occupation</b><br/>
    <b>During the Past</b><br/>
    <b>Five Years</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
    of</b><br/>
    <b>Portfolios</b><br/>
    <b>in Fund</b><br/>
    <b>Complex</b><br/>
    <b>Overseen</b><br/>
    <b>by Trustee*</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other</b><br/>
    <b>Directorships</b><br/>
    <b>held by</b><br/>
    <b>Trustee</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td colspan="6" style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INDEPENDENT
    TRUSTEES</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 17%; padding-right: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gerald Hellerman<br/>
    (86)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1 year&#894; Since 2018</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 26%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Compliance Officer of The Mexico Equity
    and Income Fund, Inc. and Special Opportunities Fund, Inc. (through March 2020)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 17%; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director, The Mexico Equity and Income Fund,
    Inc.&#894; Director, Special Opportunities Fund, Inc.&#894; Director, Swiss Helvetia Fund, Inc.&#894; Trustee, Fiera Capital
    Series Trust&#894; (until August 2023)&#894; Director, MVC Capital, Inc. (until 2020)&#894; Trustee, Crossroads Liquidating
    Trust (until 2020). </span></td></tr>
</table>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name,
    Address</b><br/>
    <b>and Age</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position(s)</b><br/>
    <b>Held with</b><br/>
    <b>the Fund</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Term
    of</b><br/>
    <b>Office</b><br/>
    <b>and</b><br/>
    <b>Length</b><br/>
    <b>of Time</b><br/>
    <b>Served</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal
    Occupation</b><br/>
    <b>During the Past</b><br/>
    <b>Five Years</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
    of</b><br/>
    <b>Portfolios</b><br/>
    <b>in Fund</b><br/>
    <b>Complex</b><br/>
    <b>Overseen</b><br/>
    <b>by Trustee*</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other</b><br/>
    <b>Directorships</b><br/>
    <b>held by</b><br/>
    <b>Trustee</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 17%; padding-right: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moritz Sell<br/>
    (56)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1 year&#894; Since 2018</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 26%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Founder and Principal of Edison Holdings GmbH
    and Senior Advisor to Markston International LLC (through December 2020).</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 17%; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director, Aberdeen Australia Equity Fund&#894;
    Director, Swiss Helvetia Fund, Inc.&#894; Director, Aberdeen Global Income Fund, Inc.&#894; Director, Aberdeen Asia-Pacific
    Income Fund, Inc.&#894; Chairman, Aberdeen Singapore Fund (until 2018)&#894; Director, Aberdeen Greater China Fund (until
    2018). </span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Richard Dayan<br/>
    (80)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1 year&#894; Since 2018</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owner of Cactus Trading.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director, Swiss Helvetia Fund, Inc.&#894; Director
    of Emergent Capital, Inc. (until 2017). </span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ben H. Harris (54)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1 year&#894; Since 2018</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer of Hormel Harris Investments,
    LLC&#894; Principal of NBC Bancshares, LLC&#894; Chief Executive Officer of Crossroads Capital, Inc.&#894; Administrator of
    Crossroads Liquidating Trust. </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director, Special Opportunities Fund, Inc.</span></td></tr>
</table>

<p style="margin: 0">&#160;</p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name,
    Address</b><br/>
    <b>and Age</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position(s)</b><br/>
    <b>Held with</b><br/>
    <b>the Fund</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Term
    of</b><br/>
    <b>Office</b><br/>
    <b>and</b><br/>
    <b>Length</b><br/>
    <b>of Time</b><br/>
    <b>Served</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal
    Occupation</b><br/>
    <b>During the Past</b><br/>
    <b>Five Years</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
    of</b><br/>
    <b>Portfolios</b><br/>
    <b>in Fund</b><br/>
    <b>Complex</b><br/>
    <b>Overseen</b><br/>
    <b>by Trustee*</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other</b><br/>
    <b>Directorships</b><br/>
    <b>held by</b><br/>
    <b>Trustee</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td colspan="6" style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OFFICERS</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 17%; padding-right: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andrew Dakos**<br/>
    (57)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">President as of July 2018.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1 year&#894; Since 2018</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 26%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Partner in Bulldog Investors, LLP&#894; Partner
    of Ryan Heritage, LLP since 2019&#894; Principal of the former general partner of several private investment partnerships
    in the Bulldog Investors group of funds.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 17%; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thomas Antonucci**<br/>
    (54)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasurer as of July 2018.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1 year&#894; Since 2018 </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director of Operations of Bulldog Investors,
    LLP and Ryan Heritage, LLP</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phillip Goldstein**<br/>
    (78)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secretary as of July 2018.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1 year&#894; Since 2018</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Partner in Bulldog Investors, LLP&#894; Partner
    of Ryan Heritage, LLP since 2019&#894; Principal of the former general partner of several private investment partnerships
    in the Bulldog Investors group of funds. </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</span></td></tr>
</table>

<p style="margin: 0">&#160;</p>

<p style="margin: 0"></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name,
    Address</b><br/>
    <b>and Age</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position(s)</b><br/>
    <b>Held with</b><br/>
    <b>the Fund</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Term
    of</b><br/>
    <b>Office</b><br/>
    <b>and</b><br/>
    <b>Length</b><br/>
    <b>of Time</b><br/>
    <b>Served</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal
    Occupation</b><br/>
    <b>During the Past</b><br/>
    <b>Five Years</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
    of</b><br/>
    <b>Portfolios</b><br/>
    <b>in Fund</b><br/>
    <b>Complex</b><br/>
    <b>Overseen</b><br/>
    <b>by Trustee*</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other</b><br/>
    <b>Directorships</b><br/>
    <b>held by</b><br/>
    <b>Trustee</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 17%; padding-right: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stephanie Darling**<br/>
    (53)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Compliance Officer as of July 2018.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1 year&#894; Since 2018</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 26%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General Counsel and Chief Compliance Officer
    of Bulldog Investors, LLP&#894; Chief Compliance Officer of Ryan Heritage, LLP, Mexico Equity and Income Fund, Swiss Helvetia
    Fund and Special Opportunities Fund, Inc.&#894; Principal, the Law Office of Stephanie Darling&#894; Editor-In-Chief, The
    Investment Lawyer.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 17%; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
The Fund Complex is comprised of only the Fund.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**
Messrs. Dakos, Goldstein and Antonucci and Ms. Darling each may be 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 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.
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.
In reaching this determination, the Board has considered a variety of criteria, including, among 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Andrew
Dakos</i>. Mr. Dakos has been the President and a Trustee of the Fund since 2018. Mr. Dakos has over 20 years of investment management
experience. He is currently a Partner in Bulldog Investors, LLP and Ryan Heritage, LLP, each 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, and one subsidiary of a large commercial real
estate company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Phillip
Goldstein</i>. Mr. Goldstein has been the Chairman of the Board and the Secretary of the Fund since 2018. Mr. Goldstein has over
30 years of investment management experience. He is currently a Partner in Bulldog Investors, LLP, and Ryan Heritage, LLP, each
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, and one
subsidiary of a large commercial real estate company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rajeev
Das</i>. 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, LLP, and Ryan Heritage, LLP, each 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Gerald
Hellerman</i>. 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. 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Moritz
Sell</i>. 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. 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Richard
Dayan</i>. 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Ben
H. Harris</i>. 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specific
details regarding each Trustee&#8217;s principal occupations during the past five years are included 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Board
Composition and Leadership Structure</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board currently consists of seven individuals, three of whom are Interested Trustees of the Fund.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently,
the Board has an Audit &amp; Valuation Committee, an Investment Committee and a Strategic Planning Committee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Board&#8217;s
Role in Risk Oversight of the Fund </i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Compensation
of Trustees</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 $40,000 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 $30,000, 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 Audit and Valuation Committee are compensated by the Fund for their positions on the Audit and Valuation Committee in the
amount of $5,000 for the Chairman of such committee and $1,500 each for the other members of such committee on an annual basis
paid quarterly in advance. In addition, the members of the Investment Committee are compensated by the Fund for their positions
on the Investment Committee in the amount of $150,000 each for Phillip Goldstein and Andrew Dakos, and $75,000 for Rajeev Das
on an annual basis paid monthly in advance. In addition, the chairman of the Strategic Planning Committee will receive a $10,000
stipend and each other member of the Strategic Planning Committee will receive a $7,500 stipend.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td rowspan="2" style="font: 10pt Times New Roman, Times, Serif; width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Aggregate</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Pension
or Retirement Benefits</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Accrued
as</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 18%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total
Compensation From Fund</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>and
Fund</b></span></p></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trustee</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compensation</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>From</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Part
of</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fund</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Benefits
Upon</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Complex*</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Paid
to</b></span></p></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
    of Trustee</b></span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Since</b></span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fund</b></span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Expenses</b></span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Retirement</b></span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trustee</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent Trustees</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gerald Hellerman</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$4<span style="background-color: white">5,000</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$4<span style="background-color: white">5,000</span></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moritz Sell</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span style="background-color: white">41,500</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span style="background-color: white">41,500</span></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Richard Dayan</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span style="background-color: white">41,500</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span style="background-color: white">41,500</span></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ben
H. Harris</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interested
Trustees</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span style="background-color: white">40,000</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span style="background-color: white">40,000</span></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andrew Dakos</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span style="background-color: white">220,000</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span style="background-color: white">220,000</span></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phillip Goldstein</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span style="background-color: white">220,000</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span style="background-color: white">220,000</span></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rajeev Das</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span style="background-color: white">115,000</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span style="background-color: white">115,000</span></span></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

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<p style="margin-top: 0; margin-bottom: 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
Fund Complex is comprised of only the Fund.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management
Ownership</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the knowledge of the Fund&#8217;s management, as of October 1, 2023 the Trustees and officers of the Fund beneficially owned,
as a group, less than 5% of the shares of the Fund&#8217;s common stock. The following table sets forth the aggregate dollar range
of equity securities in the Fund that is owned by each Trustee and principal officer as of October 1, 2023. The information as
to beneficial ownership is based on statements furnished to the Fund by each Trustee and principal officer:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 22%"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></p></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 28%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position</b></span></p></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 25%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dollar
Range of</b></span><br/>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity</b></span><br/>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities in the</b></span><br/>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fund</b></span></p></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Aggregate
    Dollar</b><br/>
    <b>Range of Equity Securities</b><br/>
    <b>In</b><br/>
    <b>All Funds</b><br/>
    <b>overseen by Trustee in</b><br/>
    <b>Family of</b><br/>
    <b>Investment Companies*</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gerald Hellerman</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent Trustee</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moritz Sell</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent Trustee</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Richard Dayan</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent Trustee</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ben H. Harris</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent Trustee</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andrew Dakos**</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interested Trustee
    and President</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phillip Goldstein**</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interested Trustee
    and Secretary</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rajeev Das**</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interested Trustee</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thomas Antonucci**</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasurer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stephanie Darling**</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Compliance
    Officer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></p></td></tr>
</table>

<p style="margin: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0pt"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Family of Investment Companies is comprised of only the Fund.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0pt; text-align: justify"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Messrs.
Dakos, Goldstein, Das, Antonucci and Ms. Darling each may be considered an &#8220;interested person&#8221; of the Fund within
the meaning of the 1940 Act.</span></td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Additional
Information about the Board</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board
Meetings and Committees.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the fiscal year ended August 31, 2023, the Board met 4 times. During the fiscal year ended August 31, 2023, each present Trustee
and nominee for Trustee attended at least 75% of the meetings of the Board and of the Committees of which he is a member, held
since his respective election.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Audit
&amp; Valuation Committee</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.6pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.6pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.6pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.6pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.6pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 New York Stock Exchange (&#8220;NYSE&#8221;)
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. The Board has determined that Mr. Sell&#8217;s service on the audit committees of more than three public companies
does not impair his ability to effectively serve on the Fund&#8217;s Audit &amp; Valuation Committee because, like the Fund, those
other companies are listed closed-end funds and include funds that are part of the same fund complex. The Board has likewise determined
that Mr. Hellerman&#8217;s service on the audit committees of more than three public companies does not impair his ability to
effectively serve on the Fund&#8217;s Audit &amp; Valuation Committee because, like the Fund, those other companies are listed
closed-end funds. The Board&#8217;s Audit &amp; Valuation Committee met 5 times during the year ended August 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.6pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.6pt 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.6pt 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Investment
Committee</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.6pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
April 2019, the Board established an Investment Committee. The Investment Committee is responsible for, among other things, managing
the Fund&#8217;s assets. The Investment Committee will invest the Fund&#8217;s assets within the parameters of the Fund&#8217;s
existing investment policies and restrictions, and will strive to invest in securities that are likely to generate income. The
Investment Committee currently consists of Messrs. Goldstein, Dakos and Das.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.6pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Strategic
Planning Committee. </i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.6pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
September 2023, the Board established a Strategic Planning Committee. The Strategic Planning Committee is responsible for, among
other things, reviewing and making recommendations regarding the Fund. The Strategic Planning Committee is charged with determining
whether fundamental changes in the Fund&#8217;s structure and investment restrictions are warranted and with conducting a search
for a new external investment manager to manage Fund assets. The Strategic Planning Committee currently consists of Messrs. Dayan,
Harris, Hellerman, and Sell. Mr. Sell serves as the Chairman of the Strategic Planning Committee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.6pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Nominees
for Trustee</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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) 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pcfn2ab005"></span>CODE
OF ETHICS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 the 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 Board of Trustees adopted a revised code of ethics at a meeting held in June 2019, a copy
of which is available on the Fund&#8217;s website at www.highincomesecuritesfund.com. In addition, a copy of the code is available
for inspection at the Public Reference Room of the SEC in Washington, D.C. Information regarding the operation of the Public Reference
Room is available by calling the SEC at 1-202-551-8090. A copy of the code is also available on the EDGAR Database on the SEC&#8217;s
website at www.sec.gov, and may also 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, Washington, D.C. 20549-0102.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pcfn2ab006"></span>PROXY
VOTING PROCEDURES </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board has delegated the voting of proxies with respect to securities owned by the Fund to the Investment Committee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Proxy
Voting Policies</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. Inherent in the Investment Committee&#8217;s
authority to vote proxies on behalf of the Fund is the authority to refrain from voting and/or refrain from attending a shareholder
meeting, if the Investment Committee determines that refraining from such action is in the Fund&#8217;s best interest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Proxy
Voting Procedures</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Proxy
Voting Guidelines</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. The Fund will generally vote proxies against any director who has voted to
take action to materially impair shareholder voting rights (<i>e.g.</i>, has voted to &#8220;opt in&#8221; to any state&#8217;s
control share statute).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 proportionally based upon the total number of shares owned by those shareholders that provide instructions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Form
N-PX/Annual Report of Proxy Voting Record</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         name of the issuer of the portfolio security&#894;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         exchange ticker symbol of the portfolio security&#894;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         CUSIP number (may be omitted if it is not available through reasonably practicable means)&#894;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         shareholder meeting date&#894;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         brief description of the matter voted on&#894;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whether
                                         the matter was proposed by the issuer or the security holder&#894;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whether
                                         the Fund cast its vote on the matter&#894;</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">How
                                         the Fund cast its vote (<i>e.g.</i>, for or against proposal, or abstain&#894; for or
                                         withhold regarding election of directors)&#894; and</span></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whether
                                         the Fund cast its vote for or against management.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>More
Information</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
regarding how the Fund voted any proxies related to portfolio securities during the most recent 12-month period ended June 30th
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).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pcfn2ab007"></span>ADMINISTRATIVE
SERVICES, CUSTODIAN, TRANSFER AGENT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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; coordinates the preparation and payment of the Fund&#8217;s
expenses; and reviews the Fund&#8217;s expense accruals. Fund Services also serves as the Fund&#8217;s fund accountant. For the
fiscal year ended August 31, 2023, the Fund paid Fund Services $11,440 for its administration and accounting services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
principal business address for Fund Services is 615 East Michigan Street Milwaukee, WI 53202.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equiniti
Trust Company, LLC, located at 6201 15th Avenue, Brooklyn, NY 11219, serves as the Fund&#8217;s transfer agent and registrar.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pcfn2ab008"></span>PORTFOLIO
MANAGERS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phillip
Goldstein: Partner in Bulldog Investors, LLP since its inception in October 2009, and Ryan Heritage, LLP. Mr. Goldstein also is
a member of Bulldog Holdings, LLC, the owner of several entities that served until 2020 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: Brookfield DTLA Fund Office Trust Investor, a subsidiary of a large commercial real estate company, since 2017. He
served as a director of MVC Capital, Inc., a business development company, from 2012-2020&#894; and served as a trustee of Crossroads
Liquidating Trust from 2016-2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andrew
Dakos: Partner in Bulldog Investors, LLP since its inception in October 2009, and Ryan Heritage, LLP. Mr. Dakos also is a member
of Bulldog Holdings, LLC, the owner of several entities that served until 2020 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, 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 from 2015-2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rajeev
Das: Head Trader of Bulldog Investors, LLP since its inception in October 2009, and Ryan Heritage, LLP. Since 2004, Mr. Das has
been a Principal of the entities that served until 2020 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other
Accounts Managed</i></b>. The following table shows the number of other accounts managed by Messrs. Goldstein, Dakos and Das as
of August 31, 2023:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 85%">
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADVISORY
    FEE BASED ON PERFORMANCE</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TYPE
    OF ACCOUNTS</span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NUMBER
    OF ACCOUNTS</span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NUMBER
    OF ACCOUNTS</span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL
    ASSETS ($ IN MILLIONS)*</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered Investment Companies</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Pooled Investments</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Accounts</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">361</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$3.18</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*Estimated</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Conflicts
of Interest</i></b>. 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Compensation</i>.
</b>The members of the Investment Committee are compensated by the Fund for their positions on the Investment Committee in the
amount of $150,000 each for Phillip Goldstein and Andrew Dakos, and $75,000 for Rajeev Das on an annual basis paid monthly in
advance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Ownership
of Securities</i>.</b> As of August 31, 2023, Mr. Goldstein beneficially owned 244,373 shares (held Directly) of beneficial interest
in the Fund&#894; Mr. Dakos beneficially owned 35,046 shares (held Directly) of beneficial interest in the Fund&#894; and Mr.
Das beneficially owned no shares of beneficial interest in the Fund.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pcfn2ab009"></span>ALLOCATION
OF BROKERAGE </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&#8217;s general execution and operational facilities and the firm&#8217;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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the fiscal years ended August 31, 2021, 2022 and 2023, the Fund paid $<span style="background-color: white">183,869,</span> $<span style="background-color: white">282,532
and </span>$165,860 respectively, in brokerage commissions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pcfn2ab010"></span>CERTAIN
MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
    estate, the income of which is subject to U.S. federal income taxation regardless of its source; or</span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 7%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 U.S. Holder is:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 7%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    dealer in securities or currencies;</span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 7%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    financial institution;</span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 7%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    regulated investment company;</span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 7%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    real estate investment trust;</span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 7%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    insurance company;</span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 7%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    tax-exempt organization;</span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 7%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    person holding shares as part of a hedging, integrated or conversion transaction, a constructive sale or a straddle;</span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 7%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    trader in securities that has elected the mark-to-market method of accounting for its securities;</span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 7%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    person liable for alternative minimum tax;</span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 7%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    partnership or other pass-through entity for U.S. federal income tax purposes; or</span></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 7%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    U.S. Holder whose &#8220;functional currency&#8221; is not the U.S. dollar.</span></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Taxation
as a Regulated Investment Company</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Failure
to Qualify as a RIC</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Taxation
of Distributions to U.S. Holders</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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    <!-- Field: /Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Taxation
of Sales, Exchanges, or Other Dispositions</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 long-term
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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 NAV 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 NAV 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Information
Reporting and Backup Withholding</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
information reporting requirements will apply to distributions on the Fund&#8217;s common shares or proceeds on the disposition
of the Fund&#8217;s 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Taxation
of Non-U.S. Shareholders</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Special
U.S. federal income tax rules will apply to Non-U.S. Holders that hold shares in the Fund.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net
Investment Income Tax</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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). 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). 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Payments
to Foreign Financial Institutions</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. 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, 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>STATE
AND LOCAL TAXES</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
should consult their own tax advisers as to the state or local tax consequences of investing in the Fund.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
FOREGOING SUMMARY OF U.S. FEDERAL INCOME TAX CONSIDERATIONS IS FOR GENERAL INFORMATION ONLY AND IS NOT TAX ADVICE. 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. 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pcfn2ab011"></span>FINANCIAL
STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements included in the <a href="http://www.sec.gov/Archives/edgar/data/810943/000183988223030170/hisf-ncsra.htm">Fund&#8217;s Annual Report</a> &#160;for the year ended August 31, 2023 filed with the Securities
and Exchange Commission on November 8, 2023 (File No. 811-<span style="background-color: white">05133</span>), are herein incorporated
by reference. The financial statements included in the <a href="http://www.sec.gov/Archives/edgar/data/810943/000199937124005543/hisf-ncsrs.htm">Fund&#8217;s Semi-Annual Report</a> &#160;for the six-month period ended February
29, 2024 filed with the Securities and Exchange Commission on May 1, 2024 (File No. 811-05133), are herein incorporated by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pcfn2ab012"></span>OTHER
INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">The
Fund is a Massachusetts business trust under the laws of the Commonwealth of Massachusetts</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&#8217;s request as directors, officers or trustees of another organization
in which the Fund has any interest as a shareholder, creditor or otherwise).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pcfn2ab013"></span>INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tait,
Weller &amp; Baker LLP </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0">&#160;</p>


