<SEC-DOCUMENT>0001387131-23-003221.txt : 20230309
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<ACCEPTANCE-DATETIME>20230309160801
ACCESSION NUMBER:		0001387131-23-003221
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		21
FILED AS OF DATE:		20230309
DATE AS OF CHANGE:		20230309
EFFECTIVENESS DATE:		20230309

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GABELLI GLOBAL UTILITY & INCOME TRUST
		CENTRAL INDEX KEY:			0001282957
		IRS NUMBER:				320116828
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21529
		FILM NUMBER:		23719780

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		8149219105

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
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<div>
<!-- Field: Rule-Page --><div style="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 2pt solid; border-bottom: Black 1pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->
<p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>UNITED
STATES<br />
SECURITIES AND EXCHANGE COMMISSION</b><br />
Washington, D.C. 20549</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-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: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>FORM
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CERTIFIED
SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES</b></span></p>

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

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<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></p>



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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center"><span style="font-family: Arial, Helvetica, Sans-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: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<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"></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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                                                                               <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">Gabelli
                                            Funds, LLC</span></p>
                                                                               <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">One
                                            Corporate Center</span></p>
                                                                               <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">Rye,
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-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: Arial, Helvetica, Sans-Serif; font-size: 10pt">Registrant&#8217;s
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-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: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date
of fiscal year end: <span style="text-decoration: underline">December 31</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-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: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date
of reporting period: <span style="text-decoration: underline">December 31, 2022</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form
N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission
to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of
1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection,
and policymaking roles.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A
registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant
is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office
of Management and Budget (&#8220;OMB&#8221;) control number. Please direct comments concerning the accuracy of the information collection
burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. &#167; 3507.</span></p>

<p style="font: 10pt Times New 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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
1. Reports to Stockholders.</b></span></p>

<p style="font: bold 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 cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font: normal 10pt Times New Roman, Times, Serif">(a)</span></td><td><span style="font: normal 10pt Times New Roman, Times, Serif">The
                                         Report to Shareholders is attached herewith.</span></td></tr></table>

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

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

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

<p style="font: 20pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="color: Black"><b>The
Gabelli Global Utility &amp; Income Trust</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt; color: Black"><b>Annual
Report &#8212; December 31, 2022</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-size: 9pt; color: Black"><b>(Y)our
Portfolio Management Team</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto">
<tr style="vertical-align: bottom">
    <td style="width: 20%; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><img src="gluncsr123122001.jpg" alt="" /></td>
    <td style="width: 20%; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><img src="gluncsr123122002.jpg" alt="" /></td>
    <td style="width: 20%; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><img src="gluncsr123122003.jpg" alt="" /></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 7pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: Black"><b>Mario
    J. Gabelli, CFA</b></span></td>
    <td style="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: Black"><b>Timothy
    M. Winter, CFA</b></span></td>
    <td style="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: Black"><b>Hendi
    Susanto</b></span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: Black"><i>Chief
    Investment Officer</i></span></td>
    <td style="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: Black"><i>Portfolio
    Manager</i></span></td>
    <td style="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: Black"><i>Portfolio
    Manager</i></span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 7pt; color: Black">&#160;</span></td>
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    Rollins College</i></span></td>
    <td style="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: Black"><i>BS,
    University of Minnesota</i></span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 7pt; color: Black">&#160;</span></td>
    <td style="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: Black"><i>MBA,
    University of</i></span></td>
    <td style="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: Black"><i>MS,
    Massachusetts</i></span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 7pt; color: Black">&#160;</span></td>
    <td style="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: Black"><i>Notre
    Dame</i></span></td>
    <td style="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: Black"><i>Institute
    of Technology</i></span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 7pt; color: Black">&#160;</span></td>
    <td style="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 7pt; color: Black">&#160;</span></td>
    <td style="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: Black"><i>MBA,
    Wharton School,</i></span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 7pt; color: Black">&#160;</span></td>
    <td style="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 7pt; color: Black">&#160;</span></td>
    <td style="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: Black"><i>University
    of Pennsylvania</i></span></td></tr>
</table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>To Our Shareholders,</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in; color: #1D1D1B"><span style="color: Black">For
the year ended December 31, 2022, the net asset value (NAV) total return of The Gabelli Global Utility &amp; Income Trust (the
Fund) was (18.2)%, compared with a total return of 1.6% for the Standard &amp; Poor&#8217;s (S&amp;P) 500 Utilities Index. The
total return for the Fund&#8217;s publicly traded shares was (27.0)%. The Fund&#8217;s NAV per share was $15.89, while the price
of the publicly traded shares closed at $14.08 on the New York Stock Exchange (NYSE). See page 3 for additional performance information.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 25pt"><span style="color: Black">Enclosed are the financial
statements, including the schedule of investments, as of December 31, 2022.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 25pt"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Investment Objective
and Strategy (Unaudited)</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in; color: #1D1D1B"><span style="color: Black">The Gabelli
Global Utility &amp; Income Trust is a non-diversified, closed-end management investment company. The Fund&#8217;s investment
objective is to seek a consistent level of after-tax total return for its investors with an emphasis on tax advantaged dividend
income under current tax law. Under normal market conditions, the Fund invests at least 80% of its assets in equity securities
and income producing securities of domestic and foreign companies involved in the utilities industry and other industries that
are expected to pay periodic dividends.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: left">
    <td style="border: Black 1pt solid; padding: 3pt; width: 100%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">As
    permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund&#8217;s annual and semiannual
    shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead,
    the reports will be made available on the Fund&#8217;s website (www.gabelli.com), and you will be notified by mail each time
    a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports
    electronically, you will not be affected by this change and you need not take any action. To elect to receive all future reports
    on paper free of charge, please contact your financial intermediary, or, if you invest directly with the Fund, you may call
    800-422-3554 or send an email request to info@gabelli.com.</span></td></tr>
</table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 3pt; color: #1D1D1B">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 3pt; color: #1D1D1B"><span style="color: Black"><b>Performance
Discussion (Unaudited)</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 3pt; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in; color: #1D1D1B"><span style="color: Black">For
the year 2022, North American utility stocks represent a safe haven amidst the economic and geopolitical turmoil, and are beneficiaries
of the near- and long-term energy infrastructure needs. The S&amp;P Utility sector was one of the top performing sectors, only
lagging the S&amp;P 500 Energy sector, which benefited from significantly increased oil and gas prices as well as investor sentiment.
In the face of dramatic increases in inflation, interest rates, and energy prices as well as recession fears, utility stocks benefited
from their defensive appeal, earnings stability and energy infrastructure growth opportunities. The negative earnings impact of
higher costs was mitigated by utility customer bill adjustments and other measures.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in; color: #1D1D1B"><span style="color: Black">Despite
five consecutive rate hikes (current overnight target of 4.25%-4.5%), the Fed believes inflation remains too strong. In addition,
the U.S. and Europe face an ongoing energy dilemma, including higher prices and supply shortages, driven by the transformation
from fossil fuel dependency to clean energy. European energy issues have led to government intervention, including nationalization,
price caps, and restrictions. On the other hand, the U.S. Treasury yield curve is inverted and indicates a developing recession,
which would likely lead to lower inflation and lower interest rates. Under either a recessionary or strong growth economy, utilities
would expect to deliver positive earnings and dividend growth. In addition, the August 2022 Inflation Reduction Act (IRA) provides
significant incentives for accelerated clean energy investment for decades to come. That said, we believe investors are better
served owning higher quality, financially strong utilities, which can better absorb ongoing inflationary pressures.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in; color: #1D1D1B"><span style="color: Black">Selected
holdings that contributed positively to performance in 2022 were: AES Corp (2.2% of total investments as of December 31, 2022),
which operates as a diversified power generation and utility company. It owns and/or operates power plants to generate and sell
power to customers, such as utilities, industrial users, and other intermediaries; PNM Resources (0.9%), through its subsidiaries,
provides electricity and electric services in the United States; and American Electric Power (1.4%), is an electric public utility
holding company, that engages in the generation, transmission, and distribution of electricity for sale to retail and wholesale
customers in the United States.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in; color: #1D1D1B"><span style="color: Black">Some
of our weaker performing securities were: WideOpenWest (0.5%), which provides high speed data, cable television, and digital telephony
services to residential and business services customers in the United States; Sony Group (1.2%), which designs, develops, produces,
and sells electronic equipment, instruments, and devices for the consumer, professional, and industrial markets in Japan, the
United States, Europe, China, the&#160;Asia-Pacific, and internationally; and Givaudan SA (1.1%), which manufactures, supplies,
and sells fragrance, beauty, taste, and wellbeing products to the consumer goods industry.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 25pt; color: #1D1D1B"><span style="color: Black">Thank you
for your investment in the The Gabelli Global Utility &amp; Income Trust.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 25pt; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 25pt; color: #1D1D1B"><span style="color: Black">We appreciate
your confidence and trust.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 25pt; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: left">
    <td style="border: Black 1pt solid; padding: 3pt; width: 100%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">The
views expressed reflect the opinions of the Fund&#8217;s portfolio managers and Gabelli Funds, LLC, the Adviser, as of the date of this
report and are subject to change without notice based on changes in market, economic, or other conditions. These views are not
intended to be a forecast of future events and are no guarantee of future results.</span></td></tr>
</table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 25pt; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Comparative Results</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>





<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #12110B"></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #12110B"><span style="font-size: 8pt; color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<tr style="text-align: center; vertical-align: bottom">
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<tr style="text-align: center; vertical-align: bottom">
    <td colspan="17" style="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; color: Black">&#160;</td></tr>
<tr style="text-align: center; vertical-align: bottom">
    <td style="border-left: Black 1pt solid; color: Black; padding-left: 2pt"><span style="font-size: 8pt">&#160;</span></td><td style="color: Black; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: Black"><span style="font-size: 8pt">1 Year</span></td><td style="color: Black; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: Black"><span style="font-size: 8pt">5 year</span></td><td style="color: Black; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: Black"><span style="font-size: 8pt">10 year</span></td><td style="color: Black; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: Black"><span style="font-size: 8pt">15 year</span></td><td style="color: Black; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: Black"><span style="font-size: 8pt">Since<br /> Inception<br />
    (5/28/04)</span></td>
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<tr style="vertical-align: bottom">
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    <td style="color: Black; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="color: Black; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="color: Black"><span style="font-size: 8pt">&#160;</span></td>
    <td style="color: Black; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="color: Black; text-align: left"><span style="font-size: 8pt">&#160;</span></td><td style="color: Black"><span style="font-size: 8pt">&#160;</span></td>
    <td style="color: Black; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="color: Black; text-align: left"><span style="font-size: 8pt">&#160;</span></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">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
    <td style="border-left: Black 1pt solid; color: Black; text-align: left; padding-left: 2pt"><span style="font-size: 8pt">S&amp;P
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    <td style="border-right: Black 1pt solid">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-left: Black 1pt solid; color: Black; text-align: left; padding-left: 2pt">&#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><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="border-right: Black 1pt solid">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="17" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt; color: Black; text-align: left"><p style="margin-top: 0; margin-bottom: 0"><span style="font-size: 8pt"></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #12110B; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-indent: -0.25in"><span style="font-size: 8pt; color: Black">(a)</span> <span style="font-size: 8pt; color: Black">&#160;&#160;Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. The Fund&#8217;s use of leverage may magnify the volatility of net asset value changes versus funds that do not employ leverage. When shares are sold, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. The S&amp;P 500 Utilities Index is an unmanaged indicator of electric and gas utility stock performance. The Lipper Utility Fund Average reflects the average performance of mutual funds classified in this particular category. The S&amp;P Global 1200 Utilities Index is an unmanaged indicator of electric and gas utility stock performance. Dividends are considered reinvested. You cannot invest directly in an index.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #12110B; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-indent: -0.25in"> <span style="font-size: 8pt; color: Black">(b)</span> <span style="font-size: 8pt; color: Black">&#160;&#160;&#160;Total returns and average annual returns reflect changes in the NAV per share, reinvestment of distributions at NAV on the ex-dividend date, and adjustments for the rights offering and are net of expenses. Since inception return is based on an initial NAV of $19.06.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; color: #12110B; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-indent: -0.25in"> <span style="font-size: 8pt; color: Black">(c)</span> <span style="font-size: 8pt; color: Black">&#160;&#160;&#160;Total returns and average annual returns reflect changes in closing market values on the NYSE American, reinvestment of distributions, and adjustments for the rights offering. Since inception return is based on an initial offering price of $20.00.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 8pt; color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #12110B"><span style="font-size: 8pt; color: Black"><b>Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing.</b></span></p>

</td></tr>
</table>


<p style="margin-top: 0; margin-bottom: 0"><span style="font-size: 8pt">&#160;<span style="color: Black">&#160;</span></span></p>