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</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>4
<FILENAME>pcf-20240711_lab.xml
<DESCRIPTION>XBRL LABEL FILE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcf_ConvertibleSecuritiesRiskMember_lbl" xml:lang="en-US">Convertible Securities Risk [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcf_ExchangeTradedFundsRiskMember_lbl" xml:lang="en-US">Exchange Traded Funds Risk [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcf_ForeignSecuritiesRiskMember_lbl" xml:lang="en-US">Foreign Securities Risk [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcf_IlliquidSecuritiesRiskMember_lbl" xml:lang="en-US">Illiquid Securities Risk [Member]</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcf_PortfolioTurnoverRiskMember" xlink:to="pcf_PortfolioTurnoverRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcf_PortfolioTurnoverRiskMember_lbl" xml:lang="en-US">Portfolio Turnover Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pcf-20240711.xsd#pcf_SmallAndMediumCapCompanyRiskMember" xlink:label="pcf_SmallAndMediumCapCompanyRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcf_SmallAndMediumCapCompanyRiskMember" xlink:to="pcf_SmallAndMediumCapCompanyRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcf_SmallAndMediumCapCompanyRiskMember_lbl" xml:lang="en-US">Small and Medium Cap Company Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pcf-20240711.xsd#pcf_ForeignCurrencyRiskMember" xlink:label="pcf_ForeignCurrencyRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcf_ForeignCurrencyRiskMember" xlink:to="pcf_ForeignCurrencyRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pcf_ForeignCurrencyRiskMember_lbl" xml:lang="en-US">Foreign Currency Risk [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcf_CommonSharesMember" xlink:to="pcf_CommonSharesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcf_CommonSharesMember_doc" xml:lang="en-US">Common Shares [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcf_ForeignSecuritiesRiskMember" xlink:to="pcf_ForeignSecuritiesRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcf_ForeignSecuritiesRiskMember_doc" xml:lang="en-US">Foreign Securities Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcf_ForeignCurrencyRiskMember" xlink:to="pcf_ForeignCurrencyRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcf_ForeignCurrencyRiskMember_doc" xml:lang="en-US">Foreign Currency Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcf_ClosedEndInvestmentCompanyRiskMember" xlink:to="pcf_ClosedEndInvestmentCompanyRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcf_ClosedEndInvestmentCompanyRiskMember_doc" xml:lang="en-US">Closed-End Investment Company Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcf_SpecialPurposeAcquisitionCompaniesRiskMember" xlink:to="pcf_SpecialPurposeAcquisitionCompaniesRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcf_SpecialPurposeAcquisitionCompaniesRiskMember_doc" xml:lang="en-US">Special Purpose Acquisition Companies Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcf_ManagementRiskMember" xlink:to="pcf_ManagementRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcf_ManagementRiskMember_doc" xml:lang="en-US">Management Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcf_MarketRiskMember" xlink:to="pcf_MarketRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcf_MarketRiskMember_doc" xml:lang="en-US">Market Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcf_RiskRelatedToFixedIncomeSecuritiesincludingNonInvestmentGradeSecuritiesMember" xlink:to="pcf_RiskRelatedToFixedIncomeSecuritiesincludingNonInvestmentGradeSecuritiesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcf_RiskRelatedToFixedIncomeSecuritiesincludingNonInvestmentGradeSecuritiesMember_doc" xml:lang="en-US">Risk Related to Fixed Income Securities, including Non-Investment Grade Securities.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcf_CreditRisksMember" xlink:to="pcf_CreditRisksMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcf_CreditRisksMember_doc" xml:lang="en-US">Credit Risks.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcf_ExtensionRiskMember" xlink:to="pcf_ExtensionRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcf_ExtensionRiskMember_doc" xml:lang="en-US">Extension Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcf_DebtSecurityRiskMember" xlink:to="pcf_DebtSecurityRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcf_DebtSecurityRiskMember_doc" xml:lang="en-US">Debt Security Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcf_MarketDiscountFromNetAssetValueRiskMember" xlink:to="pcf_MarketDiscountFromNetAssetValueRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcf_MarketDiscountFromNetAssetValueRiskMember_doc" xml:lang="en-US">Market Discount from Net Asset Value Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcf_LeverageRiskMember" xlink:to="pcf_LeverageRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcf_LeverageRiskMember_doc" xml:lang="en-US">Leverage Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcf_DefensivePositionRiskMember" xlink:to="pcf_DefensivePositionRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcf_DefensivePositionRiskMember_doc" xml:lang="en-US">Defensive Position Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcf_ChangesInPoliciesRiskMember" xlink:to="pcf_ChangesInPoliciesRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcf_ChangesInPoliciesRiskMember_doc" xml:lang="en-US">Changes in Policies Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcf_PreferredStockRiskMember" xlink:to="pcf_PreferredStockRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcf_PreferredStockRiskMember_doc" xml:lang="en-US">Preferred Stock Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcf_ConvertibleSecuritiesRiskMember" xlink:to="pcf_ConvertibleSecuritiesRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcf_ConvertibleSecuritiesRiskMember_doc" xml:lang="en-US">Convertible Securities Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcf_IssuerSpecificChangesRiskMember" xlink:to="pcf_IssuerSpecificChangesRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcf_IssuerSpecificChangesRiskMember_doc" xml:lang="en-US">Issuer Specific Changes Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcf_AntiTakeoverProvisionsRiskMember" xlink:to="pcf_AntiTakeoverProvisionsRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcf_AntiTakeoverProvisionsRiskMember_doc" xml:lang="en-US">Anti-Takeover Provisions Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcf_CommonStockRiskMember" xlink:to="pcf_CommonStockRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcf_CommonStockRiskMember_doc" xml:lang="en-US">Common Stock Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcf_ExchangeTradedFundsRiskMember" xlink:to="pcf_ExchangeTradedFundsRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcf_ExchangeTradedFundsRiskMember_doc" xml:lang="en-US">Exchange Traded Funds Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcf_IlliquidSecuritiesRiskMember" xlink:to="pcf_IlliquidSecuritiesRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcf_IlliquidSecuritiesRiskMember_doc" xml:lang="en-US">Illiquid Securities Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcf_PortfolioTurnoverRiskMember" xlink:to="pcf_PortfolioTurnoverRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcf_PortfolioTurnoverRiskMember_doc" xml:lang="en-US">Portfolio Turnover Risk.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcf_SmallAndMediumCapCompanyRiskMember_doc" xml:lang="en-US">Small and Medium Cap Company Risk.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcf_DeclineInTradingPriceMember_doc" xml:lang="en-US">Decline in Trading Price.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcf_ValueVersusSubscriptionPriceMember" xlink:to="pcf_ValueVersusSubscriptionPriceMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcf_ValueVersusSubscriptionPriceMember_doc" xml:lang="en-US">Value versus Subscription Price.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcf_TerminationOfOfferingMember_doc" xml:lang="en-US">Termination of Offering.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcf_RejectionOfExerciseOfSubscriptionRightsMember_doc" xml:lang="en-US">Rejection of Exercise of Subscription Rights.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcf_DiscountToNetAssetValueMember_doc" xml:lang="en-US">Discount to Net Asset Value.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcf_DilutionOfOwnershipMember_doc" xml:lang="en-US">Dilution of Ownership.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcf_DilutionToNAVMember" xlink:to="pcf_DilutionToNAVMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pcf_DilutionToNAVMember_doc" xml:lang="en-US">Dilution to NAV.</link:label>
    </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>5
<FILENAME>pcf-20240711_pre.xml
<DESCRIPTION>XBRL PRESENTATION FILE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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<span style="display: none;">v3.24.2</span><table class="report" border="0" cellspacing="2" id="idm140341596364352">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>N-2 - USD ($)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="11">3 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jul. 11, 2024</div></th>
<th class="th"><div>May 31, 2024</div></th>
<th class="th"><div>May 31, 2024</div></th>
<th class="th"><div>Feb. 29, 2024</div></th>
<th class="th"><div>Nov. 30, 2023</div></th>
<th class="th"><div>Aug. 31, 2023</div></th>
<th class="th"><div>May 31, 2023</div></th>
<th class="th"><div>Feb. 28, 2023</div></th>
<th class="th"><div>Nov. 30, 2022</div></th>
<th class="th"><div>Aug. 31, 2022</div></th>
<th class="th"><div>May 31, 2022</div></th>
<th class="th"><div>Feb. 28, 2022</div></th>
<th class="th"><div>Nov. 30, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
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<td class="text">0000810943<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
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<td class="text">false<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
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<td class="text">HIGH INCOME SECURITIES FUND<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_FeeTableAbstract', window );"><strong>Fee Table [Abstract]</strong></a></td>
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<td class="text">&#160;<span></span>
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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<p style="margin-top: 0; margin-bottom: 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top">
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to be approximately $117,000 or approximately $0.003 per Share.</span></span></td>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherTransactionExpensesAbstract', window );"><strong>Other Transaction Expenses [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherTransactionExpensesPercent', window );">Other Transaction Expenses [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0.09%<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_AnnualExpensesTableTextBlock', window );">Annual Expenses [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><div id="xdx_801_ecef--AnnualExpensesTableTextBlock_dU_gL1AETTB-EEOWTHM_zHzFFAUX8cOf"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; width: 80%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 85%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Expenses (as a percentage of net assets
    attributable to the Shares)</b></span></td>
    <td id="xdx_491_20240711__20240711_z9Vh0nV0dzdj" style="font: 10pt Times New Roman, Times, Serif; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr id="xdx_40B_ecef--ManagementFeesPercent_i01_dp_zQ0YGx2mrO93" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management fees<sup id="xdx_F42_zpY1LZxUtom">(2)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr>
<tr id="xdx_40D_ecef--InterestExpensesOnBorrowingsPercent_i01_dpn_zUaNZ539KGbk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Payments on Borrowed Funds</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td></tr>
<tr id="xdx_40E_ecef--OtherAnnualExpensesPercent_i01_dp_zIGa87lHddg1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #D9D9D9">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other expenses<sup id="xdx_F4D_zL11g4mOLez1">(2)(3)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.95%</span></td></tr>
<tr id="xdx_40F_ecef--AcquiredFundFeesAndExpensesPercent_i01_dp_zJuVTRbX4oAg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquired Fund fees and expenses<sup id="xdx_F4B_z6CNdRv1QHD1">(4)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.82%
    </span></td></tr>
<tr id="xdx_400_ecef--TotalAnnualExpensesPercent_i01T_dp_zf6LlnU0CdTg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #D9D9D9">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Expenses</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.77%</span></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F0A_zx1sXGAPTUki" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="text-align: justify"><span id="xdx_F10_ztpxuB0jIiX8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_ecef--ManagementFeeNotBasedOnNetAssetsNoteTextBlock_c20240711__20240711_zJ2ZVkNd6Lpb">The
Fund does not pay a management fee. 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: $150,000 each for Messrs. Goldstein
and Dakos and $75,000 for Mr. Das. This compensation is included in &#8220;Other Expenses.&#8221;</span></span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F00_zhLJkYWVju8j" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td><td style="text-align: justify"><span id="xdx_F15_z3PGiJNkeg73" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecef--OtherExpensesNoteTextBlock_c20240711__20240711_zuQOZihtqZ94">&#8220;Other
Expenses&#8221; are based on estimated amounts for the current fiscal year.</span></span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F08_zL5tCvKOHhpc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td><td style="text-align: justify"><span id="xdx_F17_zOGZsEtL4j3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_ecef--AcquiredFundFeesAndExpensesNoteTextBlock_c20240711__20240711_zHqUGw1QcWVj">The
Fund invests in other closed-end investment companies and ETFs (collectively, the &#8220;Acquired Funds&#8221;). The Shareholders
indirectly bear a pro rata portion of the fees and expenses of the Acquired Funds in which the Fund invests. <span id="xdx_907_ecef--AcquiredFundFeesEstimatedNoteTextBlock_c20240711__20240711_zDPalhJmvxe">Acquired Fund fees
and expenses are based on estimated amounts for the current fiscal year.</span></span></span></td>
</tr></table><span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ManagementFeesPercent', window );">Management Fees [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">0.00%<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_InterestExpensesOnBorrowingsPercent', window );">Interest Expenses on Borrowings [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0.00%<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_AcquiredFundFeesAndExpensesPercent', window );">Acquired Fund Fees and Expenses [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">3.82%<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherAnnualExpensesAbstract', window );"><strong>Other Annual Expenses [Abstract]</strong></a></td>
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</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherAnnualExpensesPercent', window );">Other Annual Expenses [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2],[4]</sup></td>
<td class="nump">0.95%<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_TotalAnnualExpensesPercent', window );">Total Annual Expenses [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4.77%<span></span>
</td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ExpenseExampleTableTextBlock', window );">Expense Example [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p id="xdx_803_ecef--ExpenseExampleTableTextBlock_dU_gL1EETTB-WEAVG_zE91fPff86wa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Example</b><sup>(5)</sup></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following example illustrates the hypothetical expenses (including estimated expenses with respect to year 1 of this Offering
of approximately $117,000) that you would pay on a $1,000 investment in the Shares, assuming (i) annual expenses of <span style="background-color: white">4.77</span>%
of net assets attributable to the Shares and (ii) a 5% annual return:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; width: 80%">
<tr style="font: 10pt Times New Roman, Times, Serif; text-align: center; background-color: #D9D9D9; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 53%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_48C_ecef--ExpenseExampleYear01_zDWBxj55ZaC7" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1
    Year</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_488_ecef--ExpenseExampleYears1to3_zV9BbBT56Qs4" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3
    Years</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_487_ecef--ExpenseExampleYears1to5_zChFf7IAohg7" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5
    Years</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_487_ecef--ExpenseExampleYears1to10_zfCtztmv12ja" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10
    Years</b></span></td></tr>
<tr id="xdx_41E_20240711__20240711_zWCvucigag68" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You would pay the following expenses on a $1,000
    investment, assuming a 5% annual return</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$49</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;$144</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$241</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;$483</span></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 NAV. 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 intend 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.</span></td>
</tr></table><span></span>
</td>
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</td>
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</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ExpenseExampleYear01', window );">Expense Example, Year 01</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 49<span></span>
</td>
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</td>
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</td>
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</td>
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</td>
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</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ExpenseExampleYears1to3', window );">Expense Example, Years 1 to 3</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">144<span></span>
</td>
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</td>
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</td>
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</td>
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</td>
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</td>
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</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ExpenseExampleYears1to5', window );">Expense Example, Years 1 to 5</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">241<span></span>
</td>
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</td>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ExpenseExampleYears1to10', window );">Expense Example, Years 1 to 10</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 483<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_PurposeOfFeeTableNoteTextBlock', window );">Purpose of Fee Table , Note [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p id="xdx_80D_ecef--PurposeOfFeeTableNoteTextBlock_dU_zBui0fVSRYRd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
purpose of the above table is to help a Shareholder understand the fees and expenses that such Shareholder would bear directly
or indirectly. <b>The example should not be considered a representation of actual future expenses. Actual expenses may be higher
or lower than those shown.</b></span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherTransactionFeesNoteTextBlock', window );">Other Transaction Fees, Note [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Assuming
the Fund will have 35,060,927 Shares outstanding if fully subscribed and Offering expenses to be paid by the Fund are estimated
to be approximately $117,000 or approximately $0.003 per Share.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherExpensesNoteTextBlock', window );">Other Expenses, Note [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#8220;Other
Expenses&#8221; are based on estimated amounts for the current fiscal year.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ManagementFeeNotBasedOnNetAssetsNoteTextBlock', window );">Management Fee not based on Net Assets, Note [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">The
Fund does not pay a management fee. 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: $150,000 each for Messrs. Goldstein
and Dakos and $75,000 for Mr. Das. This compensation is included in &#8220;Other Expenses.&#8221;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_AcquiredFundFeesAndExpensesNoteTextBlock', window );">Acquired Fund Fees and Expenses, Note [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">The
Fund invests in other closed-end investment companies and ETFs (collectively, the &#8220;Acquired Funds&#8221;). The Shareholders
indirectly bear a pro rata portion of the fees and expenses of the Acquired Funds in which the Fund invests. <span id="xdx_907_ecef--AcquiredFundFeesEstimatedNoteTextBlock_c20240711__20240711_zDPalhJmvxe">Acquired Fund fees
and expenses are based on estimated amounts for the current fiscal year.</span><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_AcquiredFundFeesEstimatedNoteTextBlock', window );">Acquired Fund Fees Estimated, Note [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Acquired Fund fees
and expenses are based on estimated amounts for the current fiscal year.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_InvestmentObjectivesAndPracticesTextBlock', window );">Investment Objectives and Practices [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p id="xdx_803_ecef--InvestmentObjectivesAndPracticesTextBlock_dU_zu8beDelgOc6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pcfn2aa007"></span>INVESTMENT
OBJECTIVE AND INVESTMENT STRATEGIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
disclosure below describes the Fund&#8217;s current Investment Objective and Investment Strategies. As noted earlier, at a meeting
on June 14, 2024, the Board approved an investment advisory agreement (the &#8220;Advisory Agreement&#8221;) between the Fund
and Bulldog Investors, LLP (&#8220;Bulldog&#8221;) whereby Bulldog will provide investment management services to the Fund. At
its June 14, 2024 meeting, the Board also approved changes to the Fund&#8217;s investment strategies and fundamental policies
in order to expand the types of investments the Fund can make and increase the Fund&#8217;s flexibility to pursue investment opportunities
(the &#8220;Investment Changes&#8221;). The Board did not consider the conversion of the Fund to an open-end mutual fund as part
of the Investment Changes. <b>The Advisory Agreement and the Investment Changes will not take effect unless and until they are
approved by the Fund&#8217;s shareholders.</b> After the Expiration Date, the Fund will schedule a special meeting of the Fund&#8217;s
shareholders (the &#8220;Special Meeting&#8221;) to consider the approval of the Advisory Agreement and the Investment Changes.
A proxy statement will be filed with the SEC which further describes the Advisory Agreement and the Investment Changes (the &#8220;Special
Meeting Proxy Statement&#8221;).</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment
Objective</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&#8217;s current 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment
Strategies</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. 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. In addition, units or common shares issued by special purpose acquisition companies (SPACs)
may comprise up to 20% of the Fund&#8217;s portfolio. The Fund may hold fixed income securities with any maturity or duration.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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



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

<div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Portfolio
Investments</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other
Closed-End Investment Companies (including BDCs)</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, unless legally permissible, 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.
The Fund &#8220;looks through&#8221; to these investments in determining whether at least 80% of the Fund&#8217;s investments
are comprised of fixed income securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Special
Purpose Acquisition Companies</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;). 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. 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. 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. Some
SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices. 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.</span></p></div>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Common
Stocks</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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



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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Preferred
Stocks</i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Warrants</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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



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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Corporate
Bonds, Government Debt Securities and Other Debt Securities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Convertible
Securities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
Securities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
it has no current intention to 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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



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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Illiquid
Securities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. The Fund does not consider
its investments in SPACs to be illiquid because they are publicly traded securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Rule
144A Securities</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<span></span>
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</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskFactorsTableTextBlock', window );">Risk Factors [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p id="xdx_80F_ecef--RiskFactorsTableTextBlock_dU_zhlJ5U4q7Pbi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pcfn2aa008"></span>RISK
FACTORS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>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. 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.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
Fund may invest in securities of other investment companies (&#8220;underlying funds&#8221;). 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.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Risks
Related to this Offering</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--DeclineInTradingPriceMember_dU_z0Fkv8YrS6P1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Decline
in Trading Price: </i></b>If the Fund&#8217;s trading price declines below the Subscription Price, you will suffer an immediate
unrealized loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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



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

<div><p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--ValueVersusSubscriptionPriceMember_dU_zHUJq3BHYbsg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Value
versus Subscription Price. </i></b>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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--TerminationOfOfferingMember_dU_zYVMiSllcLz4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Termination
of Offering. </i></b>The Board may terminate the Offering at any time. If the Fund decides to terminate the Offering, the Fund
has no obligation to you except to return, without interest, your subscription payments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--RejectionOfExerciseOfSubscriptionRightsMember_dU_zGx3ZjVKfEe1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Rejection
of Exercise of Subscription Rights. </i></b>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. The Fund 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 the Fund nor the Subscribing Agent undertakes to contact you concerning an incomplete
or incorrect subscription form or payment, nor is the Fund under any obligation to correct such forms or payments. The Fund has
the sole discretion to determine whether a subscription exercise properly follows the subscription procedures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--DiscountToNetAssetValueMember_dU_zebUSW9DWZaa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Discount
to Net Asset Value</i></b>. The Fund&#8217;s shares of beneficial interest have historically traded on the NYSE at a discount
to the Fund&#8217;s NAV per share. On May 31, 2024, the last reported NAV per Share was <span id="xdx_908_eus-gaap--NetAssetValuePerShare_iI_c20240531__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zCrxYuc4m641">$7.55</span> and the last reported sales price
per Share on the NYSE was <span id="xdx_902_eus-gaap--SharePrice_iI_c20240531__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zyiNfAkLRww4">$6.82</span>, which represents a <span id="xdx_905_ecef--LatestPremiumDiscountToNavPercent_iN_di_c20240531__20240531__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zYtCJZlC5g4e">9.67%</span> discount to the Fund&#8217;s NAV per Share. There is no assurance that
this Offering will not have an effect on the discount to NAV experienced by the Fund.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_847_ecef--RiskTextBlock_hcef--RiskAxis__custom--DilutionOfOwnershipMember_dU_zoGwvy65OGkf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext"><b><i>Dilution
of Ownership</i></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></b><span style="font: 10pt Times New Roman, Times, Serif">
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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--DilutionToNAVMember_dU_z5g6NScwotj2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Dilution
to NAV</i></b>. Shareholders would experience an immediate moderate dilution of the 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, and (ii) the Fund
will incur expenses in connection with the Offer. This dilution would affect Record Date Shareholders to a greater extent if they
do not exercise their Rights in full.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_853_zNyHq4RwyDx9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Principal
Risks</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--ClosedEndInvestmentCompanyRiskMember_dU_zUWcf1u0Q765" style="font: 10pt Times New Roman, Times, Serif; color: #141213; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Closed-End
Investment Company Risk. </i></b>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. 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.</span></p></div>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #141213; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<div><p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialPurposeAcquisitionCompaniesRiskMember_dU_zYXEeCmGzL6g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #141213; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Special
Purpose Acquisition Companies Risk.</i></b> 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;).
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. 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. 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. Some SPACs may pursue acquisitions only within certain industries or regions,
which may increase the volatility of their prices. 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. The Fund may invest
a maximum of 20% of its assets in SPACS.</span></p>

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<p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--ManagementRiskMember_dU_zsWTe7utMn2e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Management
Risk.</i></b> 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.</span></p>

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<p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketRiskMember_dU_zhmpUItPmq71" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market
Risk.</i></b> 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, military conflict, acts of terrorism,
social unrest, natural disasters, recession, inflation, changes in interest rate levels, supply chain disruptions, sanctions,
the spread of infectious illness or other public health threats, lack of liquidity in the markets, volatility in the securities
markets, adverse investor sentiment affect the securities markets and political events 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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, ongoing armed
conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East, have caused
and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East
and the United States. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant
impact on certain Fund investments, as well as Fund performance. In addition, 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. 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.</span></p>

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<div><div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">COVID-19
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.</span></p></div>

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<p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--RiskRelatedToFixedIncomeSecuritiesincludingNonInvestmentGradeSecuritiesMember_dU_zDyre7i8kUe6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risk
Related to Fixed Income Securities, including Non-Investment Grade Securities. </i></b>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. 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. 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.</span></p>

<p id="xdx_853_zWLsAoMQmWZi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></div>

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<div><p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__us-gaap--InterestRateRiskMember_dU_ztTGwbG6DjJ" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interest
Rate Risk.</i></b> 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.</span></p>

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<p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--CreditRisksMember_dU_zh964699YjQl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Credit
Risk.</i></b> 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.</span></p>

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<p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--ExtensionRiskMember_dU_zpbLQW1ij1s7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Extension
Risk.</i></b> 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>i.e.</i>, interest rate sensitivity) and potentially reduce the value of these securities.</span></p>

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<p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--DebtSecurityRiskMember_dU_zceVmX2Ptiob" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Debt
Security Risk.</i></b> 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.</span></p>

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<p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketDiscountFromNetAssetValueRiskMember_dU_zVW3ciRgWeOl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market
Discount from Net Asset Value Risk.</i></b> Shares of closed-end investment companies frequently trade at a discount from their
NAV. This characteristic is a risk separate and distinct from the risk that the Fund&#8217;s NAV 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. In general, the NAV of a fund selling at a discount would be reduced immediately following a rights
offering as a result of (i) the subscription price of an offering 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
NAV 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 NAV.</span></p>

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<p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--LeverageRiskMember_dU_z1llo9oYlnz5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Leverage
Risk</i>.</b> 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.</span></p>

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<p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--DefensivePositionRiskMember_dU_zQKcAD5sQdte" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Defensive
Position Risk. </i></b>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.</span></p>

<p id="xdx_858_zG4ZbsIS7dbd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></div>

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<div><p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--ChangesInPoliciesRiskMember_dU_zmNShE3oiwy8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Changes
in Policies Risk.</i></b> The Fund&#8217;s Trustees may change the Fund&#8217;s investment objective, investment strategies and
non-fundamental investment restrictions without shareholder approval, except as otherwise indicated.</span></p>

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<p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--PreferredStockRiskMember_dU_zDPFr5CygSA" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Preferred
Stock Risk. </i></b>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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 trustees 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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

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<p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_dU_zo6oKqGCOID6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Convertible
Securities Risk. </i></b>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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></div>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<div><div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p></div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--IssuerSpecificChangesRiskMember_dU_zxOYphw6pxai" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Issuer
Specific Changes Risk. </i></b>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.</span></p>

<p id="xdx_85C_z03rYioOrRR8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Non-Principal
Risks</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the principal risks set forth above, the following additional risks may apply to an investment in the Fund.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--AntiTakeoverProvisionsRiskMember_dU_z8ADX2ngW9y" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Anti-Takeover
Provisions Risk.</i></b> 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--CommonStockRiskMember_dU_zsNMUvuZWKH9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Common
Stock Risk. </i></b>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.</span></p></div>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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



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

<div><p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--ExchangeTradedFundsRiskMember_dU_zWrz4WRNpoi6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Exchange
Traded Funds Risk. </i></b>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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForeignSecuritiesRiskMember_dU_zu2atJYFnMD9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Foreign
Securities Risk</i>.</b> Investments in securities of non-U.S. issuers involve special risks not presented by investments in securities
of U.S. issuers, including the following: less publicly available information about companies due to less rigorous disclosure
or accounting standards or regulatory practices; the impact of political, social or diplomatic events, including war; possible
seizure, expropriation or nationalization of the company or its assets; possible imposition of currency exchange controls; and
changes in foreign currency exchange rates. These risks are more pronounced to the extent that the Fund invests a significant
amount of its investments in companies located in one region. These risks may be greater in emerging markets and in less developed
countries. For example, prior governmental approval for foreign investments may be required in some emerging market countries,
and the extent of foreign investment may be subject to limitation in other emerging countries. With respect to risks associated
with changes in foreign currency exchange rates, the Fund does not expect to engage in foreign currency hedging transactions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_847_ecef--RiskTextBlock_hcef--RiskAxis__custom--IlliquidSecuritiesRiskMember_dU_zDfKLSxQ7kxi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Illiquid
Securities Risk.</i></b> 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--PortfolioTurnoverRiskMember_dU_z69a2BlYnb54" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Portfolio
Turnover Risk.</i></b> 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--SmallAndMediumCapCompanyRiskMember_dU_zLKWoeCCGSdb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Small
and Medium Cap Company Risk. </i></b>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.</span></p></div>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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



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

<div><p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForeignCurrencyRiskMember_dU_zkupqDE4dYci" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Foreign
Currency Risk</i>.</b> Although the Fund will report its net asset value and pay expenses and distributions in U.S. dollars,
the Fund may invest in foreign securities denominated or quoted in currencies other than the U.S. dollar. Therefore, changes
in foreign currency exchange rates will affect the U.S. dollar value of the Fund&#8217;s investment securities and net asset
value. For example, even if the securities prices are unchanged on their primary foreign stock exchange, the Fund&#8217;s net
asset value may change because of a change in the rate of exchange between the U.S. dollar and the trading currency of that
primary foreign stock exchange. Certain currencies are more volatile than those of other countries and Fund investments
related to those countries may be more affected. Generally, if a foreign currency depreciates against the dollar
(<i>i.e.</i>, if the dollar strengthens), the value of the existing investment in the securities denominated in that currency
will decline. When a given currency appreciates against the dollar (<i>i.e.</i>, if the dollar weakens), the value of the
existing investment in the securities denominated in that currency will rise. Certain foreign countries may impose
restrictions on the ability of foreign securities issuers to make payments of principal and interest to investors located
outside of the country, due to a blockage of foreign currency exchanges or otherwise.</span></p>

<p id="xdx_857_zy9lN38rxAXb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></div>

<span></span>
</td>
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</td>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_SharePriceTableTextBlock', window );">Share Price [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p id="xdx_801_ecef--SharePriceTableTextBlock_dU_zgY0oGjed5T9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Trading
and Net Asset Value Information</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>In
the past, the Shares have traded at a discount in relation to NAV. </i></b>Shares of 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, 2023 was <span style="background-color: white">41,608
</span>Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fiscal
    Quarter Ended</b></span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_488_ecef--HighestPriceOrBid_zc9DIrjgT2S5" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High
    Close</b></span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_484_ecef--LowestPriceOrBid_zDKHhq3aIug5" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Low
    Close</b></span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_48F_ecef--HighestPriceOrBidNav_zlIkp00LEpli" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High
    NAV</b></span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_48C_ecef--LowestPriceOrBidNav_zd7VGZg0b3ke" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Low
    NAV</b></span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="3" id="xdx_488_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_zn5gZ1WjBm0k" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Premium/
(Discount) to</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High
NAV</b></span></p></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="3" id="xdx_482_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_zB7amiJjmV4c" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Premium/
(Discount) to</b></span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Low
NAV</b></span></p></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr id="xdx_41D_20210901__20211130__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zwT2s1AoNOvi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 13%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11/30/21</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.05</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.36</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.37</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.78</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.40</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.19</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr id="xdx_419_20211201__20220228__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zEGPzIs1dZ1c" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">02/28/22</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.85</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.03</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<tr id="xdx_411_20220301__20220531__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_z2atetZyWmw5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<tr id="xdx_41F_20220601__20220831__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_z8T11j83oY95" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
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<tr id="xdx_41B_20220901__20221130__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_z72A2sryC7V8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<tr id="xdx_411_20221201__20230228__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zmMeZwG0UNRa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
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<tr id="xdx_41A_20230301__20230531__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zi0dWYJBzLc4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<tr id="xdx_416_20230601__20230831__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zbVk0Gls7R9h" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
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<tr id="xdx_412_20230901__20231130__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zU71PDWkSehi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<tr id="xdx_419_20231201__20240229__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zPCKBE8jFYfb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro">
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<tr id="xdx_412_20240301__20240531__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zWUXqZIav87d" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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</table>