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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="color: Black"><b>COMPARISON
OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="color: Black"><b>THE
GABELLI GLOBAL UTILITY &amp; INCOME TRUST (INVESTMENT TOTAL RETURN) and S&amp;P 500</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="color: Black"><b>UTILITIES
INDEX (Unaudited)</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 176pt; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 40%; border-collapse: collapse; margin-right: auto">
<tr style="vertical-align: top">
    <td colspan="4" style="border: Black 1pt solid; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">Average
    Annual Total Returns*</span></td></tr>
<tr style="vertical-align: top">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">&#160;</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 10%; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">1
    Year</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 10%; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">5
    Year</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 10%; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">10
    Year</span></td></tr>
<tr style="vertical-align: top">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">Investment</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">(26.98)%</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">(0.68)%</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">3.61%</span></td></tr>
</table>

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

<p style="margin-top: 0; margin-bottom: 0; text-align: center"><img src="gluncsr123122004.jpg" alt="" /></p>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">*
Past performance is not predictive of future results. The performance tables and graph do not reflect the deduction of taxes that
a shareholder would pay on Fund distributions or the sale of Fund shares.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #12110B"><span style="color: Black">&#160;</span></p>


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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Summary of Portfolio
Holdings (Unaudited)</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="color: Black">The following table presents portfolio
holdings as a percent of total investments as of December 31, 2022:</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-size: 11pt; color: Black"><b>The
Gabelli Global Utility &amp; Income Trust</b></span></p>

<div style="position: relative; float: left; width: 48%">

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
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    <td style="width: 15%; color: Black; text-align: right">24.2</td><td style="width: 5%; color: Black; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: Black; text-align: left; padding-left: 0.125in; text-indent: -0.125in">U.S. Government Obligations</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: right">21.2</td><td style="color: Black; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
    <td style="color: Black; text-align: left; padding-left: 0.125in; text-indent: -0.125in">Food and Beverage</td><td style="color: Black">&#160;</td>
    <td style="color: Black; text-align: right">5.1</td><td style="color: Black; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
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    <td style="color: Black; text-align: right">4.4</td><td style="color: Black; text-align: left">%</td></tr>
<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">
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    <td style="color: Black; text-align: right">2.9</td><td style="color: Black; text-align: left">%</td></tr>
<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">
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<tr style="vertical-align: bottom">
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</table>

</div>
<div style="position: relative; float: right; width: 48%">


<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<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">
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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">
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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">
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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">
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</table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 8pt; color: Black">*</span></td><td style="text-align: justify"><span style="font-size: 8pt; color: Black">Amount
                                         represents less than 0.05%.</span></td>
</tr></table>

</div>
<div style="clear: both"></div>


<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>The
Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third
quarters of each fiscal year on Form N-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund
at 800-GABELLI (800-422-3554). The Fund&#8217;s Form N-PORT is available on the SEC&#8217;s website at www.sec.gov and may also
be reviewed and copied at the SEC&#8217;s Public Reference Room in Washington, DC. Information on the operation of the Public
Reference Room may be obtained by calling 800-SEC-0330.</i></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: Black"><b>Proxy
Voting</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each
year. A description of the Fund&#8217;s proxy voting policies, procedures, and how each Fund voted proxies relating to portfolio
securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds
at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC&#8217;s website at www.sec.gov.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>The
Gabelli Global Utility &amp; Income Trust<br />
Schedule of Investments &#8212; December 31, 2022</b></span></p>
<!-- Field: Rule-Page --><div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

<div style="position: relative; float: left; width: 48%">

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<tr style="text-align: center; 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">
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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">
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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">
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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">
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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">
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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">
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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">
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</table>



</div>
<div style="position: relative; float: right; width: 48%">


<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<tr style="text-align: center; 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">
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</table>


</div>
<div style="clear: both"></div>


<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-size: 8pt; color: Black">See
accompanying notes to financial statements.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>The
Gabelli Global Utility &amp; Income Trust</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>Schedule
of Investments (Continued) &#8212; December 31, 2022</b></span></p>
<!-- Field: Rule-Page --><div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

<div style="position: relative; float: left; width: 48%">

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
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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">
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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">
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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">
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<tr style="vertical-align: bottom">
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</table>



</div>
<div style="position: relative; float: right; width: 48%">


<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<tr style="text-align: center; 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">
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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">
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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="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#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">
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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">
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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">
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<tr style="vertical-align: bottom">
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</table>

</div>
<div style="clear: both"></div>


<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-size: 8pt; color: Black">See
accompanying notes to financial statements.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#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 Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>The
Gabelli Global Utility &amp; Income Trust</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>Schedule
of Investments (Continued) &#8212; December 31, 2022</b></span></p>
<!-- Field: Rule-Page --><div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

<div style="position: relative; float: left; width: 48%">

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
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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">
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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">
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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">
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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">
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<tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="text-align: right; vertical-align: top">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="text-align: right; vertical-align: top">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="text-align: right; vertical-align: top">&#160;</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="text-align: right; vertical-align: top">&#160;</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#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">
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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="text-align: left">&#160;</td><td style="text-align: right; vertical-align: top">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="text-align: right; vertical-align: top">&#160;</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#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">
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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">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<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">
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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">
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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">
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</div>
<div style="position: relative; float: right; width: 48%">


<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
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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">
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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">
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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">
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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">
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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">
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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">
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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">
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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">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="text-align: right; vertical-align: top">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="text-align: right; vertical-align: top">&#160;</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="text-align: right; vertical-align: top">&#160;</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#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">
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<tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="text-align: right; vertical-align: top">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="text-align: right; vertical-align: top">&#160;</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#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">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="text-align: right; vertical-align: top">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom">
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</table>


</div>
<div style="clear: both"></div>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-size: 8pt; color: Black">See
accompanying notes to financial statements.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


<!-- Field: Page; Sequence: 10; Value: 2 -->
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>The
Gabelli Global Utility &amp; Income Trust</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>Schedule
of Investments (Continued) &#8212; December 31, 2022</b></span></p>
<!-- Field: Rule-Page --><div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

<div style="position: relative; float: left; width: 48%">

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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">
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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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</div>
<div style="position: relative; float: right; width: 48%">


<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
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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">
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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">
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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">
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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">
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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">
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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">
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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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</table>

</div>
<div style="clear: both"></div>


<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-size: 8pt; color: Black">See
accompanying notes to financial statements.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 165pt; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>The
Gabelli Global Utility &amp; Income Trust</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>Schedule
of Investments (Continued) &#8212; December 31, 2022</b></span></p>
<!-- Field: Rule-Page --><div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

<div style="position: relative; float: left; width: 48%">

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<tr style="text-align: center; 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">
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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">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="text-align: right; vertical-align: top">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="text-align: right; vertical-align: top">&#160;</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="text-align: right; vertical-align: top">&#160;</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">114,615</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="text-align: right; vertical-align: top">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="text-align: right; vertical-align: top">&#160;</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#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">
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<tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="text-align: right; vertical-align: top">&#160;</td><td style="text-align: left">&#160;</td><td>&#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">
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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">
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</div>
<div style="position: relative; float: right; width: 48%">


<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
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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">
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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">
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</table>

</div>
<div style="clear: both"></div>


<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-size: 8pt; color: Black">See
accompanying notes to financial statements.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 165pt; color: #1D1D1B"><span style="color: Black">&#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 Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>The
Gabelli Global Utility &amp; Income Trust</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>Schedule
of Investments (Continued) &#8212; December 31, 2022</b></span></p>
<!-- Field: Rule-Page --><div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

<div style="position: relative; float: left; width: 48%">

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
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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">
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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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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#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">
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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="text-align: left; vertical-align: top">&#160;</td><td style="text-align: right; vertical-align: top">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top">&#160;</td><td style="text-align: right; vertical-align: top">&#160;</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top">&#160;</td><td style="text-align: right; vertical-align: top">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top">&#160;</td><td style="text-align: right; vertical-align: top">&#160;</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top">&#160;</td><td style="text-align: right; vertical-align: top">&#160;</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top">&#160;</td><td style="text-align: right; vertical-align: top">&#160;</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top">&#160;</td><td style="text-align: right; vertical-align: top">&#160;</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">0</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top">&#160;</td><td style="text-align: right; vertical-align: top">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top">&#160;</td><td style="text-align: right; vertical-align: top">&#160;</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top">&#160;</td><td style="text-align: right; vertical-align: top">&#160;</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top">&#160;</td><td style="text-align: right; vertical-align: top">&#160;</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<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="text-align: left; vertical-align: top">&#160;</td><td style="text-align: right; vertical-align: top">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top">&#160;</td><td style="text-align: right; vertical-align: top">&#160;</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top">&#160;</td><td style="text-align: right; vertical-align: top">&#160;</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top">&#160;</td><td style="text-align: right; vertical-align: top">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top">&#160;</td><td style="text-align: right; vertical-align: top">&#160;</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#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">
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</table>



</div>
<div style="position: relative; float: right; width: 48%">


<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<tr style="text-align: center; vertical-align: bottom">
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<tr style="vertical-align: bottom">
    <td style="text-align: right; vertical-align: top">&#160;</td><td style="text-align: right; vertical-align: middle">&#160;</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
    <td style="text-align: right; vertical-align: top">&#160;</td><td style="text-align: right; vertical-align: middle">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">155,823,037</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="6" style="text-align: left; padding-left: 0.125in; text-indent: -0.125in">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">310,543</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="6" style="text-align: left; padding-left: 0.125in; text-indent: -0.125in">&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="6" style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><b>PREFERRED SHARES</b></td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="6" style="text-align: left; padding-left: 0.25in; text-indent: -0.125in">(1,226,100 preferred shares outstanding)</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td colspan="6" style="text-align: left; padding-left: 0.25in; text-indent: -0.125in">&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="6" style="text-align: left; padding-left: 0.25in; text-indent: -0.125in">(5,968,911 common shares outstanding)</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td colspan="6" style="text-align: left; padding-left: 0.25in; text-indent: -0.125in">&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="6" style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><b>NET ASSET VALUE PER COMMON SHARE</b></td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="6" style="text-align: left; padding-left: 0.25in; text-indent: -0.125in">($94,828,580 &#247; 5,968,911 shares outstanding)</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">$</td><td style="border-bottom: Black 3pt double; text-align: right">15.89</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
</table>



<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>
<!-- Field: Rule-Page --><div style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 20%">&#160;</div></div><!-- Field: /Rule-Page -->

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 0.5in"><span style="font-size: 8pt; color: Black">(a)</span></td><td style="padding-right: 7pt"><span style="font-size: 8pt; color: Black">Security
                                         is valued using significant unobservable inputs and is classified as Level 3 in the fair
                                         value hierarchy.</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0pt"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 8pt; color: Black">&#8224;</span></td><td style="text-align: justify"><span style="font-size: 8pt; color: Black">Non-income
                                         producing security.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0pt"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 8pt; color: Black">&#8224;&#8224;</span></td><td style="text-align: justify"><span style="font-size: 8pt; color: Black">Represents
                                         annualized yields at dates of purchase.</span></td>
</tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0pt"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 8pt; color: Black">ADR</span></td><td style="text-align: justify"><span style="font-size: 8pt; color: Black">American
                                         Depositary Receipt</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0pt"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 8pt; color: Black">CVR</span></td><td style="text-align: justify"><span style="font-size: 8pt; color: Black">Contingent
                                         Value Right</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0pt"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 8pt; color: Black">GDR</span></td><td style="text-align: justify"><span style="font-size: 8pt; color: Black">Global
                                         Depositary Receipt</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0pt"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 8pt; color: Black">SDR</span></td><td style="text-align: justify"><span style="font-size: 8pt; color: Black">Swedish
                                         Depositary Receipt</span></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #12110B"><span style="color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font-weight: bold">Geographic Diversification</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">27.4</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">1.8</td><td style="text-align: left">&#160;</td><td>&#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="text-align: left; padding-bottom: 1pt">Africa/Middle East</td><td style="padding-bottom: 1pt">&#160;</td>
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    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">112,223</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 2.5pt">Total Investments</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 3pt double; text-align: right">100.0</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</table>


</div>
<div style="clear: both"></div>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #12110B"><span style="color: Black">&#160;</span></p>



<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #1D1D1B"><span style="font-size: 8pt; color: Black">See
accompanying notes to financial statements.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>The
Gabelli Global Utility &amp; Income Trust</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<div style="position: relative; float: left; width: 48%">

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Statement of Assets
and Liabilities</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>December 31, 2022</b></span></p>
<!-- Field: Rule-Page --><div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->