<span></span>
</td>
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</td>
<td class="text">&#160;<span></span>
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</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract', window );"><strong>Capital Stock, Long-Term Debt, and Other Securities [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_CapitalStockTableTextBlock', window );">Capital Stock [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p id="xdx_804_ecef--CapitalStockTableTextBlock_dU_z0qlUxKrNSOg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shares
of Beneficial Interest</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. Any additional offering will not be sold at
a price per Share below the then current NAV (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.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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





<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OutstandingSecuritiesTableTextBlock', window );">Outstanding Securities [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p id="xdx_804_ecef--OutstandingSecuritiesTableTextBlock_dU_zHQESoth7aI9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Outstanding
Securities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth certain information regarding the Fund&#8217;s authorized shares and shares outstanding as of May
31, 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(1)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(2)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(3)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(4)</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><br/>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title of Class</b></span></p></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><br/>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amount Authorized</b></span></p></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amount
    Held By Registrant or for its Account</b></span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amount
    Outstanding Exclusive of Amount Shown Under (3)</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_ecef--OutstandingSecurityTitleTextBlock_c20240531__20240531__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zkio0zgb7gM7">Common
    Shares of Beneficial Interest</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unlimited</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_ecef--OutstandingSecurityHeldShares_c20240531__20240531__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zoUArz3s4PZk">7,365,349</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_ecef--OutstandingSecurityNotHeldShares_c20240531__20240531__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zCFNR1NmB7K1">17,530,463</span></span></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=pcf_DeclineInTradingPriceMember', window );">Decline in Trading Price [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--DeclineInTradingPriceMember_dU_z0Fkv8YrS6P1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Decline
in Trading Price: </i></b>If the Fund&#8217;s trading price declines below the Subscription Price, you will suffer an immediate
unrealized loss.</span></p>

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



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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--ValueVersusSubscriptionPriceMember_dU_zHUJq3BHYbsg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Value
versus Subscription Price. </i></b>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.</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=pcf_TerminationOfOfferingMember', window );">Termination of Offering [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--TerminationOfOfferingMember_dU_zYVMiSllcLz4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Termination
of Offering. </i></b>The Board may terminate the Offering at any time. If the Fund decides to terminate the Offering, the Fund
has no obligation to you except to return, without interest, your subscription payments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=pcf_RejectionOfExerciseOfSubscriptionRightsMember', window );">Rejection of Exercise of Subscription Rights [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--RejectionOfExerciseOfSubscriptionRightsMember_dU_zGx3ZjVKfEe1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Rejection
of Exercise of Subscription Rights. </i></b>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. The Fund 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 the Fund nor the Subscribing Agent undertakes to contact you concerning an incomplete
or incorrect subscription form or payment, nor is the Fund under any obligation to correct such forms or payments. The Fund has
the sole discretion to determine whether a subscription exercise properly follows the subscription procedures.</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=pcf_DiscountToNetAssetValueMember', window );">Discount to Net Asset Value [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--DiscountToNetAssetValueMember_dU_zebUSW9DWZaa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Discount
to Net Asset Value</i></b>. The Fund&#8217;s shares of beneficial interest have historically traded on the NYSE at a discount
to the Fund&#8217;s NAV per share. On May 31, 2024, the last reported NAV per Share was <span id="xdx_908_eus-gaap--NetAssetValuePerShare_iI_c20240531__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zCrxYuc4m641">$7.55</span> and the last reported sales price
per Share on the NYSE was <span id="xdx_902_eus-gaap--SharePrice_iI_c20240531__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zyiNfAkLRww4">$6.82</span>, which represents a <span id="xdx_905_ecef--LatestPremiumDiscountToNavPercent_iN_di_c20240531__20240531__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zYtCJZlC5g4e">9.67%</span> discount to the Fund&#8217;s NAV per Share. There is no assurance that
this Offering will not have an effect on the discount to NAV experienced by the Fund.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=pcf_DilutionOfOwnershipMember', window );">Dilution of Ownership [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="text"><p id="xdx_847_ecef--RiskTextBlock_hcef--RiskAxis__custom--DilutionOfOwnershipMember_dU_zoGwvy65OGkf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext"><b><i>Dilution
of Ownership</i></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></b><span style="font: 10pt Times New Roman, Times, Serif">
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.</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--DilutionToNAVMember_dU_z5g6NScwotj2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Dilution
to NAV</i></b>. Shareholders would experience an immediate moderate dilution of the 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, and (ii) the Fund
will incur expenses in connection with the Offer. This dilution would affect Record Date Shareholders to a greater extent if they
do not exercise their Rights in full.</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--ClosedEndInvestmentCompanyRiskMember_dU_zUWcf1u0Q765" style="font: 10pt Times New Roman, Times, Serif; color: #141213; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Closed-End
Investment Company Risk. </i></b>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. 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.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #141213; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialPurposeAcquisitionCompaniesRiskMember_dU_zYXEeCmGzL6g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #141213; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Special
Purpose Acquisition Companies Risk.</i></b> 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;).
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. 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. 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. Some SPACs may pursue acquisitions only within certain industries or regions,
which may increase the volatility of their prices. 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. The Fund may invest
a maximum of 20% of its assets in SPACS.</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=pcf_ManagementRiskMember', window );">Management Risk [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--ManagementRiskMember_dU_zsWTe7utMn2e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Management
Risk.</i></b> 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.</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=pcf_MarketRiskMember', window );">Market Risk [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketRiskMember_dU_zhmpUItPmq71" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market
Risk.</i></b> 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, military conflict, acts of terrorism,
social unrest, natural disasters, recession, inflation, changes in interest rate levels, supply chain disruptions, sanctions,
the spread of infectious illness or other public health threats, lack of liquidity in the markets, volatility in the securities
markets, adverse investor sentiment affect the securities markets and political events 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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, ongoing armed
conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East, have caused
and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East
and the United States. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant
impact on certain Fund investments, as well as Fund performance. In addition, 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. 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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



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<div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">COVID-19
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.</span></p></div>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--RiskRelatedToFixedIncomeSecuritiesincludingNonInvestmentGradeSecuritiesMember_dU_zDyre7i8kUe6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risk
Related to Fixed Income Securities, including Non-Investment Grade Securities. </i></b>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. 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. 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.</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=pcf_CreditRisksMember', window );">Credit Risks [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--CreditRisksMember_dU_zh964699YjQl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Credit
Risk.</i></b> 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.</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=pcf_ExtensionRiskMember', window );">Extension Risk [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--ExtensionRiskMember_dU_zpbLQW1ij1s7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Extension
Risk.</i></b> 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>i.e.</i>, interest rate sensitivity) and potentially reduce the value of these securities.</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=pcf_DebtSecurityRiskMember', window );">Debt Security Risk [Member]</a></td>
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<td class="text"><p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--DebtSecurityRiskMember_dU_zceVmX2Ptiob" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Debt
Security Risk.</i></b> 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.</span></p>

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<td class="text"><p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketDiscountFromNetAssetValueRiskMember_dU_zVW3ciRgWeOl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market
Discount from Net Asset Value Risk.</i></b> Shares of closed-end investment companies frequently trade at a discount from their
NAV. This characteristic is a risk separate and distinct from the risk that the Fund&#8217;s NAV 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. In general, the NAV of a fund selling at a discount would be reduced immediately following a rights
offering as a result of (i) the subscription price of an offering 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
NAV 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 NAV.</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=pcf_LeverageRiskMember', window );">Leverage Risk [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--LeverageRiskMember_dU_z1llo9oYlnz5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Leverage
Risk</i>.</b> 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.</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=pcf_DefensivePositionRiskMember', window );">Defensive Position Risk [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--DefensivePositionRiskMember_dU_zQKcAD5sQdte" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Defensive
Position Risk. </i></b>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.</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=pcf_ChangesInPoliciesRiskMember', window );">Changes in Policies Risk [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--ChangesInPoliciesRiskMember_dU_zmNShE3oiwy8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Changes
in Policies Risk.</i></b> The Fund&#8217;s Trustees may change the Fund&#8217;s investment objective, investment strategies and
non-fundamental investment restrictions without shareholder approval, except as otherwise indicated.</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=pcf_PreferredStockRiskMember', window );">Preferred Stock Risk [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--PreferredStockRiskMember_dU_zDPFr5CygSA" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Preferred
Stock Risk. </i></b>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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 trustees 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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=pcf_ConvertibleSecuritiesRiskMember', window );">Convertible Securities Risk [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_dU_zo6oKqGCOID6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Convertible
Securities Risk. </i></b>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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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



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<div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p></div>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--IssuerSpecificChangesRiskMember_dU_zxOYphw6pxai" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Issuer
Specific Changes Risk. </i></b>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.</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--AntiTakeoverProvisionsRiskMember_dU_z8ADX2ngW9y" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Anti-Takeover
Provisions Risk.</i></b> 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=pcf_CommonStockRiskMember', window );">Common Stock Risk [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--CommonStockRiskMember_dU_zsNMUvuZWKH9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Common
Stock Risk. </i></b>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.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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



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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--ExchangeTradedFundsRiskMember_dU_zWrz4WRNpoi6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Exchange
Traded Funds Risk. </i></b>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.</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=pcf_ForeignSecuritiesRiskMember', window );">Foreign Securities Risk [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForeignSecuritiesRiskMember_dU_zu2atJYFnMD9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Foreign
Securities Risk</i>.</b> Investments in securities of non-U.S. issuers involve special risks not presented by investments in securities
of U.S. issuers, including the following: less publicly available information about companies due to less rigorous disclosure
or accounting standards or regulatory practices; the impact of political, social or diplomatic events, including war; possible
seizure, expropriation or nationalization of the company or its assets; possible imposition of currency exchange controls; and
changes in foreign currency exchange rates. These risks are more pronounced to the extent that the Fund invests a significant
amount of its investments in companies located in one region. These risks may be greater in emerging markets and in less developed
countries. For example, prior governmental approval for foreign investments may be required in some emerging market countries,
and the extent of foreign investment may be subject to limitation in other emerging countries. With respect to risks associated
with changes in foreign currency exchange rates, the Fund does not expect to engage in foreign currency hedging transactions.</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_847_ecef--RiskTextBlock_hcef--RiskAxis__custom--IlliquidSecuritiesRiskMember_dU_zDfKLSxQ7kxi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Illiquid
Securities Risk.</i></b> 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.</span></p>

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<td class="text"><p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--PortfolioTurnoverRiskMember_dU_z69a2BlYnb54" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Portfolio
Turnover Risk.</i></b> 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.</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--SmallAndMediumCapCompanyRiskMember_dU_zLKWoeCCGSdb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Small
and Medium Cap Company Risk. </i></b>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.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=pcf_ForeignCurrencyRiskMember', window );">Foreign Currency Risk [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
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<td class="text"><p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForeignCurrencyRiskMember_dU_zkupqDE4dYci" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Foreign
Currency Risk</i>.</b> Although the Fund will report its net asset value and pay expenses and distributions in U.S. dollars,
the Fund may invest in foreign securities denominated or quoted in currencies other than the U.S. dollar. Therefore, changes
in foreign currency exchange rates will affect the U.S. dollar value of the Fund&#8217;s investment securities and net asset
value. For example, even if the securities prices are unchanged on their primary foreign stock exchange, the Fund&#8217;s net
asset value may change because of a change in the rate of exchange between the U.S. dollar and the trading currency of that
primary foreign stock exchange. Certain currencies are more volatile than those of other countries and Fund investments
related to those countries may be more affected. Generally, if a foreign currency depreciates against the dollar
(<i>i.e.</i>, if the dollar strengthens), the value of the existing investment in the securities denominated in that currency
will decline. When a given currency appreciates against the dollar (<i>i.e.</i>, if the dollar weakens), the value of the
existing investment in the securities denominated in that currency will rise. Certain foreign countries may impose
restrictions on the ability of foreign securities issuers to make payments of principal and interest to investors located
outside of the country, due to a blockage of foreign currency exchanges or otherwise.</span></p>

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<td class="text"><p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__us-gaap--InterestRateRiskMember_dU_ztTGwbG6DjJ" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interest
Rate Risk.</i></b> 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.</span></p>