<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; padding-left: 0in">Assets:</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 81%; text-align: left; padding-left: 0.125in">Investments, at value (cost $135,388,313)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">155,823,037</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in">Cash</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">93,147</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.125in">Foreign currency, at value (cost $7,016)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,031</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.125in">Receivable for investments sold</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">105,396</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.125in">Dividends receivable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">448,267</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.125in">Deferred offering expense</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">84,530</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Prepaid expenses</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">2,191</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Total Assets</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">156,563,599</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; padding-left: 0in">Liabilities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.125in">Distributions payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">34,029</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.125in">Payable for investments purchased</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">96,801</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.125in">Payable for investment advisory fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">66,772</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.125in">Payable for payroll expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">47,033</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.125in">Payable for offering costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">46,549</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.125in">Payable for accounting fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">11,250</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.125in">Payable for legal and audit fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">57,942</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.125in">Payable for shareholder communications</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">34,428</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.125in">Payable for custodian fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">26,499</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Other accrued expenses</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">8,716</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Total Liabilities</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">430,019</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; padding-left: 0in">Preferred Shares:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Series A Cumulative Preferred Shares (3.800%, $<span id="xdx_90B_ecef--SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit_c20221231__20221231__cef--SecurityAxis__custom--SeriesACumulativePreferredStockMember_zLvRJNweaV2a"><ix:nonFraction name="cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit" contextRef="From2022-12-312022-12-31_custom_SeriesACumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">50</ix:nonFraction></span> liquidation value per share, $0.001 par value, <span id="xdx_90C_ecef--OutstandingSecurityAuthorizedShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesACumulativePreferredStockMember_zPIVFTpmKW4j"><ix:nonFraction name="cef:OutstandingSecurityAuthorizedShares" contextRef="From2022-12-312022-12-31_custom_SeriesACumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,200,000</ix:nonFraction></span> shares authorized with <span id="xdx_909_ecef--OutstandingSecurityNotHeldShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesACumulativePreferredStockMember_zg10FTx3w1Me"><ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2022-12-312022-12-31_custom_SeriesACumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">21,087</ix:nonFraction></span> shares issued and outstanding)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,054,350</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in">Series B Cumulative Preferred Shares (4.000%, $<span id="xdx_902_ecef--SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit_c20221231__20221231__cef--SecurityAxis__custom--SeriesBCumulativePreferredStockMember_zNR1YiEaC7Gk"><ix:nonFraction name="cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit" contextRef="From2022-12-312022-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">50</ix:nonFraction></span> liquidation value per share, $0.001 par value,<span id="xdx_90C_ecef--OutstandingSecurityAuthorizedShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesBCumulativePreferredStockMember_zDLqTsroz7Zd"><ix:nonFraction name="cef:OutstandingSecurityAuthorizedShares" contextRef="From2022-12-312022-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,370,433</ix:nonFraction></span> shares authorized with <span id="xdx_90C_ecef--OutstandingSecurityNotHeldShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesBCumulativePreferredStockMember_z59BQayxaVqi"><ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2022-12-312022-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,205,013</ix:nonFraction></span> shares issued and outstanding)<b></b></td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">60,250,650</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; padding-bottom: 1pt; padding-left: 0.125in">Total Preferred Shares</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">61,305,000</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 0.125in">Net Assets Attributable to Common Shareholders</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">$</td><td style="border-bottom: Black 3pt double; text-align: right">94,828,580</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 0.125in">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-left: 0in">Net Assets Attributable to Common Shareholders Consist of:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.125in">Paid-in capital</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">75,759,935</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Total distributable earnings</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">19,068,645</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 0.125in">Net Assets</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">$</td><td style="border-bottom: Black 3pt double; text-align: right">94,828,580</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; padding-left: 0in">Net Asset Value per Common Share:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 2.5pt; padding-left: 0.25in; text-indent: -0.125in">($94,828,580 &#247; <span id="xdx_906_ecef--OutstandingSecurityNotHeldShares_c20221231__20221231__cef--SecurityAxis__custom--CommonStockMember_z5Flx7x1urz5"><ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2022-12-312022-12-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,968,911</ix:nonFraction></span> shares outstanding at $0.001 par value; unlimited number of shares authorized)</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</table>



</div>
<div style="position: relative; float: right; width: 48%">


<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Statement of Operations</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>For the Year Ended
December 31, 2022</b></span></p>
<!-- Field: Rule-Page --><div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->



<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="font-weight: bold">Investment Income:</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 81%; text-align: left; text-indent: -0.125in; padding-left: 0.25in">Dividends (net of foreign withholding taxes of $241,708)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">3,628,953</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.25in">Interest</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">431,297</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.25in">Total Investment Income</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">4,060,250</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-indent: -0.125in; padding-left: 0.125in">Expenses:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.25in">Investment advisory fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">805,398</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.25in">Payroll expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">139,682</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.25in">Legal and audit fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">101,385</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.25in">Shareholder communications expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">94,626</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.25in">Trustees&#8217; fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">65,000</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.25in">Accounting fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">45,000</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.25in">Custodian fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">41,207</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.25in">Shareholder services fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">41,162</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.25in">Interest expense</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">833</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.25in">Miscellaneous expenses</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">6,310</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.25in">Total Expenses</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">1,340,603</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.25in">Less:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.375in">Expenses paid indirectly by broker (See Note 5)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(4,245</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.25in">Net Expenses</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">1,336,358</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.25in">Net Investment Income</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">2,723,892</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">2,879,369</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.25in">Net realized loss on foreign currency transactions</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(13,722</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.25in">Net realized gain on investments and foreign currency transactions</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">2,865,647</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.25in">Net change in unrealized appreciation/depreciation:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.375in">on investments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(23,631,010</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
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    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(6,489</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.25in">Net change in unrealized appreciation/depreciation on</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.375in; padding-bottom: 1pt">investments and foreign currency translations</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(23,637,499</td><td style="text-align: left; padding-bottom: 1pt">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 1pt">Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(20,771,852</td><td style="text-align: left; padding-bottom: 1pt">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.25in">Net Decrease in Net Assets Resulting from Operations</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(18,047,960</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.25in">Total Distributions to Preferred Shareholders</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(2,461,586</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.25in">Net Decrease in Net Assets Attributable to Common Shareholders Resulting from Operations</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">$</td><td style="border-bottom: Black 3pt double; text-align: right">(20,509,546</td><td style="padding-bottom: 1pt; text-align: left; vertical-align: bottom">)</td></tr>
</table>

</div>
<div style="clear: both"></div>


<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #1D1D1B"><span style="font-size: 8pt; color: Black">See
accompanying notes to financial statements.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


<!-- Field: Page; Sequence: 14; Value: 2 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></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 Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>The
Gabelli Global Utility &amp; Income Trust</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>Statement
of Changes in Net Assets Attributable to Common Shareholders</b></span></p>

<!-- Field: Rule-Page --><div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"></p>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<tr style="text-align: center; vertical-align: bottom">
    <td style="padding-left: 0.125in">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold">Year Ended<br /> December 31, 2022</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold">Year Ended<br /> December 31, 2021</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; padding-left: 0in">Operations:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 70%; text-align: left; padding-left: 0.125in">Net investment income</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">2,723,892</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">2,679,413</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.125in">Net realized gain on investments and foreign currency transactions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,865,647</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4,564,968</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Net change in unrealized appreciation/depreciation on investments and foreign currency translations</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(23,637,499</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">10,025,639</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Net Increase/(Decrease) in Net Assets Resulting from Operations</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(18,047,960</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">17,270,020</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0in">Distributions to Preferred Shareholders from Accumulated Earnings</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(2,461,586</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(2,576,853</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in">Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Resulting from Operations</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(20,509,546</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">14,693,167</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-left: 0in">Distributions to Common Shareholders:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.125in">Accumulated earnings</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(3,697,394</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,529,666</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; padding-left: 0.125in">Return of capital</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(3,110,182</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(3,919,647</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Total Distributions to Common Shareholders</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(6,807,576</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(6,449,313</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; padding-left: 0in">Fund Share Transactions:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.125in">Increase in net assets from common shares issued in offering</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">9,463,248</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">31,744</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">47,444</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.125in">Net increase in net assets from repurchase of preferred shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">36,489</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5,898</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.125in; padding-bottom: 1pt">Offering costs for common shares charged to paid-in capital</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(315,000</td><td style="text-align: left; padding-bottom: 1pt">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="text-align: left; padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">9,216,481</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">53,342</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt; text-align: right">(18,100,641</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt; text-align: right">8,297,196</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-left: 0in">Net Assets Attributable to Common Shareholders:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; padding-left: 0.125in">Beginning of year</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">112,929,221</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">104,632,025</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 2.5pt; padding-left: 0.125in">End of year</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 3pt double; text-align: left">$</td><td style="border-bottom: Black 3pt double; text-align: right">112,929,221</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
</table>



<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-size: 8pt; color: Black">See
accompanying notes to financial statements.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 165pt; color: #1D1D1B"><span style="color: Black">&#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 Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>The
Gabelli Global Utility &amp; Income Trust</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>Financial
Highlights</b></span></p>

<!-- Field: Rule-Page --><div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->


<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black"><b>Selected
data for a common share of beneficial interest outstanding throughout each year:</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #12110B"><span style="color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td>
    <td colspan="2" id="xdx_49B_20220101__20221231_zB7Xdokpbtbl" style="font-weight: bold; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td>
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<tr style="text-align: center; vertical-align: bottom">
    <td style="padding-left: 0.25in; text-indent: -0.125in">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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<tr style="text-align: center; vertical-align: bottom">
    <td style="padding-left: 0.25in; text-align: right; text-indent: -0.125in">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt; text-align: right">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2022</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt; text-align: right">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2018</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right">18.75</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td><td style="width: 1%; padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">0.48</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.50</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.40</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.57</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.58</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in">Net realized and unrealized gain/(loss) on investments and foreign currency transactions</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(3.77</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">2.72</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">0.32</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">3.13</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(2.15</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in">Total from investment operations</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(3.29</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">3.22</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">0.72</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">3.70</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in">Distributions to Preferred Shareholders: (a)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Net investment income</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.19</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.26</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.42</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.29</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.12</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Net realized gain</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.24</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.22</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.54</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.16</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in">Return of capital</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
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    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.43</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.48</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.48</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.83</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.28</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in">Distributions to Common Shareholders:</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.28</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.25</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.27</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.49</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.37</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.22</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.52</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.64</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 0.25in; padding-bottom: 1pt; text-indent: -0.125in">Return of capital</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.55</td><td style="text-align: left; padding-bottom: 1pt">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.73</td><td style="text-align: left; padding-bottom: 1pt">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(1.20</td><td style="text-align: left; padding-bottom: 1pt">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.41</td><td style="text-align: left; padding-bottom: 1pt">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.07</td><td style="text-align: left; padding-bottom: 1pt">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in">Total distributions to common shareholders</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(1.20</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(1.20</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(1.20</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(1.20</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(1.20</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in">Fund Share Transactions:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Decrease in net asset value from common share transactions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.15</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.55</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Increase in net asset value from common shares issued upon reinvestment of distributions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.00</td><td style="text-align: left">(b)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.00</td><td style="text-align: left">(b)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.00</td><td style="text-align: left">(b)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Increasein net asset value from repurchase of preferred shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.01</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.00</td><td style="text-align: left">(b)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.01</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.00</td><td style="text-align: left">(b)</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt">Offering expenses charged to paid-in capital</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.06</td><td style="text-align: left; padding-bottom: 1pt">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="text-align: left; padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="text-align: left; padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">0.00</td><td style="text-align: left; padding-bottom: 1pt">(b)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.08</td><td style="text-align: left; padding-bottom: 1pt">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt">Total Fund share transactions</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.20</td><td style="text-align: left; padding-bottom: 1pt">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">0.00</td><td style="text-align: left; padding-bottom: 1pt">(b)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="text-align: left; padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">0.01</td><td style="text-align: left; padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.63</td><td style="text-align: left; padding-bottom: 1pt">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in; text-indent: -0.125in">Net Asset Value Attributable to Common Shareholders, End of Year</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">$</td><td style="border-bottom: Black 3pt double; text-align: right">15.89</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">$</td><td style="border-bottom: Black 3pt double; text-align: right">21.01</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">$</td><td style="border-bottom: Black 3pt double; text-align: right">19.47</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">$</td><td style="border-bottom: Black 3pt double; text-align: right">20.43</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">$</td><td style="border-bottom: Black 3pt double; text-align: right">18.75</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in; text-indent: -0.125in">NAV total return &#8224;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">&#160;</td><td style="border-bottom: Black 3pt double; text-align: right">(18.21</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">&#160;</td><td style="border-bottom: Black 3pt double; text-align: right">14.30</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">&#160;</td><td style="border-bottom: Black 3pt double; text-align: right">2.33</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">&#160;</td><td style="border-bottom: Black 3pt double; text-align: right">15.83</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">&#160;</td><td style="border-bottom: Black 3pt double; text-align: right">(8.86</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 2.5pt; padding-left: 0.25in; text-indent: -0.125in">Market value, end of year</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">$</td><td style="border-bottom: Black 3pt double; text-align: right">14.08</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">$</td><td style="border-bottom: Black 3pt double; text-align: right">21.05</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">$</td><td style="border-bottom: Black 3pt double; text-align: right">18.42</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">$</td><td style="border-bottom: Black 3pt double; text-align: right">18.88</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">$</td><td style="border-bottom: Black 3pt double; text-align: right">16.10</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in; text-indent: -0.125in">Investment total return &#8224;&#8224;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">&#160;</td><td style="border-bottom: Black 3pt double; text-align: right">(26.98</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">&#160;</td><td style="border-bottom: Black 3pt double; text-align: right">21.23</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">&#160;</td><td style="border-bottom: Black 3pt double; text-align: right">4.86</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">&#160;</td><td style="border-bottom: Black 3pt double; text-align: right">25.09</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">&#160;</td><td style="border-bottom: Black 3pt double; text-align: right">(16.74</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in">Ratios to Average Net Assets and Supplemental Data:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Net assets including liquidation value of preferred shares, end of year (in 000&#8217;s)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">156,134</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">174,859</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">169,245</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">174,294</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">165,875</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Net assets attributable to common shares, end of year (in 000&#8217;s)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">94,829</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">112,929</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">104,632</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">109,681</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">100,655</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Ratio of net investment income to average net assets attributable to common shares before preferred share distributions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2.75</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2.40</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2.29</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2.90</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2.73</td><td style="text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Ratio of operating expenses to average net assets attributable to common shares (c)(d)(e)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1.35</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1.39</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1.39</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1.33</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1.33</td><td style="text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Portfolio turnover rate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">27</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">71</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">13</td><td style="text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in">Cumulative Preferred Shares:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Series A Preferred</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_404_ecef--SeniorSecuritiesAmount_pn3n3_hcef--SecurityAxis__custom--SeriesACumulativePreferredStockMember_zabw4Dgj9j69" style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Liquidation value, end of year (in 000&#8217;s)</td><td>&#160;</td>
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<tr id="xdx_40A_ecef--OutstandingSecurityNotHeldShares_pn3n3_hcef--SecurityAxis__custom--SeriesACumulativePreferredStockMember_zqZZZbEirkWb" style="vertical-align: bottom">
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<tr id="xdx_40A_ecef--SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit_pip0_hcef--SecurityAxis__custom--SeriesACumulativePreferredStockMember_zdBvePYjVGwc" style="vertical-align: bottom">
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<tr id="xdx_40C_ecef--SeniorSecuritiesAverageMarketValuePerUnit_pip0_hcef--SecurityAxis__custom--SeriesACumulativePreferredStockMember_zEc1Ajz2vSBj" style="vertical-align: bottom">
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<tr id="xdx_40D_ecef--SeniorSecuritiesCoveragePerUnit_pip0_hcef--SecurityAxis__custom--SeriesACumulativePreferredStockMember_z1zWLEhkey64" style="vertical-align: bottom">
    <td style="padding-left: 0.25in; text-indent: -0.125in">Asset coverage per share (g)</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="From2019-01-012019-12-31_custom_SeriesACumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">134.88</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="From2018-01-012018-12-31_custom_SeriesACumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">127.17</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
</table>