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</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_LowestPriceOrBid', window );">Lowest Price or Bid</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6.20<span></span>
</td>
<td class="nump">$ 6.33<span></span>
</td>
<td class="nump">$ 5.72<span></span>
</td>
<td class="nump">$ 6.18<span></span>
</td>
<td class="nump">$ 6.09<span></span>
</td>
<td class="nump">$ 6.38<span></span>
</td>
<td class="nump">$ 6.29<span></span>
</td>
<td class="nump">$ 7.12<span></span>
</td>
<td class="nump">$ 7.4<span></span>
</td>
<td class="nump">$ 8.03<span></span>
</td>
<td class="nump">$ 8.36<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_HighestPriceOrBid', window );">Highest Price or Bid</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6.82<span></span>
</td>
<td class="nump">6.96<span></span>
</td>
<td class="nump">6.74<span></span>
</td>
<td class="nump">6.76<span></span>
</td>
<td class="nump">6.72<span></span>
</td>
<td class="nump">7.11<span></span>
</td>
<td class="nump">7.33<span></span>
</td>
<td class="nump">7.88<span></span>
</td>
<td class="nump">8.18<span></span>
</td>
<td class="nump">8.85<span></span>
</td>
<td class="nump">10.05<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_LowestPriceOrBidNav', window );">Lowest Price or Bid, NAV</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7.39<span></span>
</td>
<td class="nump">7.37<span></span>
</td>
<td class="nump">6.91<span></span>
</td>
<td class="nump">7.32<span></span>
</td>
<td class="nump">7.20<span></span>
</td>
<td class="nump">7.19<span></span>
</td>
<td class="nump">7.11<span></span>
</td>
<td class="nump">7.60<span></span>
</td>
<td class="nump">7.97<span></span>
</td>
<td class="nump">8.54<span></span>
</td>
<td class="nump">8.78<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_HighestPriceOrBidNav', window );">Highest Price or Bid, NAV</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7.64<span></span>
</td>
<td class="nump">$ 7.51<span></span>
</td>
<td class="nump">$ 7.45<span></span>
</td>
<td class="nump">$ 7.56<span></span>
</td>
<td class="nump">$ 7.57<span></span>
</td>
<td class="nump">$ 7.70<span></span>
</td>
<td class="nump">$ 7.89<span></span>
</td>
<td class="nump">$ 8.20<span></span>
</td>
<td class="nump">$ 8.67<span></span>
</td>
<td class="nump">$ 8.87<span></span>
</td>
<td class="nump">$ 9.37<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_HighestPriceOrBidPremiumDiscountToNavPercent', window );">Highest Price or Bid, Premium (Discount) to NAV [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(12.43%)<span></span>
</td>
<td class="num">(12.12%)<span></span>
</td>
<td class="num">(10.34%)<span></span>
</td>
<td class="num">(13.76%)<span></span>
</td>
<td class="num">(11.49%)<span></span>
</td>
<td class="num">(8.57%)<span></span>
</td>
<td class="num">(7.35%)<span></span>
</td>
<td class="num">(5.85%)<span></span>
</td>
<td class="num">(7.601%)<span></span>
</td>
<td class="num">(0.23%)<span></span>
</td>
<td class="nump">6.40%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_LowestPriceOrBidPremiumDiscountToNavPercent', window );">Lowest Price or Bid, Premium (Discount) to NAV [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(15.43%)<span></span>
</td>
<td class="num">(11.53%)<span></span>
</td>
<td class="num">(17.22%)<span></span>
</td>
<td class="num">(15.57%)<span></span>
</td>
<td class="num">(14.03%)<span></span>
</td>
<td class="num">(11.27%)<span></span>
</td>
<td class="num">(11.39%)<span></span>
</td>
<td class="num">(4.08%)<span></span>
</td>
<td class="num">(4.52%)<span></span>
</td>
<td class="num">(5.39%)<span></span>
</td>
<td class="num">(3.19%)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Share Price</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6.82<span></span>
</td>
<td class="nump">$ 6.82<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetAssetValuePerShare', window );">NAV Per Share</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7.55<span></span>
</td>
<td class="nump">$ 7.55<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_LatestPremiumDiscountToNavPercent', window );">Latest Premium (Discount) to NAV [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(9.67%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract', window );"><strong>Capital Stock, Long-Term Debt, and Other Securities [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OutstandingSecurityTitleTextBlock', window );">Outstanding Security, Title [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Common
    Shares of Beneficial Interest<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OutstandingSecurityHeldShares', window );">Outstanding Security, Held [Shares]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7,365,349<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OutstandingSecurityNotHeldShares', window );">Outstanding Security, Not Held [Shares]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">17,530,463<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="14"></td></tr>
<tr><td colspan="14"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span id="xdx_904_ecef--OtherTransactionFeesNoteTextBlock_c20240711__20240711_zc3eU7ruc9i8">Assuming
the Fund will have 35,060,927 Shares outstanding if fully subscribed and Offering expenses to be paid by the Fund are estimated
to be approximately $117,000 or approximately $0.003 per Share.</span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top"><span id="xdx_90F_ecef--ManagementFeeNotBasedOnNetAssetsNoteTextBlock_c20240711__20240711_zJ2ZVkNd6Lpb">The
Fund does not pay a management fee. 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: $150,000 each for Messrs. Goldstein
and Dakos and $75,000 for Mr. Das. This compensation is included in &#8220;Other Expenses.&#8221;</span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top"><span id="xdx_909_ecef--AcquiredFundFeesAndExpensesNoteTextBlock_c20240711__20240711_zHqUGw1QcWVj">The
Fund invests in other closed-end investment companies and ETFs (collectively, the &#8220;Acquired Funds&#8221;). The Shareholders
indirectly bear a pro rata portion of the fees and expenses of the Acquired Funds in which the Fund invests. <span id="xdx_907_ecef--AcquiredFundFeesEstimatedNoteTextBlock_c20240711__20240711_zDPalhJmvxe">Acquired Fund fees
and expenses are based on estimated amounts for the current fiscal year.</span></span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top"><span id="xdx_905_ecef--OtherExpensesNoteTextBlock_c20240711__20240711_zuQOZihtqZ94">&#8220;Other
Expenses&#8221; are based on estimated amounts for the current fiscal year.</span></td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_AcquiredFundFeesAndExpensesNoteTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 10<br> -Subparagraph a<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_AcquiredFundFeesAndExpensesNoteTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_AcquiredFundFeesAndExpensesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 10<br> -Subparagraph a, g, h<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_AcquiredFundFeesAndExpensesPercent</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_AcquiredFundFeesEstimatedNoteTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 10<br> -Subparagraph f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_AcquiredFundFeesEstimatedNoteTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_AnnualExpensesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_AnnualExpensesTableTextBlock</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_CapitalStockTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 1<br> -Paragraph a<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_CapitalStockTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_DividendReinvestmentAndCashPurchaseFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_DividendReinvestmentAndCashPurchaseFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ExpenseExampleTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ExpenseExampleTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ExpenseExampleYear01">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ExpenseExampleYear01</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ExpenseExampleYears1to10">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ExpenseExampleYears1to10</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ExpenseExampleYears1to3">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ExpenseExampleYears1to3</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ExpenseExampleYears1to5">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ExpenseExampleYears1to5</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_FeeTableAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_FeeTableAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_GeneralDescriptionOfRegistrantAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_GeneralDescriptionOfRegistrantAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_HighestPriceOrBid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_HighestPriceOrBid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_HighestPriceOrBidNav">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph Instruction 4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_HighestPriceOrBidNav</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_HighestPriceOrBidPremiumDiscountToNavPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph Instructions 4, 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_HighestPriceOrBidPremiumDiscountToNavPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_InterestExpensesOnBorrowingsPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 8<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_InterestExpensesOnBorrowingsPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_InvestmentObjectivesAndPracticesTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 2<br> -Paragraph b, d<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_InvestmentObjectivesAndPracticesTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_LatestPremiumDiscountToNavPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_LatestPremiumDiscountToNavPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_LowestPriceOrBid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_LowestPriceOrBid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_LowestPriceOrBidNav">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph Instruction 4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_LowestPriceOrBidNav</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_LowestPriceOrBidPremiumDiscountToNavPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph Instructions 4, 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_LowestPriceOrBidPremiumDiscountToNavPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ManagementFeeNotBasedOnNetAssetsNoteTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 7<br> -Subparagraph b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ManagementFeeNotBasedOnNetAssetsNoteTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ManagementFeesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 7<br> -Subparagraph a<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ManagementFeesPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherAnnualExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 9<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherAnnualExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherAnnualExpensesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 9<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherAnnualExpensesPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherExpensesNoteTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherExpensesNoteTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherTransactionExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherTransactionExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherTransactionExpensesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherTransactionExpensesPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherTransactionFeesNoteTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherTransactionFeesNoteTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OutstandingSecuritiesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OutstandingSecuritiesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OutstandingSecurityHeldShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 5<br> -Paragraph 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OutstandingSecurityHeldShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OutstandingSecurityNotHeldShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 5<br> -Paragraph 4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OutstandingSecurityNotHeldShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OutstandingSecurityTitleTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 5<br> -Paragraph 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OutstandingSecurityTitleTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_PurposeOfFeeTableNoteTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_PurposeOfFeeTableNoteTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskFactorsTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph a<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskFactorsTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph a<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SalesLoadPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SalesLoadPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SharePriceTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph 4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SharePriceTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ShareholderTransactionExpensesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ShareholderTransactionExpensesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_TotalAnnualExpensesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 8<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_TotalAnnualExpensesPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetAssetValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Net asset value per share or per unit of investments in certain entities that calculate net asset value per share. Includes, but is not limited to, by unit, membership interest, or other ownership interest. Investment includes, but is not limited to, investment in certain hedge funds, venture capital funds, private equity funds, real estate partnerships or funds. Excludes fair value disclosure.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479168/946-830-55-12<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477796/946-210-45-4<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (h)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 505<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478448/946-505-50-1<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(19))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.6-05(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetAssetValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Price of a single share of a number of saleable stocks of a company.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=pcf_DeclineInTradingPriceMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=pcf_DeclineInTradingPriceMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=pcf_ValueVersusSubscriptionPriceMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=pcf_ValueVersusSubscriptionPriceMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=pcf_TerminationOfOfferingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=pcf_TerminationOfOfferingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=pcf_RejectionOfExerciseOfSubscriptionRightsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=pcf_RejectionOfExerciseOfSubscriptionRightsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=pcf_DiscountToNetAssetValueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=pcf_DiscountToNetAssetValueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=pcf_DilutionOfOwnershipMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=pcf_DilutionOfOwnershipMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=pcf_DilutionToNAVMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=pcf_DilutionToNAVMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=pcf_ClosedEndInvestmentCompanyRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=pcf_ClosedEndInvestmentCompanyRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=pcf_SpecialPurposeAcquisitionCompaniesRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=pcf_SpecialPurposeAcquisitionCompaniesRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=pcf_ManagementRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=pcf_ManagementRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=pcf_MarketRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=pcf_MarketRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=pcf_RiskRelatedToFixedIncomeSecuritiesincludingNonInvestmentGradeSecuritiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=pcf_RiskRelatedToFixedIncomeSecuritiesincludingNonInvestmentGradeSecuritiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=pcf_CreditRisksMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=pcf_CreditRisksMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=pcf_ExtensionRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=pcf_ExtensionRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=pcf_DebtSecurityRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=pcf_DebtSecurityRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=pcf_MarketDiscountFromNetAssetValueRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=pcf_MarketDiscountFromNetAssetValueRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=pcf_LeverageRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=pcf_LeverageRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=pcf_DefensivePositionRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=pcf_DefensivePositionRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=pcf_ChangesInPoliciesRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=pcf_ChangesInPoliciesRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=pcf_PreferredStockRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=pcf_PreferredStockRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=pcf_ConvertibleSecuritiesRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=pcf_ConvertibleSecuritiesRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=pcf_IssuerSpecificChangesRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=pcf_IssuerSpecificChangesRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=pcf_AntiTakeoverProvisionsRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=pcf_AntiTakeoverProvisionsRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=pcf_CommonStockRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=pcf_CommonStockRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=pcf_ExchangeTradedFundsRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=pcf_ExchangeTradedFundsRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=pcf_ForeignSecuritiesRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=pcf_ForeignSecuritiesRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=pcf_IlliquidSecuritiesRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=pcf_IlliquidSecuritiesRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; width: 80%"&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 85%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Shareholder Transaction
    Expenses&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_492_20240711__20240711_z3nolgWqa2Ej" style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40D_ecef--SalesLoadPercent_i01_dpn_zlZz7Jp7K8q2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Sales load&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;None&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_406_ecef--OtherTransactionExpensesPercent_i01_dp_zRetva0Pq905" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Offering expenses&lt;sup id="xdx_F4C_zVedznnTQKxf"&gt;(1)&lt;/sup&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;0.09%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_407_ecef--DividendReinvestmentAndCashPurchaseFees_i01_pid_dn_zHYH8f82Chr" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Dividend Reinvestment and Cash Purchase Plan
    Fees&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;None&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&#160;&lt;/p&gt;
&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.5in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span id="xdx_F0B_zjNglqyakhD9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(1)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span id="xdx_F15_zoDYgKh7feJd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span id="xdx_904_ecef--OtherTransactionFeesNoteTextBlock_c20240711__20240711_zc3eU7ruc9i8"&gt;Assuming
the Fund will have 35,060,927 Shares outstanding if fully subscribed and Offering expenses to be paid by the Fund are estimated
to be approximately $117,000 or approximately $0.003 per Share.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;</cef:ShareholderTransactionExpensesTableTextBlock>
    <cef:SalesLoadPercent
      contextRef="AsOf2024-07-11"
      decimals="INF"
      id="Fact000019"
      unitRef="Ratio">0</cef:SalesLoadPercent>
    <cef:OtherTransactionExpensesPercent
      contextRef="AsOf2024-07-11"
      decimals="INF"
      id="Fact000021"
      unitRef="Ratio">0.0009</cef:OtherTransactionExpensesPercent>
    <cef:DividendReinvestmentAndCashPurchaseFees
      contextRef="AsOf2024-07-11"
      decimals="INF"
      id="Fact000023"
      unitRef="USD">0</cef:DividendReinvestmentAndCashPurchaseFees>
    <cef:AnnualExpensesTableTextBlock contextRef="AsOf2024-07-11" id="Fact000028">&lt;div id="xdx_801_ecef--AnnualExpensesTableTextBlock_dU_gL1AETTB-EEOWTHM_zHzFFAUX8cOf"&gt;&lt;/div&gt;
&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; width: 80%"&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 85%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Annual Expenses (as a percentage of net assets
    attributable to the Shares)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_491_20240711__20240711_z9Vh0nV0dzdj" style="font: 10pt Times New Roman, Times, Serif; width: 15%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40B_ecef--ManagementFeesPercent_i01_dp_zQ0YGx2mrO93" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Management fees&lt;sup id="xdx_F42_zpY1LZxUtom"&gt;(2)&lt;/sup&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;0.00%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40D_ecef--InterestExpensesOnBorrowingsPercent_i01_dpn_zUaNZ539KGbk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Interest Payments on Borrowed Funds&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;None&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40E_ecef--OtherAnnualExpensesPercent_i01_dp_zIGa87lHddg1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #D9D9D9"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Other expenses&lt;sup id="xdx_F4D_zL11g4mOLez1"&gt;(2)(3)&lt;/sup&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;0.95%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40F_ecef--AcquiredFundFeesAndExpensesPercent_i01_dp_zJuVTRbX4oAg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Acquired Fund fees and expenses&lt;sup id="xdx_F4B_z6CNdRv1QHD1"&gt;(4)&lt;/sup&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3.82%
    &lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_400_ecef--TotalAnnualExpensesPercent_i01T_dp_zf6LlnU0CdTg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #D9D9D9"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Total Annual Expenses&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;4.77%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&#160;&lt;/p&gt;
&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&#160;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.5in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span id="xdx_F0A_zx1sXGAPTUki" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(2)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span id="xdx_F10_ztpxuB0jIiX8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span id="xdx_90F_ecef--ManagementFeeNotBasedOnNetAssetsNoteTextBlock_c20240711__20240711_zJ2ZVkNd6Lpb"&gt;The
Fund does not pay a management fee. The Fund&#x2019;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: $150,000 each for Messrs. Goldstein
and Dakos and $75,000 for Mr. Das. This compensation is included in &#x201c;Other Expenses.&#x201d;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&#160;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.5in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span id="xdx_F00_zhLJkYWVju8j" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(3)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span id="xdx_F15_z3PGiJNkeg73" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span id="xdx_905_ecef--OtherExpensesNoteTextBlock_c20240711__20240711_zuQOZihtqZ94"&gt;&#x201c;Other
Expenses&#x201d; are based on estimated amounts for the current fiscal year.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&#160;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.5in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span id="xdx_F08_zL5tCvKOHhpc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(4)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span id="xdx_F17_zOGZsEtL4j3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span id="xdx_909_ecef--AcquiredFundFeesAndExpensesNoteTextBlock_c20240711__20240711_zHqUGw1QcWVj"&gt;The
Fund invests in other closed-end investment companies and ETFs (collectively, the &#x201c;Acquired Funds&#x201d;). The Shareholders
indirectly bear a pro rata portion of the fees and expenses of the Acquired Funds in which the Fund invests. &lt;span id="xdx_907_ecef--AcquiredFundFeesEstimatedNoteTextBlock_c20240711__20240711_zDPalhJmvxe"&gt;Acquired Fund fees
and expenses are based on estimated amounts for the current fiscal year.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;</cef:AnnualExpensesTableTextBlock>
    <cef:ManagementFeesPercent
      contextRef="AsOf2024-07-11"
      decimals="INF"
      id="Fact000030"
      unitRef="Ratio">0.0000</cef:ManagementFeesPercent>
    <cef:InterestExpensesOnBorrowingsPercent
      contextRef="AsOf2024-07-11"
      decimals="INF"
      id="Fact000032"
      unitRef="Ratio">0</cef:InterestExpensesOnBorrowingsPercent>
    <cef:OtherAnnualExpensesPercent
      contextRef="AsOf2024-07-11"
      decimals="INF"
      id="Fact000034"
      unitRef="Ratio">0.0095</cef:OtherAnnualExpensesPercent>
    <cef:AcquiredFundFeesAndExpensesPercent
      contextRef="AsOf2024-07-11"
      decimals="INF"
      id="Fact000036"
      unitRef="Ratio">0.0382</cef:AcquiredFundFeesAndExpensesPercent>
    <cef:TotalAnnualExpensesPercent
      contextRef="AsOf2024-07-11"
      decimals="INF"
      id="Fact000038"
      unitRef="Ratio">0.0477</cef:TotalAnnualExpensesPercent>
    <cef:ExpenseExampleTableTextBlock contextRef="AsOf2024-07-11" id="Fact000041">&lt;p id="xdx_803_ecef--ExpenseExampleTableTextBlock_dU_gL1EETTB-WEAVG_zE91fPff86wa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Example&lt;/b&gt;&lt;sup&gt;(5)&lt;/sup&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following example illustrates the hypothetical expenses (including estimated expenses with respect to year 1 of this Offering
of approximately $117,000) that you would pay on a $1,000 investment in the Shares, assuming (i) annual expenses of &lt;span style="background-color: white"&gt;4.77&lt;/span&gt;%
of net assets attributable to the Shares and (ii) a 5% annual return:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; width: 80%"&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; text-align: center; background-color: #D9D9D9; vertical-align: bottom"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 53%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_48C_ecef--ExpenseExampleYear01_zDWBxj55ZaC7" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;1
    Year&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_488_ecef--ExpenseExampleYears1to3_zV9BbBT56Qs4" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;3
    Years&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_487_ecef--ExpenseExampleYears1to5_zChFf7IAohg7" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;5
    Years&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_487_ecef--ExpenseExampleYears1to10_zfCtztmv12ja" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;10
    Years&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_41E_20240711__20240711_zWCvucigag68" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;You would pay the following expenses on a $1,000
    investment, assuming a 5% annual return&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$49&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;$144&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;$241&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;$483&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&#160;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.5in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(5)&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
example assumes that the estimated &#x201c;Other Expenses&#x201d; set forth in the Annual Expenses table remain the same each year
and that all dividends and distributions are reinvested at NAV. 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 intend to utilize any leverage
within one year from the effective date of this Registration Statement. Moreover, the Fund&#x2019;s actual rate of return will
vary and may be greater or less than the hypothetical 5% annual return.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;</cef:ExpenseExampleTableTextBlock>
    <cef:ExpenseExampleYear01
      contextRef="AsOf2024-07-11"
      decimals="0"
      id="Fact000042"
      unitRef="USD">49</cef:ExpenseExampleYear01>
    <cef:ExpenseExampleYears1to3
      contextRef="AsOf2024-07-11"
      decimals="0"
      id="Fact000043"
      unitRef="USD">144</cef:ExpenseExampleYears1to3>
    <cef:ExpenseExampleYears1to5
      contextRef="AsOf2024-07-11"
      decimals="0"
      id="Fact000044"
      unitRef="USD">241</cef:ExpenseExampleYears1to5>
    <cef:ExpenseExampleYears1to10
      contextRef="AsOf2024-07-11"
      decimals="0"
      id="Fact000045"
      unitRef="USD">483</cef:ExpenseExampleYears1to10>
    <cef:OtherTransactionFeesNoteTextBlock contextRef="AsOf2024-07-11" id="Fact000047">Assuming
the Fund will have 35,060,927 Shares outstanding if fully subscribed and Offering expenses to be paid by the Fund are estimated
to be approximately $117,000 or approximately $0.003 per Share.</cef:OtherTransactionFeesNoteTextBlock>
    <cef:ManagementFeeNotBasedOnNetAssetsNoteTextBlock contextRef="AsOf2024-07-11" id="Fact000049">The
Fund does not pay a management fee. The Fund&#x2019;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: $150,000 each for Messrs. Goldstein
and Dakos and $75,000 for Mr. Das. This compensation is included in &#x201c;Other Expenses.&#x201d;</cef:ManagementFeeNotBasedOnNetAssetsNoteTextBlock>
    <cef:OtherExpensesNoteTextBlock contextRef="AsOf2024-07-11" id="Fact000051">&#x201c;Other
Expenses&#x201d; are based on estimated amounts for the current fiscal year.</cef:OtherExpensesNoteTextBlock>
    <cef:AcquiredFundFeesAndExpensesNoteTextBlock contextRef="AsOf2024-07-11" id="Fact000053">The
Fund invests in other closed-end investment companies and ETFs (collectively, the &#x201c;Acquired Funds&#x201d;). The Shareholders
indirectly bear a pro rata portion of the fees and expenses of the Acquired Funds in which the Fund invests. &lt;span id="xdx_907_ecef--AcquiredFundFeesEstimatedNoteTextBlock_c20240711__20240711_zDPalhJmvxe"&gt;Acquired Fund fees
and expenses are based on estimated amounts for the current fiscal year.&lt;/span&gt;</cef:AcquiredFundFeesAndExpensesNoteTextBlock>
    <cef:AcquiredFundFeesEstimatedNoteTextBlock contextRef="AsOf2024-07-11" id="Fact000054">Acquired Fund fees
and expenses are based on estimated amounts for the current fiscal year.</cef:AcquiredFundFeesEstimatedNoteTextBlock>
    <cef:PurposeOfFeeTableNoteTextBlock contextRef="AsOf2024-07-11" id="Fact000056">&lt;p id="xdx_80D_ecef--PurposeOfFeeTableNoteTextBlock_dU_zBui0fVSRYRd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
purpose of the above table is to help a Shareholder understand the fees and expenses that such Shareholder would bear directly
or indirectly. &lt;b&gt;The example should not be considered a representation of actual future expenses. Actual expenses may be higher
or lower than those shown.&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

</cef:PurposeOfFeeTableNoteTextBlock>
    <cef:InvestmentObjectivesAndPracticesTextBlock contextRef="AsOf2024-07-11" id="Fact000058">&lt;p id="xdx_803_ecef--InvestmentObjectivesAndPracticesTextBlock_dU_zu8beDelgOc6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;span id="pcfn2aa007"&gt;&lt;/span&gt;INVESTMENT
OBJECTIVE AND INVESTMENT STRATEGIES&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;The
disclosure below describes the Fund&#x2019;s current Investment Objective and Investment Strategies. As noted earlier, at a meeting
on June 14, 2024, the Board approved an investment advisory agreement (the &#x201c;Advisory Agreement&#x201d;) between the Fund
and Bulldog Investors, LLP (&#x201c;Bulldog&#x201d;) whereby Bulldog will provide investment management services to the Fund. At
its June 14, 2024 meeting, the Board also approved changes to the Fund&#x2019;s investment strategies and fundamental policies
in order to expand the types of investments the Fund can make and increase the Fund&#x2019;s flexibility to pursue investment opportunities
(the &#x201c;Investment Changes&#x201d;). The Board did not consider the conversion of the Fund to an open-end mutual fund as part
of the Investment Changes. &lt;b&gt;The Advisory Agreement and the Investment Changes will not take effect unless and until they are
approved by the Fund&#x2019;s shareholders.&lt;/b&gt; After the Expiration Date, the Fund will schedule a special meeting of the Fund&#x2019;s
shareholders (the &#x201c;Special Meeting&#x201d;) to consider the approval of the Advisory Agreement and the Investment Changes.
A proxy statement will be filed with the SEC which further describes the Advisory Agreement and the Investment Changes (the &#x201c;Special
Meeting Proxy Statement&#x201d;).&lt;/i&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Investment
Objective&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Fund&#x2019;s current 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&#x2019;s objective will be achieved.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Investment
Strategies&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Investment Committee currently manages the Fund&#x2019;s assets with a focus on discounted securities of income-oriented closed-end
investment companies and business development companies. The Fund&#x2019;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. In addition, units or common shares issued by special purpose acquisition companies (SPACs)
may comprise up to 20% of the Fund&#x2019;s portfolio. The Fund may hold fixed income securities with any maturity or duration.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Fund may, from time to time, take temporary defensive positions that are inconsistent with the Fund&#x2019;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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;div&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Investment Committee may invest the Fund&#x2019;s cash balances in any investments it deems appropriate, subject to the restrictions
set forth in below under &#x201c;Fundamental Investment Restrictions&#x201d; 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&#x2019;s recommendations and decisions
are subjective.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Portfolio
Investments&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Other
Closed-End Investment Companies (including BDCs)&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;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, unless legally permissible, 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&#x2019;s expenses, including advisory fees. These expenses are in addition to the direct expenses
of the Fund&#x2019;s own operations. The closed end investment companies in which the Fund invests hold fixed income securities.
The Fund &#x201c;looks through&#x201d; to these investments in determining whether at least 80% of the Fund&#x2019;s investments
are comprised of fixed income securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Special
Purpose Acquisition Companies&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;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 (&#x201c;SPACs&#x201d;). Unless and until an acquisition meeting
the SPAC&#x2019;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. 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&#x2019;s shareholders. 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&#x2019;s management to identify and complete a profitable acquisition. Some
SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices. 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.&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Common
Stocks&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;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&#x2019; 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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Preferred
Stocks&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;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&#x2019;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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;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&#x2019;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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;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&#x2019; 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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Because
the claim on an issuer&#x2019;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&#x2019;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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Warrants&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;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.&lt;/span&gt;&lt;/p&gt;


&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Corporate
Bonds, Government Debt Securities and Other Debt Securities&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;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 &#x201c;perpetual&#x201d; in that they have no maturity date.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Convertible
Securities&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;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&#x2019;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 &#x201c;usable&#x201d; 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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;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&#x2019;s profits, and the issuer&#x2019;s
management capability and practices.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Other
Securities&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Although
it has no current intention to do so to any material extent, the Fund may determine to invest the Fund&#x2019;s assets in some
or all of the following securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Illiquid
Securities&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;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. The Fund does not consider
its investments in SPACs to be illiquid because they are publicly traded securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Rule
144A Securities&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;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 &#x201c;1933 Act&#x201d;). 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&#x2019;s 10% limit on investments in illiquid securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:InvestmentObjectivesAndPracticesTextBlock>
    <cef:RiskFactorsTableTextBlock contextRef="AsOf2024-07-11" id="Fact000060">&lt;p id="xdx_80F_ecef--RiskFactorsTableTextBlock_dU_zhlJ5U4q7Pbi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;span id="pcfn2aa008"&gt;&lt;/span&gt;RISK
FACTORS&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;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&#x2019;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&#x2019;s. 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.&lt;/i&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;The
Fund may invest in securities of other investment companies (&#x201c;underlying funds&#x201d;). 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.&lt;/i&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;&lt;span style="text-decoration: underline"&gt;Risks
Related to this Offering&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--DeclineInTradingPriceMember_dU_z0Fkv8YrS6P1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Decline
in Trading Price: &lt;/i&gt;&lt;/b&gt;If the Fund&#x2019;s trading price declines below the Subscription Price, you will suffer an immediate
unrealized loss.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;div&gt;&lt;p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--ValueVersusSubscriptionPriceMember_dU_zHUJq3BHYbsg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Value
versus Subscription Price. &lt;/i&gt;&lt;/b&gt;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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--TerminationOfOfferingMember_dU_zYVMiSllcLz4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Termination
of Offering. &lt;/i&gt;&lt;/b&gt;The Board may terminate the Offering at any time. If the Fund decides to terminate the Offering, the Fund
has no obligation to you except to return, without interest, your subscription payments.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--RejectionOfExerciseOfSubscriptionRightsMember_dU_zGx3ZjVKfEe1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Rejection
of Exercise of Subscription Rights. &lt;/i&gt;&lt;/b&gt;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. The Fund 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 the Fund nor the Subscribing Agent undertakes to contact you concerning an incomplete
or incorrect subscription form or payment, nor is the Fund under any obligation to correct such forms or payments. The Fund has
the sole discretion to determine whether a subscription exercise properly follows the subscription procedures.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--DiscountToNetAssetValueMember_dU_zebUSW9DWZaa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Discount
to Net Asset Value&lt;/i&gt;&lt;/b&gt;. The Fund&#x2019;s shares of beneficial interest have historically traded on the NYSE at a discount
to the Fund&#x2019;s NAV per share. On May 31, 2024, the last reported NAV per Share was &lt;span id="xdx_908_eus-gaap--NetAssetValuePerShare_iI_c20240531__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zCrxYuc4m641"&gt;$7.55&lt;/span&gt; and the last reported sales price
per Share on the NYSE was &lt;span id="xdx_902_eus-gaap--SharePrice_iI_c20240531__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zyiNfAkLRww4"&gt;$6.82&lt;/span&gt;, which represents a &lt;span id="xdx_905_ecef--LatestPremiumDiscountToNavPercent_iN_di_c20240531__20240531__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zYtCJZlC5g4e"&gt;9.67%&lt;/span&gt; discount to the Fund&#x2019;s NAV per Share. There is no assurance that
this Offering will not have an effect on the discount to NAV experienced by the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_847_ecef--RiskTextBlock_hcef--RiskAxis__custom--DilutionOfOwnershipMember_dU_zoGwvy65OGkf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext"&gt;&lt;b&gt;&lt;i&gt;Dilution
of Ownership&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;b&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;.&lt;/span&gt;&lt;/b&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;
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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--DilutionToNAVMember_dU_z5g6NScwotj2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Dilution
to NAV&lt;/i&gt;&lt;/b&gt;. Shareholders would experience an immediate moderate dilution of the 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&#x2019;s NAV per share, and (ii) the Fund
will incur expenses in connection with the Offer. This dilution would affect Record Date Shareholders to a greater extent if they
do not exercise their Rights in full.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_853_zNyHq4RwyDx9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;&lt;span style="text-decoration: underline"&gt;Principal
Risks&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--ClosedEndInvestmentCompanyRiskMember_dU_zUWcf1u0Q765" style="font: 10pt Times New Roman, Times, Serif; color: #141213; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Closed-End
Investment Company Risk. &lt;/i&gt;&lt;/b&gt;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&#x2019;s expenses, including advisory fees. These expenses are in addition
to the direct expenses of the Fund&#x2019;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&#x2019;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. 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&#x2019;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.&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #141213; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #141213; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #141213; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;div&gt;&lt;p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialPurposeAcquisitionCompaniesRiskMember_dU_zYXEeCmGzL6g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #141213; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Special
Purpose Acquisition Companies Risk.&lt;/i&gt;&lt;/b&gt; 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 (&#x201c;SPACs&#x201d;).
Unless and until an acquisition meeting the SPAC&#x2019;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. 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&#x2019;s shareholders. 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&#x2019;s management
to identify and complete a profitable acquisition. Some SPACs may pursue acquisitions only within certain industries or regions,
which may increase the volatility of their prices. 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. The Fund may invest
a maximum of 20% of its assets in SPACS.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #141213; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--ManagementRiskMember_dU_zsWTe7utMn2e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Management
Risk.&lt;/i&gt;&lt;/b&gt; The Fund is subject to management risk because it is an actively managed portfolio. The Fund&#x2019;s successful
pursuit of its investment objective depends upon the Investment Committee&#x2019;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&#x2019;s investment
objective. The Investment Committee&#x2019;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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketRiskMember_dU_zhmpUItPmq71" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Market
Risk.&lt;/i&gt;&lt;/b&gt; 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&#x2019;s performance. Factors such as domestic and foreign (non-U.S.) economic
growth and market conditions, real or perceived adverse economic or political conditions, military conflict, acts of terrorism,
social unrest, natural disasters, recession, inflation, changes in interest rate levels, supply chain disruptions, sanctions,
the spread of infectious illness or other public health threats, lack of liquidity in the markets, volatility in the securities
markets, adverse investor sentiment affect the securities markets and political events affect the securities markets. Securities
markets also may experience long periods of decline in value. When the value of the Fund&#x2019;s investments goes down, your investment
in the Fund decreases in value and you could lose money.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;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&#x2019;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&#x2019; 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, ongoing armed
conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East, have caused
and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East
and the United States. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant
impact on certain Fund investments, as well as Fund performance. In addition, 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. 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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;div&gt;&lt;div&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;COVID-19
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.&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--RiskRelatedToFixedIncomeSecuritiesincludingNonInvestmentGradeSecuritiesMember_dU_zDyre7i8kUe6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Risk
Related to Fixed Income Securities, including Non-Investment Grade Securities. &lt;/i&gt;&lt;/b&gt;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&#x2019;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&#x2019;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&#x2019;s rating declines to below investment grade, commonly referred to as &#x201c;junk
bonds.&#x201d; 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&#x2019;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&#x2019;s ability to pay interest and principal and
their susceptibility to default or decline in market value. The Fund&#x2019;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. 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.&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_853_zWLsAoMQmWZi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;div&gt;&lt;p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__us-gaap--InterestRateRiskMember_dU_ztTGwbG6DjJ" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Interest
Rate Risk.&lt;/i&gt;&lt;/b&gt; 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&#x2019;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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--CreditRisksMember_dU_zh964699YjQl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Credit
Risk.&lt;/i&gt;&lt;/b&gt; Fixed income securities rated B or below by S&amp;amp;Ps or Moody&#x2019;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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--ExtensionRiskMember_dU_zpbLQW1ij1s7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Extension
Risk.&lt;/i&gt;&lt;/b&gt; 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 (&lt;i&gt;i.e.&lt;/i&gt;, interest rate sensitivity) and potentially reduce the value of these securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--DebtSecurityRiskMember_dU_zceVmX2Ptiob" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Debt
Security Risk.&lt;/i&gt;&lt;/b&gt; 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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketDiscountFromNetAssetValueRiskMember_dU_zVW3ciRgWeOl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Market
Discount from Net Asset Value Risk.&lt;/i&gt;&lt;/b&gt; Shares of closed-end investment companies frequently trade at a discount from their
NAV. This characteristic is a risk separate and distinct from the risk that the Fund&#x2019;s NAV 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. In general, the NAV of a fund selling at a discount would be reduced immediately following a rights
offering as a result of (i) the subscription price of an offering 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&#x2019;s
NAV but entirely upon whether the market price of the Shares at the time of sale is above or below the investor&#x2019;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 NAV.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--LeverageRiskMember_dU_z1llo9oYlnz5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Leverage
Risk&lt;/i&gt;.&lt;/b&gt; 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&#x2019;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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--DefensivePositionRiskMember_dU_zQKcAD5sQdte" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Defensive
Position Risk. &lt;/i&gt;&lt;/b&gt;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.&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_858_zG4ZbsIS7dbd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;div&gt;&lt;p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--ChangesInPoliciesRiskMember_dU_zmNShE3oiwy8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Changes
in Policies Risk.&lt;/i&gt;&lt;/b&gt; The Fund&#x2019;s Trustees may change the Fund&#x2019;s investment objective, investment strategies and
non-fundamental investment restrictions without shareholder approval, except as otherwise indicated.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--PreferredStockRiskMember_dU_zDPFr5CygSA" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Preferred
Stock Risk. &lt;/i&gt;&lt;/b&gt;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&#x2019;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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;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 trustees 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&#x2019;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&#x2019;s Investment Committee would consider, among other factors,
their non-cumulative nature in making any decision to purchase or sell such securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;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&#x2019; 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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Because
the claim on an issuer&#x2019;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&#x2019;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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_dU_zo6oKqGCOID6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Convertible
Securities Risk. &lt;/i&gt;&lt;/b&gt;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&#x2019;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 &#x201c;usable&#x201d; 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&#x2019;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&#x2019;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&#x2019;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&#x2019;s profits, and the issuer&#x2019;s management capability and practices.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;div&gt;&lt;div&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
value of a convertible security, including, for example, a warrant, is a function of its &#x201c;investment value&#x201d; (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 &#x201c;conversion value&#x201d; (the security&#x2019;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&#x2019;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&#x2019;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&#x2019;s
ability to achieve its investment objective.&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--IssuerSpecificChangesRiskMember_dU_zxOYphw6pxai" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Issuer
Specific Changes Risk. &lt;/i&gt;&lt;/b&gt;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&#x2019;s securities. Lower-quality debt securities tend to be more sensitive to these
changes than higher-quality debt securities.&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_85C_z03rYioOrRR8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;&lt;span style="text-decoration: underline"&gt;Non-Principal
Risks&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
addition to the principal risks set forth above, the following additional risks may apply to an investment in the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--AntiTakeoverProvisionsRiskMember_dU_z8ADX2ngW9y" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Anti-Takeover
Provisions Risk.&lt;/i&gt;&lt;/b&gt; The Fund&#x2019;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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--CommonStockRiskMember_dU_zsNMUvuZWKH9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Common
Stock Risk. &lt;/i&gt;&lt;/b&gt;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&#x2019; 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&#x2019;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.&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;