<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #12110B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-size: 8pt; color: Black">See
accompanying notes to financial statements.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 158pt; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


<!-- Field: Page; Sequence: 16; Value: 2 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt; color: #1D1D1B">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>The
Gabelli Global Utility &amp; Income Trust</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>Financial
Highlights (Continued)</b></span></p>

<!-- Field: Rule-Page --><div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->


<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black"><b>Selected
data for a common share of beneficial interest outstanding throughout each year:</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt; color: #12110B"><span style="color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td>
    <td colspan="2" id="xdx_49F_20220101__20221231_zA4DC1wi2rka" style="font-weight: bold; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td>
    <td colspan="2" id="xdx_491_20210101__20211231_zzPmQuTZFH5h" style="font-weight: bold; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td>
    <td colspan="2" id="xdx_496_20200101__20201231_zojtyVhhkfcc" style="font-weight: bold; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td>
    <td colspan="2" id="xdx_491_20190101__20191231_zIyBNRlBqYy8" style="font-weight: bold; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td>
    <td colspan="2" id="xdx_49C_20180101__20181231_zRhoS0MizNIi" style="font-weight: bold; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="text-align: center; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="18" style="border-bottom: Black 1pt solid; font-weight: bold">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
<tr style="text-align: right; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold">2022</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold">2018</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">Series B Preferred</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40A_ecef--SeniorSecuritiesAmount_pn3n3_hcef--SecurityAxis__custom--SeriesBCumulativePreferredStockMember_znigRJBmyrR8" style="vertical-align: bottom">
    <td style="width: 25%; text-align: left">Liquidation value, end of year (in 000&#8217;s)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="From2022-01-012022-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">60,251</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="From2021-01-012021-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">60,303</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="From2019-01-012019-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">62,901</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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<tr id="xdx_403_ecef--OutstandingSecurityNotHeldShares_pn3n3_hcef--SecurityAxis__custom--SeriesBCumulativePreferredStockMember_zV1Rs8jIT5Pd" style="vertical-align: bottom">
    <td style="text-align: left">Total shares outstanding (in 000&#8217;s)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2022-01-012022-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">1,205</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2021-01-012021-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">1,206</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2019-01-012019-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">1,258</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2018-01-012018-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">1,258</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40D_ecef--SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit_pip0_hcef--SecurityAxis__custom--SeriesBCumulativePreferredStockMember_zZTAPGUXA4Fh" style="vertical-align: bottom">
    <td>Liquidation preference per share</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit" contextRef="From2022-01-012022-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">50.00</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit" contextRef="From2021-01-012021-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">50.00</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit" contextRef="From2020-01-012020-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">50.00</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit" contextRef="From2019-01-012019-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">50.00</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit" contextRef="From2018-01-012018-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">50.00</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40A_ecef--SeniorSecuritiesAverageMarketValuePerUnit_pip0_hcef--SecurityAxis__custom--SeriesBCumulativePreferredStockMember_ziyX3spqdzra" style="vertical-align: bottom">
    <td>Average market value (f)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesAverageMarketValuePerUnit" contextRef="From2022-01-012022-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">50.25</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesAverageMarketValuePerUnit" contextRef="From2021-01-012021-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">51.67</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesAverageMarketValuePerUnit" contextRef="From2020-01-012020-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">51.66</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesAverageMarketValuePerUnit" contextRef="From2019-01-012019-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">52.15</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesAverageMarketValuePerUnit" contextRef="From2018-01-012018-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">51.32</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_406_ecef--SeniorSecuritiesCoveragePerUnit_pip0_hcef--SecurityAxis__custom--SeriesBCumulativePreferredStockMember_zZ71Z9woR1jg" style="vertical-align: bottom">
    <td>Asset coverage per share (g)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="From2022-01-012022-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">127.34</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="From2019-01-012019-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">134.88</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="From2018-01-012018-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">127.17</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">Asset Coverage (h)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">255</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">282</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">262</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">270</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">254</td><td style="text-align: left">%</td></tr>
</table>



<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt; color: #12110B"><span style="color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #12110B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in; text-align: left"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 8pt; color: Black">&#8224;</span></td><td style="text-align: left"><span style="font-size: 8pt; color: Black">Based
                                         on net asset value per share, adjusted for reinvestment of distributions at the net asset
                                         value per share on the ex-dividend dates and adjustments for the rights offering.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #12110B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in; text-align: left"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 8pt; color: Black">&#8224;&#8224;</span></td><td style="text-align: left"><span style="font-size: 8pt; color: Black">Based
                                         on market value per share at initial public offering of $20.00 per share, adjusted for
                                         reinvestments of distributions at prices obtained under the Fund&#8217;s dividend reinvestment
                                         plan and adjustments for the rights offering.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #12110B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in; text-align: left"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 8pt; color: Black">(a)</span></td><td style="text-align: left"><span style="font-size: 8pt; color: Black">Calculated
                                         based on average common shares outstanding on the record dates throughout the years.</span></td>
</tr></table>



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<td style="width: 0in; text-align: left"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 8pt; color: Black">(b)</span></td><td style="text-align: left"><span style="font-size: 8pt; color: Black">Amount
                                         represents less than $0.005 per share.</span></td>
</tr></table>



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<td style="width: 0in; text-align: left"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 8pt; color: Black">(c)</span></td><td style="text-align: left"><span style="font-size: 8pt; color: Black">The
                                         Fund incurred interest expense in all periods presented. During the years ended December
                                         31, 2019 and 2018, if interest expense had not been incurred, the expense ratios would
                                         have been 1.32% and 1.31% attributable to common shares and 0.82% and 0.99% including
                                         the liquidation value of preferred shares, respectively. For the years ended December
                                         31, 2022, 2021, and 2020, there was no impact on the expense ratios.</span></td>
</tr></table>



<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #12110B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in; text-align: left"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 8pt; color: Black">(d)</span></td><td style="text-align: left"><span style="font-size: 8pt; color: Black">The
                                         Fund received credits from a designated broker who agreed to pay certain Fund operating
                                         expenses. For all years presented, there was no impact on the expense ratios.</span></td>
</tr></table>



<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #12110B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in; text-align: left"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 8pt; color: Black">(e)</span></td><td style="text-align: left"><span style="font-size: 8pt; color: Black">Ratio
                                         of operating expenses to average net assets including liquidation value of preferred
                                         shares for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, would have
                                         been 0.83%, 0.89%, 0.82%, 0.83%, and 1.00%, respectively.</span></td>
</tr></table>



<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #12110B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in; text-align: left"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 8pt; color: Black">(f)</span></td><td style="text-align: left"><span style="font-size: 8pt; color: Black">Based
                                         on weekly prices.</span></td>
</tr></table>



<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #12110B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in; text-align: left"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 8pt; color: Black">(g)</span></td><td style="text-align: left"><span style="font-size: 8pt; color: Black">Asset
                                         coverage per share is calculated by combining all series of preferred shares.</span></td>
</tr></table>