&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;div&gt;&lt;p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--ExchangeTradedFundsRiskMember_dU_zWrz4WRNpoi6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Exchange
Traded Funds Risk. &lt;/i&gt;&lt;/b&gt;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 &#x201c;creation units.&#x201d; 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&#x2019;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&#x2019;s
expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund&#x2019;s own operations.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForeignSecuritiesRiskMember_dU_zu2atJYFnMD9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Foreign
Securities Risk&lt;/i&gt;.&lt;/b&gt; Investments in securities of non-U.S. issuers involve special risks not presented by investments in securities
of U.S. issuers, including the following: less publicly available information about companies due to less rigorous disclosure
or accounting standards or regulatory practices; the impact of political, social or diplomatic events, including war; possible
seizure, expropriation or nationalization of the company or its assets; possible imposition of currency exchange controls; and
changes in foreign currency exchange rates. These risks are more pronounced to the extent that the Fund invests a significant
amount of its investments in companies located in one region. These risks may be greater in emerging markets and in less developed
countries. For example, prior governmental approval for foreign investments may be required in some emerging market countries,
and the extent of foreign investment may be subject to limitation in other emerging countries. With respect to risks associated
with changes in foreign currency exchange rates, the Fund does not expect to engage in foreign currency hedging transactions.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_847_ecef--RiskTextBlock_hcef--RiskAxis__custom--IlliquidSecuritiesRiskMember_dU_zDfKLSxQ7kxi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Illiquid
Securities Risk.&lt;/i&gt;&lt;/b&gt; 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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--PortfolioTurnoverRiskMember_dU_z69a2BlYnb54" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Portfolio
Turnover Risk.&lt;/i&gt;&lt;/b&gt; 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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--SmallAndMediumCapCompanyRiskMember_dU_zLKWoeCCGSdb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Small
and Medium Cap Company Risk. &lt;/i&gt;&lt;/b&gt;Compared to investment companies that focus only on large capitalization companies, the Fund&#x2019;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&#x2019;s Investment Committee believes appropriate, and offer greater
potential for gains and losses.&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;div&gt;&lt;p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForeignCurrencyRiskMember_dU_zkupqDE4dYci" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Foreign
Currency Risk&lt;/i&gt;.&lt;/b&gt; Although the Fund will report its net asset value and pay expenses and distributions in U.S. dollars,
the Fund may invest in foreign securities denominated or quoted in currencies other than the U.S. dollar. Therefore, changes
in foreign currency exchange rates will affect the U.S. dollar value of the Fund&#x2019;s investment securities and net asset
value. For example, even if the securities prices are unchanged on their primary foreign stock exchange, the Fund&#x2019;s net
asset value may change because of a change in the rate of exchange between the U.S. dollar and the trading currency of that
primary foreign stock exchange. Certain currencies are more volatile than those of other countries and Fund investments
related to those countries may be more affected. Generally, if a foreign currency depreciates against the dollar
(&lt;i&gt;i.e.&lt;/i&gt;, if the dollar strengthens), the value of the existing investment in the securities denominated in that currency
will decline. When a given currency appreciates against the dollar (&lt;i&gt;i.e.&lt;/i&gt;, if the dollar weakens), the value of the
existing investment in the securities denominated in that currency will rise. Certain foreign countries may impose
restrictions on the ability of foreign securities issuers to make payments of principal and interest to investors located
outside of the country, due to a blockage of foreign currency exchanges or otherwise.&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_857_zy9lN38rxAXb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;

</cef:RiskFactorsTableTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-07-112024-07-11_custom_DeclineInTradingPriceMember"
      id="Fact000062">&lt;p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--DeclineInTradingPriceMember_dU_z0Fkv8YrS6P1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Decline
in Trading Price: &lt;/i&gt;&lt;/b&gt;If the Fund&#x2019;s trading price declines below the Subscription Price, you will suffer an immediate
unrealized loss.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-07-112024-07-11_custom_ValueVersusSubscriptionPriceMember"
      id="Fact000064">&lt;p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--ValueVersusSubscriptionPriceMember_dU_zHUJq3BHYbsg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Value
versus Subscription Price. &lt;/i&gt;&lt;/b&gt;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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-07-112024-07-11_custom_TerminationOfOfferingMember"
      id="Fact000066">&lt;p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--TerminationOfOfferingMember_dU_zYVMiSllcLz4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Termination
of Offering. &lt;/i&gt;&lt;/b&gt;The Board may terminate the Offering at any time. If the Fund decides to terminate the Offering, the Fund
has no obligation to you except to return, without interest, your subscription payments.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-07-112024-07-11_custom_RejectionOfExerciseOfSubscriptionRightsMember"
      id="Fact000068">&lt;p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--RejectionOfExerciseOfSubscriptionRightsMember_dU_zGx3ZjVKfEe1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Rejection
of Exercise of Subscription Rights. &lt;/i&gt;&lt;/b&gt;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. The Fund 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 the Fund nor the Subscribing Agent undertakes to contact you concerning an incomplete
or incorrect subscription form or payment, nor is the Fund under any obligation to correct such forms or payments. The Fund has
the sole discretion to determine whether a subscription exercise properly follows the subscription procedures.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-07-112024-07-11_custom_DiscountToNetAssetValueMember"
      id="Fact000070">&lt;p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--DiscountToNetAssetValueMember_dU_zebUSW9DWZaa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Discount
to Net Asset Value&lt;/i&gt;&lt;/b&gt;. The Fund&#x2019;s shares of beneficial interest have historically traded on the NYSE at a discount
to the Fund&#x2019;s NAV per share. On May 31, 2024, the last reported NAV per Share was &lt;span id="xdx_908_eus-gaap--NetAssetValuePerShare_iI_c20240531__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zCrxYuc4m641"&gt;$7.55&lt;/span&gt; and the last reported sales price
per Share on the NYSE was &lt;span id="xdx_902_eus-gaap--SharePrice_iI_c20240531__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zyiNfAkLRww4"&gt;$6.82&lt;/span&gt;, which represents a &lt;span id="xdx_905_ecef--LatestPremiumDiscountToNavPercent_iN_di_c20240531__20240531__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zYtCJZlC5g4e"&gt;9.67%&lt;/span&gt; discount to the Fund&#x2019;s NAV per Share. There is no assurance that
this Offering will not have an effect on the discount to NAV experienced by the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <us-gaap:NetAssetValuePerShare
      contextRef="AsOf2024-05-31_custom_CommonSharesMember"
      decimals="INF"
      id="Fact000071"
      unitRef="USDPShares">7.55</us-gaap:NetAssetValuePerShare>
    <us-gaap:SharePrice
      contextRef="AsOf2024-05-31_custom_CommonSharesMember"
      decimals="INF"
      id="Fact000072"
      unitRef="USDPShares">6.82</us-gaap:SharePrice>
    <cef:LatestPremiumDiscountToNavPercent
      contextRef="From2024-05-312024-05-31_custom_CommonSharesMember"
      decimals="INF"
      id="Fact000073"
      unitRef="Ratio">-0.0967</cef:LatestPremiumDiscountToNavPercent>
    <cef:RiskTextBlock
      contextRef="From2024-07-112024-07-11_custom_DilutionOfOwnershipMember"
      id="Fact000075">&lt;p id="xdx_847_ecef--RiskTextBlock_hcef--RiskAxis__custom--DilutionOfOwnershipMember_dU_zoGwvy65OGkf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext"&gt;&lt;b&gt;&lt;i&gt;Dilution
of Ownership&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;b&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;.&lt;/span&gt;&lt;/b&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;
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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-07-112024-07-11_custom_DilutionToNAVMember"
      id="Fact000077">&lt;p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--DilutionToNAVMember_dU_z5g6NScwotj2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Dilution
to NAV&lt;/i&gt;&lt;/b&gt;. Shareholders would experience an immediate moderate dilution of the 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&#x2019;s NAV per share, and (ii) the Fund
will incur expenses in connection with the Offer. This dilution would affect Record Date Shareholders to a greater extent if they
do not exercise their Rights in full.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-07-112024-07-11_custom_ClosedEndInvestmentCompanyRiskMember"
      id="Fact000079">&lt;p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--ClosedEndInvestmentCompanyRiskMember_dU_zUWcf1u0Q765" style="font: 10pt Times New Roman, Times, Serif; color: #141213; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Closed-End
Investment Company Risk. &lt;/i&gt;&lt;/b&gt;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&#x2019;s expenses, including advisory fees. These expenses are in addition
to the direct expenses of the Fund&#x2019;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&#x2019;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. 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&#x2019;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.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #141213; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #141213; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #141213; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-07-112024-07-11_custom_SpecialPurposeAcquisitionCompaniesRiskMember"
      id="Fact000081">&lt;p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialPurposeAcquisitionCompaniesRiskMember_dU_zYXEeCmGzL6g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #141213; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Special
Purpose Acquisition Companies Risk.&lt;/i&gt;&lt;/b&gt; 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 (&#x201c;SPACs&#x201d;).
Unless and until an acquisition meeting the SPAC&#x2019;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. 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&#x2019;s shareholders. 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&#x2019;s management
to identify and complete a profitable acquisition. Some SPACs may pursue acquisitions only within certain industries or regions,
which may increase the volatility of their prices. 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. The Fund may invest
a maximum of 20% of its assets in SPACS.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #141213; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-07-112024-07-11_custom_ManagementRiskMember"
      id="Fact000083">&lt;p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--ManagementRiskMember_dU_zsWTe7utMn2e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Management
Risk.&lt;/i&gt;&lt;/b&gt; The Fund is subject to management risk because it is an actively managed portfolio. The Fund&#x2019;s successful
pursuit of its investment objective depends upon the Investment Committee&#x2019;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&#x2019;s investment
objective. The Investment Committee&#x2019;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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-07-112024-07-11_custom_MarketRiskMember"
      id="Fact000085">&lt;p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketRiskMember_dU_zhmpUItPmq71" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Market
Risk.&lt;/i&gt;&lt;/b&gt; 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&#x2019;s performance. Factors such as domestic and foreign (non-U.S.) economic
growth and market conditions, real or perceived adverse economic or political conditions, military conflict, acts of terrorism,
social unrest, natural disasters, recession, inflation, changes in interest rate levels, supply chain disruptions, sanctions,
the spread of infectious illness or other public health threats, lack of liquidity in the markets, volatility in the securities
markets, adverse investor sentiment affect the securities markets and political events affect the securities markets. Securities
markets also may experience long periods of decline in value. When the value of the Fund&#x2019;s investments goes down, your investment
in the Fund decreases in value and you could lose money.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;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&#x2019;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&#x2019; 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, ongoing armed
conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East, have caused
and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East
and the United States. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant
impact on certain Fund investments, as well as Fund performance. In addition, 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. 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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;div&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;COVID-19
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.&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-07-112024-07-11_custom_RiskRelatedToFixedIncomeSecuritiesincludingNonInvestmentGradeSecuritiesMember"
      id="Fact000087">&lt;p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--RiskRelatedToFixedIncomeSecuritiesincludingNonInvestmentGradeSecuritiesMember_dU_zDyre7i8kUe6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Risk
Related to Fixed Income Securities, including Non-Investment Grade Securities. &lt;/i&gt;&lt;/b&gt;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&#x2019;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&#x2019;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&#x2019;s rating declines to below investment grade, commonly referred to as &#x201c;junk
bonds.&#x201d; 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&#x2019;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&#x2019;s ability to pay interest and principal and
their susceptibility to default or decline in market value. The Fund&#x2019;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. 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.&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-07-112024-07-11_us-gaap_InterestRateRiskMember"
      id="Fact000089">&lt;p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__us-gaap--InterestRateRiskMember_dU_ztTGwbG6DjJ" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Interest
Rate Risk.&lt;/i&gt;&lt;/b&gt; 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&#x2019;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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-07-112024-07-11_custom_CreditRisksMember"
      id="Fact000091">&lt;p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--CreditRisksMember_dU_zh964699YjQl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Credit
Risk.&lt;/i&gt;&lt;/b&gt; Fixed income securities rated B or below by S&amp;amp;Ps or Moody&#x2019;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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-07-112024-07-11_custom_ExtensionRiskMember"
      id="Fact000093">&lt;p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--ExtensionRiskMember_dU_zpbLQW1ij1s7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Extension
Risk.&lt;/i&gt;&lt;/b&gt; 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 (&lt;i&gt;i.e.&lt;/i&gt;, interest rate sensitivity) and potentially reduce the value of these securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-07-112024-07-11_custom_DebtSecurityRiskMember"
      id="Fact000095">&lt;p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--DebtSecurityRiskMember_dU_zceVmX2Ptiob" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Debt
Security Risk.&lt;/i&gt;&lt;/b&gt; 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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-07-112024-07-11_custom_MarketDiscountFromNetAssetValueRiskMember"
      id="Fact000097">&lt;p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketDiscountFromNetAssetValueRiskMember_dU_zVW3ciRgWeOl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Market
Discount from Net Asset Value Risk.&lt;/i&gt;&lt;/b&gt; Shares of closed-end investment companies frequently trade at a discount from their
NAV. This characteristic is a risk separate and distinct from the risk that the Fund&#x2019;s NAV 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. In general, the NAV of a fund selling at a discount would be reduced immediately following a rights
offering as a result of (i) the subscription price of an offering 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&#x2019;s
NAV but entirely upon whether the market price of the Shares at the time of sale is above or below the investor&#x2019;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 NAV.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-07-112024-07-11_custom_LeverageRiskMember"
      id="Fact000099">&lt;p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--LeverageRiskMember_dU_z1llo9oYlnz5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Leverage
Risk&lt;/i&gt;.&lt;/b&gt; 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&#x2019;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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-07-112024-07-11_custom_DefensivePositionRiskMember"
      id="Fact000101">&lt;p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--DefensivePositionRiskMember_dU_zQKcAD5sQdte" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Defensive
Position Risk. &lt;/i&gt;&lt;/b&gt;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.&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-07-112024-07-11_custom_ChangesInPoliciesRiskMember"
      id="Fact000103">&lt;p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--ChangesInPoliciesRiskMember_dU_zmNShE3oiwy8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Changes
in Policies Risk.&lt;/i&gt;&lt;/b&gt; The Fund&#x2019;s Trustees may change the Fund&#x2019;s investment objective, investment strategies and
non-fundamental investment restrictions without shareholder approval, except as otherwise indicated.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-07-112024-07-11_custom_PreferredStockRiskMember"
      id="Fact000105">&lt;p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--PreferredStockRiskMember_dU_zDPFr5CygSA" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Preferred
Stock Risk. &lt;/i&gt;&lt;/b&gt;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&#x2019;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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;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 trustees 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&#x2019;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&#x2019;s Investment Committee would consider, among other factors,
their non-cumulative nature in making any decision to purchase or sell such securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;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&#x2019; 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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Because
the claim on an issuer&#x2019;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&#x2019;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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-07-112024-07-11_custom_ConvertibleSecuritiesRiskMember"
      id="Fact000107">&lt;p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_dU_zo6oKqGCOID6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Convertible
Securities Risk. &lt;/i&gt;&lt;/b&gt;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&#x2019;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 &#x201c;usable&#x201d; 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&#x2019;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&#x2019;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&#x2019;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&#x2019;s profits, and the issuer&#x2019;s management capability and practices.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;div&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
value of a convertible security, including, for example, a warrant, is a function of its &#x201c;investment value&#x201d; (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 &#x201c;conversion value&#x201d; (the security&#x2019;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&#x2019;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&#x2019;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&#x2019;s
ability to achieve its investment objective.&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-07-112024-07-11_custom_IssuerSpecificChangesRiskMember"
      id="Fact000109">&lt;p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--IssuerSpecificChangesRiskMember_dU_zxOYphw6pxai" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Issuer
Specific Changes Risk. &lt;/i&gt;&lt;/b&gt;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&#x2019;s securities. Lower-quality debt securities tend to be more sensitive to these
changes than higher-quality debt securities.&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-07-112024-07-11_custom_AntiTakeoverProvisionsRiskMember"
      id="Fact000111">&lt;p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--AntiTakeoverProvisionsRiskMember_dU_z8ADX2ngW9y" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Anti-Takeover
Provisions Risk.&lt;/i&gt;&lt;/b&gt; The Fund&#x2019;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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-07-112024-07-11_custom_CommonStockRiskMember"
      id="Fact000113">&lt;p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--CommonStockRiskMember_dU_zsNMUvuZWKH9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Common
Stock Risk. &lt;/i&gt;&lt;/b&gt;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&#x2019; 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&#x2019;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.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-07-112024-07-11_custom_ExchangeTradedFundsRiskMember"
      id="Fact000115">&lt;p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--ExchangeTradedFundsRiskMember_dU_zWrz4WRNpoi6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Exchange
Traded Funds Risk. &lt;/i&gt;&lt;/b&gt;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 &#x201c;creation units.&#x201d; 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&#x2019;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&#x2019;s
expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund&#x2019;s own operations.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-07-112024-07-11_custom_ForeignSecuritiesRiskMember"
      id="Fact000117">&lt;p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForeignSecuritiesRiskMember_dU_zu2atJYFnMD9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Foreign
Securities Risk&lt;/i&gt;.&lt;/b&gt; Investments in securities of non-U.S. issuers involve special risks not presented by investments in securities
of U.S. issuers, including the following: less publicly available information about companies due to less rigorous disclosure
or accounting standards or regulatory practices; the impact of political, social or diplomatic events, including war; possible
seizure, expropriation or nationalization of the company or its assets; possible imposition of currency exchange controls; and
changes in foreign currency exchange rates. These risks are more pronounced to the extent that the Fund invests a significant
amount of its investments in companies located in one region. These risks may be greater in emerging markets and in less developed
countries. For example, prior governmental approval for foreign investments may be required in some emerging market countries,
and the extent of foreign investment may be subject to limitation in other emerging countries. With respect to risks associated
with changes in foreign currency exchange rates, the Fund does not expect to engage in foreign currency hedging transactions.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-07-112024-07-11_custom_IlliquidSecuritiesRiskMember"
      id="Fact000119">&lt;p id="xdx_847_ecef--RiskTextBlock_hcef--RiskAxis__custom--IlliquidSecuritiesRiskMember_dU_zDfKLSxQ7kxi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Illiquid
Securities Risk.&lt;/i&gt;&lt;/b&gt; 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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-07-112024-07-11_custom_PortfolioTurnoverRiskMember"
      id="Fact000121">&lt;p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--PortfolioTurnoverRiskMember_dU_z69a2BlYnb54" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Portfolio
Turnover Risk.&lt;/i&gt;&lt;/b&gt; 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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-07-112024-07-11_custom_SmallAndMediumCapCompanyRiskMember"
      id="Fact000123">&lt;p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--SmallAndMediumCapCompanyRiskMember_dU_zLKWoeCCGSdb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Small
and Medium Cap Company Risk. &lt;/i&gt;&lt;/b&gt;Compared to investment companies that focus only on large capitalization companies, the Fund&#x2019;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&#x2019;s Investment Committee believes appropriate, and offer greater
potential for gains and losses.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-07-112024-07-11_custom_ForeignCurrencyRiskMember"
      id="Fact000125">&lt;p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForeignCurrencyRiskMember_dU_zkupqDE4dYci" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Foreign
Currency Risk&lt;/i&gt;.&lt;/b&gt; Although the Fund will report its net asset value and pay expenses and distributions in U.S. dollars,
the Fund may invest in foreign securities denominated or quoted in currencies other than the U.S. dollar. Therefore, changes
in foreign currency exchange rates will affect the U.S. dollar value of the Fund&#x2019;s investment securities and net asset
value. For example, even if the securities prices are unchanged on their primary foreign stock exchange, the Fund&#x2019;s net
asset value may change because of a change in the rate of exchange between the U.S. dollar and the trading currency of that
primary foreign stock exchange. Certain currencies are more volatile than those of other countries and Fund investments
related to those countries may be more affected. Generally, if a foreign currency depreciates against the dollar
(&lt;i&gt;i.e.&lt;/i&gt;, if the dollar strengthens), the value of the existing investment in the securities denominated in that currency
will decline. When a given currency appreciates against the dollar (&lt;i&gt;i.e.&lt;/i&gt;, if the dollar weakens), the value of the
existing investment in the securities denominated in that currency will rise. Certain foreign countries may impose
restrictions on the ability of foreign securities issuers to make payments of principal and interest to investors located
outside of the country, due to a blockage of foreign currency exchanges or otherwise.&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2024-05-312024-05-31_custom_CommonSharesMember"
      decimals="INF"
      id="Fact000126"
      unitRef="Shares">17530463</cef:OutstandingSecurityNotHeldShares>
    <cef:CapitalStockTableTextBlock contextRef="AsOf2024-07-11" id="Fact000128">&lt;p id="xdx_804_ecef--CapitalStockTableTextBlock_dU_z0qlUxKrNSOg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Shares
of Beneficial Interest&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Fund&#x2019;s Amended and Restated Agreement and Declaration of Trust (the &#x201c;Charter&#x201d;), 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. 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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;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. Any additional offering will not be sold at
a price per Share below the then current NAV (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&#x2019;s outstanding Shares.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Fund generally will not issue share certificates. The Fund&#x2019;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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;