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<td style="width: 0in; text-align: left"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 8pt; color: Black">(h)</span></td><td style="text-align: left"><span style="font-size: 8pt; color: Black">Asset
                                         coverage is calculated by combining all series of preferred shares.</span></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-size: 8pt; color: Black">See
accompanying notes to financial statements.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 158.3pt; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>The
Gabelli Global Utility &amp; Income Trust</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>Notes
to Financial Statements</b></span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify"></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="color: Black"><b>1.
Organization.</b> The Gabelli Global Utility &amp; Income Trust(the Fund) was organized on March 8, 2004 as a Delaware
statutory trust. The Fund is a non-diversified closed-end management investment company registered under the Investment
Company Act of 1940, as amended (the 1940 Act). The Fund commenced investment operations on May 28, 2004.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund&#8217;s investment objective is to seek a consistent level of after-tax total return over the long term with an emphasis
currently on qualified dividends. The Fund will attempt to achieve its investment objective by investing, under normal market
conditions, at least 80% of its assets in equity securities (including preferred securities) of domestic and foreign companies
involved to a substantial extent in providing products, services, or equipment for the generation or distribution of electricity,
gas, or water and infrastructure operations, and in equity securities (including preferred securities) of companies in other industries,
in each case in such securities that are expected to pay periodic dividends.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="color: Black"><b>2.&#8194;
Significant Accounting Policies.</b> As an investment company, the Fund follows the investment company accounting and reporting
guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates
and assumptions in the preparation of its financial statements. Actual results could differ from those estimates. The following
is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
global outbreak of the novel coronavirus disease, known as COVID-19, has caused adverse effects on many companies, sectors, nations,
regions, and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may materially
impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its
ability to achieve its investment objectives.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="color: Black"><b><i>Security
Valuation. </i></b>Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the
U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a
market&#8217;s official closing price as of the close of business on the day the securities are being valued. If there were
no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked
prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are
quoted on such day, the security is valued at the most recently available price or, if the Board of Trustees (the Board) so
determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio
securities traded on more than one national securities exchange or market are valued according to the broadest and most
representative market, as determined by Gabelli Funds, LLC (the Adviser).</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Portfolio
securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the
relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly
after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations
for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were
no asked prices quoted on such day, the securities are valued using the closing bid price, unless the Board determines such amount
does not reflect the securities&#8217; fair value, in which case these securities will be fair valued as determined by the Board.
Certain securities are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price
of the exchange or board of trade on which the applicable contract is traded. OTC futures and options on futures for which market
quotations are readily available will be valued by quotations received from a pricing</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>The
Gabelli Global Utility &amp; Income Trust</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>Notes
to Financial Statements (Continued)</b></span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">service
or, if no quotations are available from a pricing service, by quotations obtained from one or more dealers in the instrument in
question by the Adviser.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Securities
and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies
and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about
the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign
securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and
evaluation of any other information that could be indicative of the value of the security.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
inputs and valuation techniques used to measure fair value of the Fund&#8217;s investments are summarized into three levels as
described in the hierarchy below:</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">Level 1 &#8212; quoted prices in active markets for identical
                                                                                                                         securities;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">Level 2 &#8212; other significant observable inputs (including
                                                                                                                         quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">Level 3 &#8212; significant unobservable inputs (including the
                                                                                                                         Board&#8217;s determinations as to the fair value of investments).</span></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-indent: -13.5pt; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">A
financial instrument&#8217;s level within the fair value hierarchy is based on the lowest level of any input both individually
and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities
are not necessarily an indication of the risk associated with investing in those securities.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>The
Gabelli Global Utility &amp; Income Trust</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>Notes
to Financial Statements (Continued)</b></span></p>
<!-- Field: Rule-Page --><div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">The summary of the
Fund&#8217;s investments in securities by inputs used to value the Fund&#8217;s investments as of December 31, 2022 is as follows:</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; padding-bottom: 1pt"><span style="font-style: normal">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-style: normal">&#160;</span></td>
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    <td style="text-align: left; padding-bottom: 1pt"><span style="font-style: normal">&#160;</span></td><td style="text-align: right; padding-bottom: 1pt"><span style="font-style: normal">&#160;</span></td><td style="text-align: left; padding-bottom: 1pt"><span style="font-style: normal">&#160;</span></td></tr>
<tr style="text-align: center; vertical-align: bottom">
    <td style="padding-left: 0.125in; padding-bottom: 1pt"><span style="font-style: normal">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-style: normal">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold"><span style="font-style: normal">Level 1<br /> Quoted
    Prices</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-style: normal">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-style: normal">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold"><span style="font-style: normal">Level 2 Other<br />
    Significant<br /> Observable Inputs</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-style: normal">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-style: normal">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold"><span style="font-style: normal">Level 3 Significant<br />
    Unobservable<br /> Inputs (a)</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-style: normal">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-style: normal">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold"><span style="font-style: normal">Total Market Value<br />
    at 12/31/22</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-style: normal">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-left: 0in">INVESTMENTS IN SECURITIES:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; padding-left: 0in">ASSETS (Market Value):</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0in">Common Stocks:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in">Communications</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 40%; text-align: left; padding-left: 0.25in">Cable and Satellite</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">6,796,817</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">12,769</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">&#8212;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">6,809,586</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in">Wireless Communications</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,171,619</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">3,660</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,175,279</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in">Other Industries (b)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">12,739,607</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">12,739,607</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.125in">Energy and Utilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in">Energy and Utilities: Integrated</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">37,512,515</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">264,871</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">37,777,386</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in">Other Industries (b)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30,517,160</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30,517,160</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in">Other</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in">Business Services</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">844,093</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">80,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">924,093</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in">Diversified Industrial</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">647,380</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">553,150</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,200,530</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in">Other Industries (b)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30,406,421</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30,406,421</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.125in">Diversified Industrial (b)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">43,209</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">43,209</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.125in">Environmental Services (b)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">14,220</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">14,220</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; text-align: left; padding-left: 0.125in">Independent Power Producers and Energy Traders (b)</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">95,460</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: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</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: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</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: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">95,460</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; text-align: left; padding-left: 0in">Total Common Stocks</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">121,788,501</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td>
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    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">122,702,951</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0in">Closed-End Funds</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">38,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">38,000</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0in">Rights (b)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0in">Warrants (b)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">62,472</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">62,472</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; text-align: left; padding-left: 0in">U.S. Government Obligations</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</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: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">33,019,614</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: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</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: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">33,019,614</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; font-weight: bold; text-align: left; padding-left: 0in">TOTAL INVESTMENTS IN SECURITIES &#8211; ASSETS</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">121,850,973</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">33,888,404</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: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">83,660</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">155,823,037</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr>
</table>



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<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #12110B"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">(a)</span></td><td style="text-align: justify; padding-right: 17pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">The
                                         inputs for these securities are not readily available and are derived based on the judgment
                                         of the Adviser according to procedures approved by the Board.</span></td></tr></table>



<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #12110B"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">(b)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black">Please
                                         refer to the Schedule of Investments for the industry classifications of these portfolio
                                         holdings.</span></td></tr></table>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">During the year ended
December 31, 2022, the Fund did not have material transfers into or out of Level 3.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>Additional
Information to Evaluate Qualitative Information.</b></span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.2in"><span style="color: Black"><b><i>General.
</i></b>The Fund uses recognized industry pricing services &#8211; approved by the Board and unaffiliated with the Adviser &#8211;
to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other
recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity
securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from
major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by
obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>The
Gabelli Global Utility &amp; Income Trust</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>Notes
to Financial Statements (Continued)</b></span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #12110B"><span style="color: Black">unreliable,
prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.2in"><span style="color: Black"><b><i>Fair
Valuation. </i></b>Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations.
Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for
several days, or for which current bids are not available, or which are restricted as to transfer. When fair valuing a security,
factors to consider include recent prices of comparable securities that are publicly traded, reliable prices of securities not
publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost
if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value
in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures
continue to apply.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include
backtesting the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Investments
in Other Investment Companies. </i></b>The Fund may invest, from time to time, in shares of other investment companies (or entities
that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940
Act) (the Acquired Funds) in accordance with the 1940 Act and related rules. Shareholders in the Fund would bear the pro rata
portion of the periodic expenses of the Acquired Funds in addition to the Fund&#8217;s expenses. For the year ended December 31,
2022, the Fund&#8217;s pro rata portion of the periodic expenses charged by the Acquired Funds was less than one basis point.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="color: Black"><b><i>Derivative
Financial Instruments. </i></b>The Fund may engage in various portfolio investment strategies by investing in derivative financial
instruments for the purposes of increasing the income of the Fund, hedging against changes in the value of its portfolio securities
and in the value of securities it intends to purchase, or hedging against a specific transaction with respect to either the currency
in which the transaction is denominated or another currency. Investing in certain derivative financial instruments, including
participation in the options, futures, or swap markets, entails certain execution, liquidity, hedging, tax, and securities, interest,
credit, or currency market risks. Losses may arise if the Adviser&#8217;s prediction of movements in the direction of the securities,
foreign currency, and interest rate markets is inaccurate. Losses may also arise if the counterparty does not perform its duties
under a contract, or, in the event of default, the Fund may be delayed in or prevented from obtaining payments or other contractual
remedies owed to it under derivative contracts. The creditworthiness of the counterparties is closely monitored in order to minimize
these risks. Participation in derivative transactions involves investment risks, transaction costs, and potential losses to which
the Fund would not be subject absent the use of these strategies. The consequences of these risks, transaction costs, and losses
may have a negative impact on the Fund&#8217;s ability to pay distributions.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Collateral
requirements differ by type of derivative. Collateral requirements are set by the broker or exchange clearing house for exchange
traded derivatives, while collateral terms are contract specific for derivatives traded over-the-counter. Securities pledged to
cover obligations of the Fund under derivative contracts are noted in the Schedule of Investments. Cash collateral, if any, pledged
for the same purpose will be reported separately in the Statement of Assets and Liabilities.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>The
Gabelli Global Utility &amp; Income Trust</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>Notes
to Financial Statements (Continued)</b></span></p>
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund&#8217;s policy with respect to offsetting is that, absent an event of default by the counterparty or a termination of the
agreement, the master agreement does not result in an offset of reported amounts of financial assets and financial liabilities
in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty. The enforceability
of the right to offset may vary by jurisdiction.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund&#8217;s derivative contracts held at December 31, 2022, if any, are not accounted for as hedging instruments under GAAP and
are disclosed in the Schedule of Investments together with the related counterparty.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.2in; color: #1D1D1B"><span style="color: Black"><b><i>Swap
Agreements. </i></b>The Fund may enter into equity contract for difference swap transactions for the purpose of increasing the
income of the Fund. The use of swaps is a highly specialized activity that involves investment techniques and risks different
from those associated with ordinary portfolio security transactions. In an equity contract for difference swap, a set of future
cash flows is exchanged between two counterparties. One of these cash flow streams will typically be based on a reference interest
rate combined with the performance of a notional value of shares of a stock. The other will be based on the performance of the
shares of a stock. Depending on the general state of short term interest rates and the returns on the Fund&#8217;s portfolio securities
at the time an equity contract for difference swap transaction reaches its scheduled termination date, there is a risk that the
Fund will not be able to obtain a replacement transaction or that the terms of the replacement will not be as favorable as on
the expiring transaction.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Unrealized
gains related to swaps are reported as an asset and unrealized losses are reported as a liability in the Statement of Assets and
Liabilities. The change in value of swaps, including the accrual of periodic amounts of interest to be received or paid on swaps,
is reported as unrealized gain or loss in the Statement of Operations. A realized gain or loss is recorded upon receipt or payment
of a periodic payment or termination of swap agreements. For the year ended December 31, 2022, the Fund held no investments in
equity contract for difference swap agreements.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="color: Black"><b><i>Limitations
on the Purchase and Sale of Futures Contracts, Certain Options, and Swaps. </i></b>Subject to the guidelines of the Board, the
Fund may engage in &#8220;commodity interest&#8221; transactions (generally, transactions in futures, certain options, certain
currency transactions, and certain types of swaps) only for bona fide hedging or other permissible transactions in accordance
with the rules and regulations of the Commodity Futures Trading&#160;Commission (CFTC). Pursuant to amendments by the CFTC to
Rule 4.5 under the Commodity Exchange Act (CEA), the Adviser has filed a notice of exemption from registration as a &#8220;commodity
pool operator&#8221; with respect to the Fund. The Fund and the Adviser are therefore not subject to registration or regulation
as a commodity pool operator under the CEA. In addition, certain trading restrictions are now applicable to the Fund which permit
the Fund to engage in commodity interest transactions that include (i) &#8220;bona fide hedging&#8221; transactions, as that term
is defined and interpreted by the CFTC and its staff, without regard to the percentage of the Fund&#8217;s assets committed to
margin and options premiums and (ii) non-bona fide hedging transactions, provided that the Fund does not enter into such non-bona
fide hedging transactions if, immediately thereafter, either (a) the sum of the amount of initial margin deposits on the Fund&#8217;s
existing futures positions or swaps positions and option or swaption premiums would exceed 5% of the market value of the Fund&#8217;s
liquidating value, after taking into account unrealized profits and unrealized losses on any such transactions, or (b) the aggregate
net notional value of the Fund&#8217;s commodity interest transactions would not exceed 100% of the market value of the Fund&#8217;s
liquidating value, after taking into account unrealized profits and unrealized losses on any such transactions. Therefore, in
order to claim the Rule 4.5 exemption, the Fund is limited in its ability to invest in commodity futures, options, and certain
types of swaps (including securities futures, broad based stock index futures, and</span></p>

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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Notes to Financial
Statements (Continued)</b></span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #12110B"><span style="color: Black">financial
futures contracts). As a result, in the future the Fund will be more limited in its ability to use these instruments than in the
past, and these limitations may have a negative impact on the ability of the Adviser to manage the Fund, and on the Fund&#8217;s
performance.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="color: Black"><b><i>Foreign
Currency Translations. </i></b>The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments,
and other assets and liabilities are translated into U.S. dollars at current exchange rates. Purchases and sales of investment
securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.
Unrealized gains and losses that result from changes in foreign exchange rates and/or changes in market prices of securities have
been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency
gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement
date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest
and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses
related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in
realized gain/(loss) on investments.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="color: Black"><b><i>Foreign
Securities. </i></b>The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves
special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of
currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse
political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their
prices more volatile than securities of comparable U.S. issuers.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="color: Black"><b><i>Foreign
Taxes. </i></b>The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of
which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation
of tax rules and regulations that exist in the markets in which it invests.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Restricted
Securities. </i></b>The Fund is not subject to an independent limitation on the amount it may invest in securities for which the
markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual
restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts
and other selling expenses than the sale of securities eligible for trading on national securities exchanges or in the over-the-counter
markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale.
Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid
if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured
as that of publicly traded securities, and, accordingly, the Board will monitor their liquidity. At December 31, 2022 the Fund
held no restricted securities.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="color: Black"><b><i>Securities
Transactions and Investment Income. </i></b>Securities transactions are accounted for on the trade date with realized gain/(loss)
on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion
of discount) is recorded on an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield
to maturity method or amortized to earliest call date, if applicable. Dividend income is recorded on the ex-dividend date, except
for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of
such dividends.</span></p>

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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Notes to Financial
Statements (Continued)</b></span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Distributions
to Shareholders. </i></b>Distributions to shareholders are recorded on the ex-dividend date. The characterization of distributions
to shareholders is based on income and capital gains as determined in accordance with federal income tax regulations, which may
differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of
income and gains on various investment securities and foreign currency transactions held by the Fund, and timing differences.
Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions.
These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments
are made to the appropriate capital accounts in the period when the differences arise. Permanent differences were primarily due
to the tax treatment of currency gains and losses and the reclassification of prior year return of capital. These reclassifications
have no impact on the NAV of the Fund. For the year ended December 31, 2022, reclassifications were made to decrease paid-in capital
by $142,745, with an offsetting adjustment to total distributable earnings.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Distributions
to shareholders of the Fund&#8217;s 3.800% Series A Cumulative Preferred Shares (Series A Preferred) and 4.000% Series B Cumulative
Preferred Shares (Series B Preferred) are recorded on a daily basis and are determined as described in Note 6.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">The tax character
of distributions paid during the years ended December 31, 2022 and 2021 was as follows:</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto">
<tr style="text-align: center; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold">Year Ended<br /> December 31, 2022</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold">Year Ended<br /> December 31, 2021</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
<tr style="text-align: center; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold">Common</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold">Preferred</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold">Common</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold">Preferred</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">Distributions paid from:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 40%; text-align: left">Ordinary income</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,602,951</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,067,184</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,370,095</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,395,652</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Net long term capital gains</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,094,443</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,394,402</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,159,571</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,181,201</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt">Return of capital</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">3,110,182</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">3,919,647</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 2.5pt">Total distributions paid</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">$</td><td style="border-bottom: Black 3pt double; text-align: right">6,807,576</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">$</td><td style="border-bottom: Black 3pt double; text-align: right">2,461,586</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">$</td><td style="border-bottom: Black 3pt double; text-align: right">6,449,313</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">$</td><td style="border-bottom: Black 3pt double; text-align: right">2,576,853</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
</table>



<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Provision
for Income Taxes. </i></b>The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the
Internal Revenue Code of 1986, as amended (the Code). It is the policy of the Fund to comply with the requirements of the Code
applicable to regulated investment companies and to distribute substantially all of its net investment company taxable income
and net capital gains. Therefore, no provision for federal income taxes is required.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">At December 31, 2022,
the components of accumulated earnings/losses on a tax basis were as follows:</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 70%">
<tr style="vertical-align: bottom">
    <td style="width: 55%; text-align: left">Net unrealized appreciation on investments and foreign currency translations</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">19,102,674</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt">Other temporary differences<sup>*</sup></td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(34,029</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">$</td><td style="border-bottom: Black 3pt double; text-align: right">19,068,645</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
</table>



<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #12110B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 8pt; color: Black">*</span></td><td style="text-align: justify"><span style="font-size: 8pt; color: Black">Other
                                         temporary differences are due to preferred share class distributions payable.</span></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #12110B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 6pt 0pt 0; color: #1D1D1B; text-align: justify"><span style="color: Black">At December
31, 2022, the temporary differences between book basis and tax basis net unrealized appreciation on investments were primarily
due to deferral of losses from wash sales for tax purposes, tax basis adjustments on investments in partnerships, mark-to-market
adjustments on investments in passive foreign investment companies, Real Estate Investment Trusts, and investments no longer considered
passive foreign investment companies.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 6pt 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Notes to Financial
Statements (Continued)</b></span></p>
<!-- Field: Rule-Page --><div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify"></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="color: Black">The
following summarizes the tax cost of investments and the related net unrealized appreciation at December 31, 2022:</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 95%; border-collapse: collapse; margin-right: auto">
<tr style="text-align: center; vertical-align: bottom">
    <td style="width: 56%; padding-bottom: 1pt">&#160;</td>
    <td style="width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 10%"><b>Cost</b></td>
    <td style="width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 10%"><b>Gross</b><br />
<b>Unrealized</b><br />
<b>Appreciation</b></td>
    <td style="width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 10%"><b>Gross</b><br />
<b>Unrealized</b><br />
<b>Depreciation</b></td>
    <td style="width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 10%"><b>Net Unrealized</b><br />
<b>Appreciation</b></td></tr>
<tr style="vertical-align: top">
    <td>Investments</td>
    <td>&#160;</td>
    <td style="text-align: center">$136,718,109</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">$33,928,691</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">$(14,823,763)</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">$19,104,928</td></tr>
</table>


<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund&#8217;s tax returns
to determine whether the tax positions are &#8220;more-likely-than-not&#8221; of being sustained by the applicable tax authority.
Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if
the tax positions were deemed not to meet the more-likely-than-not threshold. During the year ended December 31, 2022, the Fund
did not incur any income tax, interest, or penalties. As of December 31, 2022, the Adviser has reviewed all open tax years and
concluded that there was no impact to the Fund&#8217;s net assets or results of operations. The Fund&#8217;s federal and state
tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor
the Fund&#8217;s tax positions to determine if adjustments to this conclusion are necessary.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b>3.&#8194;
Investment Advisory Agreement and Other Transactions. </b>The Fund has entered into an investment advisory agreement (the Advisory
Agreement) with the Adviser which provides that the Fund will pay the Adviser a fee, computed weekly and paid monthly, currently
equal on an annual basis to 0.50% of the value of the Fund&#8217;s average weekly total assets including the liquidation value
of preferred shares. In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund&#8217;s
portfolio and oversees the administration of all aspects of the Fund&#8217;s business and affairs.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b>4.&#8194;
Portfolio Securities. </b>Purchases and sales of securities during the year ended December 31, 2022, other than short term securities
and U.S. Government obligations, aggregated $8,289,874 and $14,273,130, respectively.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="color: Black"><b>5.&#8194;Transactions
with Affiliates and Other Arrangements. </b>During the year ended December 31, 2022, the Fund paid $1,670 in brokerage commissions
on security trades to G.research, LLC, an affiliate of the Adviser.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">During
the year ended December 31, 2022, the Fund received credits from a designated broker who agreed to pay certain Fund operating
expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $4,245.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
cost of calculating the Fund&#8217;s NAV per share is a Fund expense pursuant to the Advisory Agreement between the Fund and the
Adviser. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the
Fund&#8217;s NAV. The Fund reimburses the Adviser for this service. During the year ended December 31, 2022, the Fund accrued
$45,000 in accounting fees in the Statement of Operations.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">As
per the approval of the Board, the Fund compensates officers of the Fund, who are employed by the Fund and are not employed by
the Adviser (although the officers may receive incentive based variable compensation from affiliates of the Adviser). During the
year ended December 31, 2022, the Fund accrued $139,682 in payroll expenses in the Statement of Operations.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="color: Black">The Fund pays retainer
and per meeting fees to Trustees not affiliated with the Adviser, plus specified amounts to the Lead Trustee and Audit Committee
Chairman. Trustees are also reimbursed for out of pocket expenses</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Notes to Financial
Statements (Continued)</b></span></p>
<!-- Field: Rule-Page --><div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->


<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">incurred
in attending meetings. Trustees who are directors or employees of the Adviser or an affiliated company receive no compensation
or expense reimbursement from the Fund.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

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Capital. </b>The Fund is authorized to issue an unlimited number of common shares of beneficial interest (par value $0.001). The
Board has authorized the repurchase of its shares on the open market when the shares are trading at a discount of 10% or more
(or such other percentage as the Board may determine from time to time) from the NAV of the shares. During the years ended December
31, 2022 and December 31, 2021, the Fund did not repurchase and retire any common shares in the open market.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">On
May 12, 2022, the Fund distributed one transferable right for the 5,377,458 common shares outstanding on that date. Four rights
were required to purchase one additional common share at the subscription price of $16 per share. On June 30, 2022, the Fund issued
591,453 common shares receiving net proceeds of $9,148,248 after the deduction of estimated offering expenses of $315,000. The
NAV of the Fund decreased by $0.14 per share on the day the additional shares were issued due to the shares being issued below
NAV.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">For the years ended
December 31, 2022 and 2021, transactions in common stock were as follows:</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<tr style="text-align: center; vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold">Year Ended<br /> December 31, 2022</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold">Year Ended<br /> December 31, 2021</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
<tr style="text-align: center; vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold">Shares</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold">Amount</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold">Shares</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold">Amount</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 40%; text-align: left; padding-left: 0.125in; text-indent: -0.125in">Increase in net assets from common shares issued in offering</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">591,453</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">9,463,248</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">&#8212;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$&#160;</td><td style="width: 12%; text-align: right">&#8212;</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in">Net increase in net assets from common shares issued upon reinvestment of distributions</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">1,628</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">31,744</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">2,252</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">47,444</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in; text-indent: -0.125in">Net increase</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">&#160;</td><td style="border-bottom: Black 3pt double; text-align: right">593,081</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">$</td><td style="border-bottom: Black 3pt double; text-align: right">9,494,992</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">&#160;</td><td style="border-bottom: Black 3pt double; text-align: right">2,252</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">$</td><td style="border-bottom: Black 3pt double; text-align: right">47,444</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
</table>



<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_CumulativePreferredStockMember" escape="true" name="cef:PreferredStockRestrictionsOtherTextBlock"><p id="xdx_844_ecef--PreferredStockRestrictionsOtherTextBlock_hcef--SecurityAxis__custom--CumulativePreferredStockMember_dU_zxwyX9Jq1Sv2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund&#8217;s Declaration of Trust, as amended, authorizes the issuance of an unlimited number of shares of $0.001 par value Preferred
Shares. Preferred Shares are senior to the common shares and result in the financial leveraging of the common shares. Such leveraging
tends to magnify both the risks and opportunities to common shareholders. Dividends on the Series A and Series B Preferred are
cumulative and the liquidation value is $50 per share. The Fund is required by the 1940 Act and by the Fund&#8217;s Statement
of Preferences to meet certain asset coverage tests with respect to the Preferred Shares. If the Fund fails to meet these requirements
and does not correct such failure, the Fund may be required to redeem, in part or in full, the Series A and Series B Preferred
Shares at the redemption price of $50 per share plus an amount equal to the accumulated and unpaid dividends whether or not declared
on such shares in order to meet these requirements. Additionally, failure to meet the foregoing asset coverage requirements could
restrict the Fund&#8217;s ability to pay dividends to common shareholders and could lead to sales of portfolio securities at inopportune
times. The income received on the Fund&#8217;s assets may vary in a manner unrelated to the fixed and variable rates, which could
have either a beneficial or detrimental impact on net investment income and gains available to common shareholders.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">As
of December 31, 2022 the Fund had an effective shelf registration authorizing the issuance of $141 million in common or preferred
shares.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Series A Preferred has an annual dividend rate of 3.80%. The Fund may redeem at any time all or any part of the Series A Preferred
at the liquidation value plus accumulated and unpaid dividends. During the year</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 26; Value: 2 -->
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_23F_zrQtk3iPwATe" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_230_zV6J77ebGqE5" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Notes to Financial
Statements (Continued)</b></span></p></ix:exclude>
<!-- Field: Rule-Page --><ix:exclude><div id="xdx_237_z4qeDIkjX0v8" style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div></ix:exclude><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">ended
December 31, 2022, the Fund repurchased and retired 11,442 of the Series A Preferred Shares in the open market at an investment
of $534,861 and an average discount of approximately 6.53% from its liquidation preference.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Series B Preferred pay distributions at the annualized rate of 4% on the $50 per share liquidation value. The Series B preferred
may be put back to the Fund during the thirty day period prior to December 26, 2023 at the per share liquidation value of $50
plus any accumulated and unpaid dividends. Commencing on December 26, 2023, the Fund, at its option, may redeem the remaining
Series B Preferred on the same terms.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">On
December 28, 2021, the Fund redeemed and retired 51,968 shares of Series B Preferred where shareholders properly submitted for
redemption during the 30 day period prior to December 26, 2021 at their liquidation value of $50 per share plus any accumulated
and unpaid dividends. On January 8, 2022, the fund repurchased 1,048 shares of Series B Preferred at their liquidation preference
of $50 per share.</span></p>