&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:CapitalStockTableTextBlock>
    <cef:OutstandingSecuritiesTableTextBlock contextRef="AsOf2024-07-11" id="Fact000130">&lt;p id="xdx_804_ecef--OutstandingSecuritiesTableTextBlock_dU_zHQESoth7aI9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Outstanding
Securities&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following table sets forth certain information regarding the Fund&#x2019;s authorized shares and shares outstanding as of May
31, 2024.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(1)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(2)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(3)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(4)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;br/&gt;
&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Title of Class&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;br/&gt;
&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Amount Authorized&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Amount
    Held By Registrant or for its Account&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Amount
    Outstanding Exclusive of Amount Shown Under (3)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span id="xdx_90F_ecef--OutstandingSecurityTitleTextBlock_c20240531__20240531__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zkio0zgb7gM7"&gt;Common
    Shares of Beneficial Interest&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Unlimited&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span id="xdx_90E_ecef--OutstandingSecurityHeldShares_c20240531__20240531__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zoUArz3s4PZk"&gt;7,365,349&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span id="xdx_900_ecef--OutstandingSecurityNotHeldShares_c20240531__20240531__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zCFNR1NmB7K1"&gt;17,530,463&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&#160;&lt;/p&gt;
</cef:OutstandingSecuritiesTableTextBlock>
    <cef:OutstandingSecurityTitleTextBlock
      contextRef="From2024-05-312024-05-31_custom_CommonSharesMember"
      id="Fact000131">Common
    Shares of Beneficial Interest</cef:OutstandingSecurityTitleTextBlock>
    <cef:OutstandingSecurityHeldShares
      contextRef="From2024-05-312024-05-31_custom_CommonSharesMember"
      decimals="INF"
      id="Fact000132"
      unitRef="Shares">7365349</cef:OutstandingSecurityHeldShares>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2024-05-312024-05-31_custom_CommonSharesMember"
      decimals="INF"
      id="Fact000133"
      unitRef="Shares">17530463</cef:OutstandingSecurityNotHeldShares>
    <cef:SharePriceTableTextBlock contextRef="AsOf2024-07-11" id="Fact000135">&lt;p id="xdx_801_ecef--SharePriceTableTextBlock_dU_zgY0oGjed5T9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Trading
and Net Asset Value Information&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;In
the past, the Shares have traded at a discount in relation to NAV. &lt;/i&gt;&lt;/b&gt;Shares of closed-end investment companies such as the
Fund frequently trade at a discount from NAV. See &#x201c;Risk Factors.&#x201d; 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, 2023 was &lt;span style="background-color: white"&gt;41,608
&lt;/span&gt;Shares.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;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):&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;
&lt;tr style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Fiscal
    Quarter Ended&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_488_ecef--HighestPriceOrBid_zc9DIrjgT2S5" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;High
    Close&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_484_ecef--LowestPriceOrBid_zDKHhq3aIug5" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Low
    Close&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_48F_ecef--HighestPriceOrBidNav_zlIkp00LEpli" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;High
    NAV&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_48C_ecef--LowestPriceOrBidNav_zd7VGZg0b3ke" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Low
    NAV&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="3" id="xdx_488_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_dp_zn5gZ1WjBm0k" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Premium/
(Discount) to&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;
        &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;High
NAV&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="3" id="xdx_482_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_dp_zB7amiJjmV4c" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"&gt;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Premium/
(Discount) to&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;
        &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Low
NAV&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_41D_20210901__20211130__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zwT2s1AoNOvi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 13%; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;11/30/21&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;10.05&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.36&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;9.37&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.78&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6.40&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-3.19&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_419_20211201__20220228__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zEGPzIs1dZ1c" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;02/28/22&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.85&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.03&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.87&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.54&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-0.23&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-5.39&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_411_20220301__20220531__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_z2atetZyWmw5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;05/31/22&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.18&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7.4&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.67&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7.97&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-7.601&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-4.52&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_41F_20220601__20220831__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_z8T11j83oY95" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;08/31/22&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7.88&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7.12&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.20&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7.60&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-5.85&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-4.08&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_41B_20220901__20221130__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_z72A2sryC7V8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;11/30/22&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7.33&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6.29&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7.89&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7.11&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-7.35&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-11.39&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_411_20221201__20230228__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zmMeZwG0UNRa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;02/28/23&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7.11&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6.38&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7.70&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7.19&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-8.57&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-11.27&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_41A_20230301__20230531__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zi0dWYJBzLc4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;05/31/23&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6.72&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6.09&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7.57&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7.20&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-11.49&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-14.03&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_416_20230601__20230831__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zbVk0Gls7R9h" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro"&gt;
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    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
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    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
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&lt;tr id="xdx_412_20230901__20231130__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zU71PDWkSehi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
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    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
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    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
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    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
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    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
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    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_419_20231201__20240229__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zPCKBE8jFYfb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro"&gt;
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    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
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    &lt;td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
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    &lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
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&lt;tr id="xdx_412_20240301__20240531__us-gaap--StatementClassOfStockAxis__custom--CommonSharesMember_zWUXqZIav87d" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"&gt;
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      decimals="INF"
      id="Fact000153"
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      contextRef="From2022-06-012022-08-31_custom_CommonSharesMember"
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    <cef:LowestPriceOrBid
      contextRef="From2022-06-012022-08-31_custom_CommonSharesMember"
      decimals="INF"
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    <cef:HighestPriceOrBidNav
      contextRef="From2022-06-012022-08-31_custom_CommonSharesMember"
      decimals="INF"
      id="Fact000156"
      unitRef="USDPShares">8.20</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="From2022-06-012022-08-31_custom_CommonSharesMember"
      decimals="INF"
      id="Fact000157"
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    <cef:HighestPriceOrBidPremiumDiscountToNavPercent
      contextRef="From2022-06-012022-08-31_custom_CommonSharesMember"
      decimals="INF"
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      contextRef="From2022-06-012022-08-31_custom_CommonSharesMember"
      decimals="INF"
      id="Fact000159"
      unitRef="Ratio">-0.0408</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
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      contextRef="From2022-09-012022-11-30_custom_CommonSharesMember"
      decimals="INF"
      id="Fact000160"
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    <cef:LowestPriceOrBid
      contextRef="From2022-09-012022-11-30_custom_CommonSharesMember"
      decimals="INF"
      id="Fact000161"
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    <cef:HighestPriceOrBidNav
      contextRef="From2022-09-012022-11-30_custom_CommonSharesMember"
      decimals="INF"
      id="Fact000162"
      unitRef="USDPShares">7.89</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="From2022-09-012022-11-30_custom_CommonSharesMember"
      decimals="INF"
      id="Fact000163"
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    <cef:HighestPriceOrBidPremiumDiscountToNavPercent
      contextRef="From2022-09-012022-11-30_custom_CommonSharesMember"
      decimals="INF"
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      contextRef="From2022-09-012022-11-30_custom_CommonSharesMember"
      decimals="INF"
      id="Fact000165"
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      contextRef="From2022-12-012023-02-28_custom_CommonSharesMember"
      decimals="INF"
      id="Fact000166"
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    <cef:LowestPriceOrBid
      contextRef="From2022-12-012023-02-28_custom_CommonSharesMember"
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    <cef:HighestPriceOrBidNav
      contextRef="From2022-12-012023-02-28_custom_CommonSharesMember"
      decimals="INF"
      id="Fact000168"
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    <cef:LowestPriceOrBidNav
      contextRef="From2022-12-012023-02-28_custom_CommonSharesMember"
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      id="Fact000169"
      unitRef="USDPShares">7.19</cef:LowestPriceOrBidNav>
    <cef:HighestPriceOrBidPremiumDiscountToNavPercent
      contextRef="From2022-12-012023-02-28_custom_CommonSharesMember"
      decimals="INF"
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    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
      contextRef="From2022-12-012023-02-28_custom_CommonSharesMember"
      decimals="INF"
      id="Fact000171"
      unitRef="Ratio">-0.1127</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
    <cef:HighestPriceOrBid
      contextRef="From2023-03-012023-05-31_custom_CommonSharesMember"
      decimals="INF"
      id="Fact000172"
      unitRef="USDPShares">6.72</cef:HighestPriceOrBid>
    <cef:LowestPriceOrBid
      contextRef="From2023-03-012023-05-31_custom_CommonSharesMember"
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      id="Fact000173"
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    <cef:HighestPriceOrBidNav
      contextRef="From2023-03-012023-05-31_custom_CommonSharesMember"
      decimals="INF"
      id="Fact000174"
      unitRef="USDPShares">7.57</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="From2023-03-012023-05-31_custom_CommonSharesMember"
      decimals="INF"
      id="Fact000175"
      unitRef="USDPShares">7.20</cef:LowestPriceOrBidNav>
    <cef:HighestPriceOrBidPremiumDiscountToNavPercent
      contextRef="From2023-03-012023-05-31_custom_CommonSharesMember"
      decimals="INF"
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    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
      contextRef="From2023-03-012023-05-31_custom_CommonSharesMember"
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    <cef:HighestPriceOrBid
      contextRef="From2023-06-012023-08-31_custom_CommonSharesMember"
      decimals="INF"
      id="Fact000178"
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    <cef:LowestPriceOrBid
      contextRef="From2023-06-012023-08-31_custom_CommonSharesMember"
      decimals="INF"
      id="Fact000179"
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    <cef:HighestPriceOrBidNav
      contextRef="From2023-06-012023-08-31_custom_CommonSharesMember"
      decimals="INF"
      id="Fact000180"
      unitRef="USDPShares">7.56</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="From2023-06-012023-08-31_custom_CommonSharesMember"
      decimals="INF"
      id="Fact000181"
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    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
      contextRef="From2023-06-012023-08-31_custom_CommonSharesMember"
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    <cef:HighestPriceOrBid
      contextRef="From2023-09-012023-11-30_custom_CommonSharesMember"
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    <cef:LowestPriceOrBidNav
      contextRef="From2023-12-012024-02-29_custom_CommonSharesMember"
      decimals="INF"
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      unitRef="USDPShares">7.37</cef:LowestPriceOrBidNav>
    <cef:HighestPriceOrBidPremiumDiscountToNavPercent
      contextRef="From2023-12-012024-02-29_custom_CommonSharesMember"
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    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
      contextRef="From2023-12-012024-02-29_custom_CommonSharesMember"
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      id="Fact000195"
      unitRef="Ratio">-0.1153</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
    <cef:HighestPriceOrBid
      contextRef="From2024-03-012024-05-31_custom_CommonSharesMember"
      decimals="INF"
      id="Fact000196"
      unitRef="USDPShares">6.82</cef:HighestPriceOrBid>
    <cef:LowestPriceOrBid
      contextRef="From2024-03-012024-05-31_custom_CommonSharesMember"
      decimals="INF"
      id="Fact000197"
      unitRef="USDPShares">6.20</cef:LowestPriceOrBid>
    <cef:HighestPriceOrBidNav
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      decimals="INF"
      id="Fact000198"
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    <cef:LowestPriceOrBidNav
      contextRef="From2024-03-012024-05-31_custom_CommonSharesMember"
      decimals="INF"
      id="Fact000199"
      unitRef="USDPShares">7.39</cef:LowestPriceOrBidNav>
    <cef:HighestPriceOrBidPremiumDiscountToNavPercent
      contextRef="From2024-03-012024-05-31_custom_CommonSharesMember"
      decimals="INF"
      id="Fact000200"
      unitRef="Ratio">-0.1243</cef:HighestPriceOrBidPremiumDiscountToNavPercent>
    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
      contextRef="From2024-03-012024-05-31_custom_CommonSharesMember"
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      id="Fact000201"
      unitRef="Ratio">-0.1543</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
    <link:footnoteLink
      xlink:role="http://www.xbrl.org/2003/role/link"
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        <link:loc
          xlink:href="#Fact000021"
          xlink:label="Fact000021"
          xlink:type="locator"/>
        <link:footnote id="Footnote000046" xlink:label="Footnote000046" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"><xhtml:span id="xdx_904_ecef--OtherTransactionFeesNoteTextBlock_c20240711__20240711_zc3eU7ruc9i8">Assuming
the Fund will have 35,060,927 Shares outstanding if fully subscribed and Offering expenses to be paid by the Fund are estimated
to be approximately $117,000 or approximately $0.003 per Share.</xhtml:span></link:footnote>
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        <link:footnote id="Footnote000048" xlink:label="Footnote000048" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"><xhtml:span id="xdx_90F_ecef--ManagementFeeNotBasedOnNetAssetsNoteTextBlock_c20240711__20240711_zJ2ZVkNd6Lpb">The
Fund does not pay a management fee. The Fund&#x2019;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: $150,000 each for Messrs. Goldstein
and Dakos and $75,000 for Mr. Das. This compensation is included in &#x201c;Other Expenses.&#x201d;</xhtml:span></link:footnote>
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Expenses&#x201d; are based on estimated amounts for the current fiscal year.</xhtml:span></link:footnote>
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Fund invests in other closed-end investment companies and ETFs (collectively, the &#x201c;Acquired Funds&#x201d;). The Shareholders
indirectly bear a pro rata portion of the fees and expenses of the Acquired Funds in which the Fund invests. <xhtml:span id="xdx_907_ecef--AcquiredFundFeesEstimatedNoteTextBlock_c20240711__20240711_zDPalhJmvxe">Acquired Fund fees
and expenses are based on estimated amounts for the current fiscal year.</xhtml:span></xhtml:span></link:footnote>
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