</ix:nonNumeric><p id="xdx_852_zaPqlMWkIfte" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_CumulativePreferredStockMember" escape="true" name="cef:OutstandingSecuritiesTableTextBlock"><p id="xdx_848_ecef--OutstandingSecuritiesTableTextBlock_hcef--SecurityAxis__custom--CumulativePreferredStockMember_dU_z3La3yaqnXBl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">The following table
summarizes Cumulative Preferred Stock information:</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="text-align: center; vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; width: 23%; text-align: left; padding-right: 3pt"><b>Series</b></td>
    <td style="border-bottom: Black 1pt solid; width: 15%; padding-right: 3pt; padding-left: 3pt"><b>Issue Date</b></td>
    <td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 3pt; padding-left: 3pt"><b>Authorized</b></td>
    <td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 3pt; padding-left: 3pt"><b>Number of</b><br />
<b>Shares</b><br />
<b>Outstanding at</b><br />
<b>12/31/2022</b></td>
    <td style="border-bottom: Black 1pt solid; width: 12%; padding-right: 3pt; padding-left: 3pt"><b>Net Proceeds</b></td>
    <td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 3pt; padding-left: 3pt"><b>2022 Dividend</b><br />
<b>Rate Range</b></td>
    <td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 3pt; padding-left: 3pt"><b>Dividend</b><br />
<b>Rate at</b><br />
<b>12/31/2022</b></td>
    <td style="border-bottom: Black 1pt solid; width: 10%; padding-left: 3pt"><b>Accrued</b><br />
<b>Dividends at</b><br />
<b>12/31/2022</b></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 3pt">A 3.800%</td>
    <td style="text-align: right; padding-right: 3pt; padding-left: 3pt">April 11, 2013</td>
    <td id="xdx_981_ecef--OutstandingSecurityAuthorizedShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesACumulativePreferredStockMember_zQkG1sOd2y82" style="text-align: right; padding-right: 3pt; padding-left: 3pt"><ix:nonFraction name="cef:OutstandingSecurityAuthorizedShares" contextRef="From2022-12-312022-12-31_custom_SeriesACumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,200,000</ix:nonFraction></td>
    <td id="xdx_981_ecef--OutstandingSecurityNotHeldShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesACumulativePreferredStockMember_zFsDq5EeZKp4" style="text-align: right; padding-right: 3pt; padding-left: 3pt"><ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2022-12-312022-12-31_custom_SeriesACumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">21,087</ix:nonFraction></td>
    <td style="text-align: right; padding-right: 3pt; padding-left: 3pt">$70,286,465</td>
    <td style="text-align: right; padding-right: 3pt; padding-left: 3pt">Fixed Rate</td>
    <td style="text-align: right; padding-right: 3pt; padding-left: 3pt">3.800%</td>
    <td style="text-align: right; padding-left: 3pt">$556</td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 3pt">B 4.000%</td>
    <td style="text-align: right; padding-right: 3pt; padding-left: 3pt">December 19, 2018</td>
    <td id="xdx_989_ecef--OutstandingSecurityAuthorizedShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesBCumulativePreferredStockMember_zgbnCJd0ecf8" style="text-align: right; padding-right: 3pt; padding-left: 3pt"><ix:nonFraction name="cef:OutstandingSecurityAuthorizedShares" contextRef="From2022-12-312022-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,370,433</ix:nonFraction></td>
    <td id="xdx_98C_ecef--OutstandingSecurityNotHeldShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesBCumulativePreferredStockMember_zA6djPpVYqz9" style="text-align: right; padding-right: 3pt; padding-left: 3pt"><ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2022-12-312022-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,205,013</ix:nonFraction></td>
    <td style="text-align: right; padding-right: 3pt; padding-left: 3pt">81,988,557</td>
    <td style="text-align: right; padding-right: 3pt; padding-left: 3pt">Fixed Rate</td>
    <td style="text-align: right; padding-right: 3pt; padding-left: 3pt">4.000%</td>
    <td style="text-align: right; padding-left: 3pt">$33,473</td></tr>
</table>


<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><p id="xdx_852_zFJ3QXi5mghd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_CumulativePreferredStockMember" escape="true" name="cef:SecurityVotingRightsTextBlock"><p id="xdx_845_ecef--SecurityVotingRightsTextBlock_hcef--SecurityAxis__custom--CumulativePreferredStockMember_dU_zT0Nsl9vEU1c" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
holders of Preferred Shares generally are entitled to one vote per share held on each matter submitted to a vote of stockholders
of the Fund and will vote together with holders of common stock as a single class. The holders of Preferred Shares voting together
as a single class also have the right currently to elect two Trustees and, under certain circumstances, are entitled to elect
a majority of the Board of Trustees. In addition, the affirmative vote of a majority of the votes entitled to be cast by holders
of all outstanding shares of the preferred shares, voting as a single class, will be required to approve any plan of reorganization
adversely affecting the preferred stock, and the approval of two-thirds of each class, voting separately, of the Fund&#8217;s
outstanding voting stock must approve the conversion of the Fund from a closed-end to an open-end investment company. The approval
of a majority (as defined in the 1940 Act) of the outstanding preferred shares and a majority (as defined in the 1940 Act) of
the Fund&#8217;s outstanding voting securities are required to approve certain other actions, including changes in the Fund&#8217;s
investment objectives or fundamental investment policies.</span></p>

</ix:nonNumeric><p id="xdx_850_zc25XAwaIPDj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><p id="xdx_819_zUS2AD5zI0k1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b>7.&#8194;
Industry Concentration. </b>Because the Fund primarily invests in common stocks and other securities of foreign and domestic companies
in the utility industry, its portfolio may be subject to greater risk and market fluctuations than a portfolio of securities representing
a broad range of investments.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="color: Black"><b>8.&#8194;
Indemnifications. </b>The Fund enters into contracts that contain a variety of indemnifications. The Fund&#8217;s maximum exposure
under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management
has reviewed the Fund&#8217;s existing contracts and expects the risk of loss to be remote.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b>9.&#8194;
Subsequent Events. </b>Management has evaluated the impact on the Fund of all subsequent events occurring through the date the
financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in
the financial statements.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global Utility &amp; Income Trust</b></span></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Report of Independent Registered Public Accounting Firm</b></span></p>
<!-- Field: Rule-Page --><div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">To
the Board of Trustees and Shareholders of</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">The
Gabelli Global Utility &amp; Income Trust:</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Opinion on the
Financial Statements</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="color: Black">We have audited the
accompanying statement of assets and liabilities, including the schedule of investments, of The Gabelli Global Utility &amp; Income
Trust (the &#8220;Fund&#8221;) as of December 31, 2022, the related statement of operations for the year ended December 31, 2022,
the statement of changes in net assets attributable to common shareholders for each of the two years in the period ended December
31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31,
2022 (collectively referred to as the &#8220;financial statements&#8221;). In our opinion, the financial statements present fairly,
in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year
then ended, the changes in its net assets attributable to common shareholders for each of the two years in the period ended December
31, 2022, and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting
principles generally accepted in the United States of America.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="color: Black"><b>Basis for Opinion</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="color: Black">&#160;</span></p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="color: Black">These
financial statements are the responsibility of the Fund&#8217;s management. Our responsibility is to express an opinion on the
Fund&#8217;s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting
Oversight Board (United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Fund in accordance
with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the
PCAOB.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="color: Black">We
conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement,
whether due to error or fraud.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="color: Black">Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to
error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.
Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers;
when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable
basis for our opinion.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="color: Black">/s/PricewaterhouseCoopers
LLP</span></p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">New York,
New York<br />
March 1, 2023</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 407pt 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">We have served as
the auditor of one or more investment companies in the Gabelli Fund Complex since 1986.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-size: 12pt; color: Black"><b>Additional
Fund Information (Unaudited)</b></span></p>
<!-- Field: Rule-Page --><div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="color: Black"><b>SUMMARY
OF FUND EXPENSES</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 165pt; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-03-09to2023-03-09" escape="true" name="cef:PurposeOfFeeTableNoteTextBlock"><p id="xdx_80C_ecef--PurposeOfFeeTableNoteTextBlock_dU_zl0Gox6nvBCj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
following table shows the Fund&#8217;s expenses, including preferred shares offering expenses, as a percentage of net assets attributable
to common shares. All expenses of the Fund are borne, directly or indirectly, by the common shareholders. The table is based on
the capital structure of the Fund as of December 31, 2022. The purpose of the table and example below is to help you understand
all fees and expenses that you, as a holder of common shares, would bear directly or indirectly.</span></p>

</ix:nonNumeric><p id="xdx_817_zGharmqMnN54" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-03-09to2023-03-09" escape="true" name="cef:ShareholderTransactionExpensesTableTextBlock"><p id="xdx_803_ecef--ShareholderTransactionExpensesTableTextBlock_dU_zu8OCTVS3KQf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto">
<tr style="vertical-align: bottom">
    <td style="width: 40%"><b><i>Shareholder Transaction Expenses</i></b></td>
    <td style="width: 20%; text-align: center">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>Sales Load (as a percentage of offering price)</td>
    <td style="text-align: center"><span id="xdx_909_ecef--SalesLoadPercent_d0_c20230309__20230309_zT8wdAkAAEKa"><ix:nonFraction name="cef:SalesLoadPercent" contextRef="From2023-03-09to2023-03-09" format="ixt:zerodash" decimals="INF" sign="-" unitRef="Ratio">-</ix:nonFraction></span>% (a)</td></tr>
<tr style="vertical-align: bottom">
    <td>Offering Expenses Borne by the Fund</td>
    <td style="text-align: center">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in">(as a percentage of offering price)</td>
    <td style="text-align: center"><span id="xdx_90B_ecef--OtherTransactionExpensesPercent_d0_c20230309__20230309_z8vph15sMUH2"><ix:nonFraction name="cef:OtherTransactionExpensesPercent" contextRef="From2023-03-09to2023-03-09" format="ixt:zerodash" decimals="INF" sign="-" unitRef="Ratio">-</ix:nonFraction></span>% (a)</td></tr>
<tr style="vertical-align: bottom">
    <td>Dividend Reinvestment and Voluntary Cash Purchase Plan</td>
    <td style="text-align: center">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in">Fees</td>
    <td style="text-align: center">-</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 0.25in">Purchase Transactions</td>
    <td style="text-align: center">$<span id="xdx_90E_ecef--DividendReinvestmentAndCashPurchaseFees_pp2p0_c20230309__20230309__cef--SecurityAxis__custom--PurchaseTransactionMember_zoC4nj5GAAzj"><ix:nonFraction name="cef:DividendReinvestmentAndCashPurchaseFees" contextRef="From2023-03-092023-03-09_custom_PurchaseTransactionMember" format="ixt:numdotdecimal" decimals="2" scale="0" unitRef="USD">0.75</ix:nonFraction></span> (b)</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 0.25in">Sales Transaction</td>
    <td style="text-align: center">$<span id="xdx_90C_ecef--DividendReinvestmentAndCashPurchaseFees_pp2p0_c20230309__20230309__cef--SecurityAxis__custom--SaleTransactionMember_zSp7pzOi425d"><ix:nonFraction name="cef:DividendReinvestmentAndCashPurchaseFees" contextRef="From2023-03-092023-03-09_custom_SaleTransactionMember" format="ixt:numdotdecimal" decimals="2" scale="0" unitRef="USD">2.50</ix:nonFraction></span> (b)</td></tr>
</table>


</ix:nonNumeric><p id="xdx_81E_zuG1MJFqStXg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B">&#160;</p>

<ix:nonNumeric contextRef="From2023-03-09to2023-03-09" escape="true" name="cef:AnnualExpensesTableTextBlock"><p id="xdx_808_ecef--AnnualExpensesTableTextBlock_dU_zKRi2nzRjAFf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; margin-left: auto; border-collapse: collapse; width: 60%; margin-right: auto">
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Annual Expenses</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Percentages of Net Assets<br /> Attributable to Common Shares</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 41%; text-align: left">Management Fees</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 8%; text-align: right"><span id="xdx_905_ecef--ManagementFeesPercent_dp_c20230309__20230309_z5v0DGCbeJr8"><ix:nonFraction name="cef:ManagementFeesPercent" contextRef="From2023-03-09to2023-03-09" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">0.82</ix:nonFraction></span></td><td style="width: 9%; text-align: left">%(c)</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Interest Expense</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90F_ecef--InterestExpensesOnBorrowingsPercent_dp_c20230309__20230309_zQ78ahxOH0Pe"><ix:nonFraction name="cef:InterestExpensesOnBorrowingsPercent" contextRef="From2023-03-09to2023-03-09" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">0.00</ix:nonFraction></span></td><td style="text-align: left">%(d)</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Other Expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_905_ecef--OtherAnnualExpensesPercent_dp_c20230309__20230309_z9BrLnZi66A5"><ix:nonFraction name="cef:OtherAnnualExpensesPercent" contextRef="From2023-03-09to2023-03-09" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">0.56</ix:nonFraction></span></td><td style="border-bottom: Black 1pt solid; text-align: left">%(e)</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Total Annual Expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_909_ecef--TotalAnnualExpensesPercent_dp_c20230309__20230309_zRP6In25Sb9i"><ix:nonFraction name="cef:TotalAnnualExpensesPercent" contextRef="From2023-03-09to2023-03-09" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">1.38</ix:nonFraction></span></td><td style="text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Dividends on Preferred Shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_908_ecef--WaiversAndReimbursementsOfFeesPercent_dp0_c20230309__20230309_zux17lHU25wh"><ix:nonFraction name="cef:WaiversAndReimbursementsOfFeesPercent" contextRef="From2023-03-09to2023-03-09" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">2.58</ix:nonFraction></span></td><td style="border-bottom: Black 1pt solid; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Total Annual Expenses and Dividends on Preferred</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_908_ecef--NetExpenseOverAssetsPercent_dp_c20230309__20230309_zOMq6bDicHD3"><ix:nonFraction name="cef:NetExpenseOverAssetsPercent" contextRef="From2023-03-09to2023-03-09" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">3.96</ix:nonFraction></span></td><td style="border-bottom: Black 1pt solid; text-align: left">%(c)</td></tr>
</table>



</ix:nonNumeric><p id="xdx_81F_zE1IV4p4YHA4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>
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<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">(a)</span></td><td style="text-align: justify"><span style="color: Black">If common shares are sold
to or through underwriters or dealer managers, a prospectus or prospectus supplement will set forth any applicable sales load
and the estimated offering expense borne by the Fund.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">(b)</span></td><td style="text-align: justify"><span style="color: Black">Shareholders participating
in the Fund&#8217;s Automatic Dividend Reinvestment Plan do not incur any additional fees. Shareholders participating in the Voluntary
Cash Purchase Plan would pay $0.75 plus their pro rata share of brokerage commissions for transactions to purchase shares and
$2.50 plus their pro rata share of brokerage commissions per transaction to sell shares.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">(c)</span></td><td style="text-align: justify"><span style="color: Black">The Investment Adviser&#8217;s fee
is 0.50% annually of the Fund&#8217;s average weekly net assets, plus assets attributable to any outstanding senior securities, with
no deduction for the liquidation preference of any outstanding preferred shares or the principal amount of any outstanding notes.
Consequently, if the Fund has preferred shares or notes outstanding, the investment management fees and other expenses as a percentage
of net assets attributable to common shares will be higher than if the Fund does not utilize a leveraged capital structure.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">(d)</span></td><td style="text-align: justify"><span style="color: Black">The Fund has no current intention
of borrowing from a lender or issuing notes during the one year following the date of this Annual Report.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">(e)</span></td><td style="text-align: justify"><span style="color: Black"><span id="xdx_908_ecef--OtherExpensesNoteTextBlock_c20230309__20230309_zG8Ed9xQXeK9"><ix:nonNumeric contextRef="From2023-03-09to2023-03-09" escape="true" name="cef:OtherExpensesNoteTextBlock">&#8220;Other Expenses&#8221;
are based on the Fund&#8217;s fiscal year ended December 31, 2022.</ix:nonNumeric></span></span></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>The
Gabelli Global Utility &amp; Income Trust</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p>

<!-- Field: Rule-Page --><div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font: 12pt Arial, Helvetica, Sans-Serif; color: Black"><b></b></span></p>


<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">For
a more complete description of the various costs and expenses a common shareholder would bear in connection with the issuance
and ongoing maintenance of any preferred shares or notes issued by the Fund, see &#8220;Risk Factors and Special Considerations&#8212;Special
Risks to Holders of Common Shares&#8212;Leverage Risk.&#8221;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-03-09to2023-03-09" escape="true" name="cef:ExpenseExampleTableTextBlock"><p id="xdx_809_ecef--ExpenseExampleTableTextBlock_dU_zRRfv3LUuLCh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
following example illustrates the expenses you would pay on a $1,000 investment in common shares, assuming a 5% annual portfolio
total return.* The actual amounts in connection with any offering will be set forth in the Prospectus Supplement if applicable.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto">
<tr style="vertical-align: top">
    <td style="width: 28%; padding-bottom: 1pt">&#160;</td>
    <td style="width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 12%; text-align: center"><b>1 Year</b></td>
    <td style="width: 1%; padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 12%; text-align: center"><b>3 Year</b></td>
    <td style="width: 1%; padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 12%; text-align: center"><b>5 Year</b></td>
    <td style="width: 1%; padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 12%; text-align: center"><b>10 Year</b></td></tr>
<tr style="vertical-align: top">
    <td>Total Expenses Incurred</td>
    <td>&#160;</td>
    <td id="xdx_989_ecef--ExpenseExampleYear01_c20230309__20230309_zcHF9AAhNH2d" style="text-align: center">$<ix:nonFraction name="cef:ExpenseExampleYear01" contextRef="From2023-03-09to2023-03-09" format="ixt:numdotdecimal" decimals="0" unitRef="USD">40</ix:nonFraction></td>
    <td style="text-align: center">&#160;</td>
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    <td style="text-align: center">&#160;</td>
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</table>


<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>
<!-- Field: Rule-Page --><div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 22pt"><span style="color: Black">*</span></td><td style="text-align: justify"><span style="color: Black">*The
                                         example should not be considered a representation of future expenses. The example is
                                         based on total Annual Expenses and Dividends on Preferred Shares shown in the table above
                                         and assumes that the amounts set forth in the table do not change and that all distributions
                                         are reinvested at net asset value. Actual expenses may be greater or less than those
                                         assumed. Moreover, the Fund&#8217;s actual rate of return may be greater or less than
                                         the hypothetical 5% return shown in the example.</span></td></tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>The
example includes Dividends on Preferred Shares. If Dividends on Preferred Shares were not included in the example calculation,
the expenses for the 1-, 3-, 5- and 10-year periods in the table above would be as follows (based on the same assumptions as above):
$<span id="xdx_907_ecef--ExpenseExampleYear01_c20230309__20230309__cef--SecurityAxis__custom--DividendsOnPreferredSharesNotIncludedMember_z8760jUOOdV6"><ix:nonFraction name="cef:ExpenseExampleYear01" contextRef="From2023-03-092023-03-09_custom_DividendsOnPreferredSharesNotIncludedMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">14</ix:nonFraction></span>, $<span id="xdx_904_ecef--ExpenseExampleYears1to3_c20230309__20230309__cef--SecurityAxis__custom--DividendsOnPreferredSharesNotIncludedMember_zF43o3YgE8N"><ix:nonFraction name="cef:ExpenseExampleYears1to3" contextRef="From2023-03-092023-03-09_custom_DividendsOnPreferredSharesNotIncludedMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">44</ix:nonFraction></span>, $<span id="xdx_90C_ecef--ExpenseExampleYears1to5_c20230309__20230309__cef--SecurityAxis__custom--DividendsOnPreferredSharesNotIncludedMember_zzCC2QknXHZ3"><ix:nonFraction name="cef:ExpenseExampleYears1to5" contextRef="From2023-03-092023-03-09_custom_DividendsOnPreferredSharesNotIncludedMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">76</ix:nonFraction></span>, and $<span id="xdx_903_ecef--ExpenseExampleYears1to10_c20230309__20230309__cef--SecurityAxis__custom--DividendsOnPreferredSharesNotIncludedMember_z7dxPWwtk1u2"><ix:nonFraction name="cef:ExpenseExampleYears1to10" contextRef="From2023-03-092023-03-09_custom_DividendsOnPreferredSharesNotIncludedMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">167</ix:nonFraction></span>.</i></span></p>

</ix:nonNumeric><p id="xdx_81A_z8CHpc8EU0lf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="color: Black">The Fund&#8217;s
common shares are listed on the NYSE American under the trading or &#8220;ticker&#8221; symbol &#8220;GLU.&#8221; The Fund&#8217;s
Series A Cumulative Puttable and Callable Preferred Shares (&#8220;Series A Preferred Shares&#8221;) and Series B Cumulative Puttable
and Callable Preferred Shares (&#8220;Series B Preferred Shares&#8221;) are listed on the NYSE American under the symbol &#8220;GLU
Pr A&#8221; and &#8220;GLU Pr B,&#8221; respectively. The Fund&#8217;s common shares have historically traded at a discount to
the Fund&#8217;s net asset value. Over the past ten years, the Fund&#8217;s common shares have traded at a premium to net asset
value as high as 7.62% and a discount as low as (19.77)%. Any additional series of fixed rate preferred shares or subscription
rights issued in the future pursuant to a Prospectus Supplement by the Fund would also likely be listed on the NYSE American.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="color: Black">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-03-09to2023-03-09" escape="true" name="cef:SharePriceTableTextBlock"><p id="xdx_80F_ecef--SharePriceTableTextBlock_dU_z4LMfHr3CrZf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
following table sets forth for the quarters indicated, the high and low sale prices on the NYSE American per share of our common
shares and the net asset value and the premium or discount from net asset value per share at which the common shares were trading,
expressed as a percentage of net asset value, at each of the high and low sale prices provided.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 30; Value: 2 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></p></div>
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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_23F_zj75cmloqlL" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_23A_zmUQxwre8bk8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>
<!-- Field: Rule-Page --><ix:exclude><div id="xdx_231_z0StKYPp8QG1" style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div></ix:exclude><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<tr style="text-align: center; vertical-align: bottom">
    <td style="padding-left: 0.5in">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td id="xdx_486_ecef--HighestPriceOrBid_zspG0tbpoYZ4" style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_481_ecef--LowestPriceOrBid_zTnbLZuRiY7" style="font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td id="xdx_48F_ecef--HighestPriceOrBidNav_zw52nQrOJ0z9" style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_48A_ecef--LowestPriceOrBidNav_zTSMEXvLp3Ne" style="font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td id="xdx_485_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_zWy1PINsEzJ1" style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_48E_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_zWRG2h4uzb1" style="font-weight: bold">&#160;</td></tr>
<tr style="text-align: center; vertical-align: bottom">
    <td style="padding-left: 0.5in">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold">Common Share<br /> Market Price</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold">Corresponding<br /> Net Asset<br /> Value<br /> (&#8220;NAV&#8221;) Per<br /> Share</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold">Corresponding<br /> Premium or<br /> Discount as a %<br /> of NAV</td></tr>
<tr style="text-align: center; vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Quarter Ended</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">High</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Low</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">High</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Low</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">High</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Low</td></tr>
<tr id="xdx_41A_20210101__20210331__cef--SecurityAxis__custom--CommonStockMember_zbvIAVRzKgBd" style="vertical-align: bottom">
    <td style="width: 34%; padding-left: 0.5in">March 31, 2021</td><td style="width: 1%">&#160;</td>
    <td style="width: 10%; text-align: center">$<ix:nonFraction name="cef:HighestPriceOrBid" contextRef="From2021-01-012021-03-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">19.69</ix:nonFraction></td><td style="width: 1%">&#160;</td>
    <td style="width: 10%; text-align: center">$<ix:nonFraction name="cef:LowestPriceOrBid" contextRef="From2021-01-012021-03-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">18.21</ix:nonFraction></td><td style="width: 1%">&#160;</td>
    <td style="width: 10%; text-align: center">$<ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="From2021-01-012021-03-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">19.12</ix:nonFraction></td><td style="width: 1%">&#160;</td>
    <td style="width: 10%; text-align: center">$<ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="From2021-01-012021-03-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">19.57</ix:nonFraction></td><td style="width: 1%">&#160;</td>
    <td style="width: 10%; text-align: center"><ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="From2021-01-012021-03-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">2.98</ix:nonFraction>%</td><td style="width: 1%">&#160;</td>
    <td style="width: 10%; text-align: center">(<ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="From2021-01-012021-03-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Ratio">6.95</ix:nonFraction>)%</td></tr>
<tr id="xdx_414_20210401__20210630__cef--SecurityAxis__custom--CommonStockMember_z1xJG4HkIhf2" style="vertical-align: bottom">
    <td style="padding-left: 0.5in">June 30, 2021</td><td>&#160;</td>
    <td style="text-align: center">$<ix:nonFraction name="cef:HighestPriceOrBid" contextRef="From2021-04-012021-06-30_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">22.77</ix:nonFraction></td><td>&#160;</td>
    <td style="text-align: center">$<ix:nonFraction name="cef:LowestPriceOrBid" contextRef="From2021-04-012021-06-30_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">19.54</ix:nonFraction></td><td>&#160;</td>
    <td style="text-align: center">$<ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="From2021-04-012021-06-30_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">21.51</ix:nonFraction></td><td>&#160;</td>
    <td style="text-align: center">$<ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="From2021-04-012021-06-30_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">20.69</ix:nonFraction></td><td>&#160;</td>
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    <td style="text-align: center">(<ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="From2021-04-012021-06-30_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Ratio">5.54</ix:nonFraction>)%</td></tr>
<tr id="xdx_41A_20210701__20210930__cef--SecurityAxis__custom--CommonStockMember_zwcFveRuBHU" style="vertical-align: bottom">
    <td style="padding-left: 0.5in">September 30, 2021</td><td>&#160;</td>
    <td style="text-align: center">$<ix:nonFraction name="cef:HighestPriceOrBid" contextRef="From2021-07-012021-09-30_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">22.20</ix:nonFraction></td><td>&#160;</td>
    <td style="text-align: center">$<ix:nonFraction name="cef:LowestPriceOrBid" contextRef="From2021-07-012021-09-30_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">19.65</ix:nonFraction></td><td>&#160;</td>
    <td style="text-align: center">$<ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="From2021-07-012021-09-30_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">20.95</ix:nonFraction></td><td>&#160;</td>
    <td style="text-align: center">$<ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="From2021-07-012021-09-30_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">20.08</ix:nonFraction></td><td>&#160;</td>
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<tr id="xdx_412_20211001__20211231__cef--SecurityAxis__custom--CommonStockMember_zAqOj6g9zlM8" style="vertical-align: bottom">
    <td style="padding-left: 0.5in">December 31, 2021</td><td>&#160;</td>
    <td style="text-align: center">$<ix:nonFraction name="cef:HighestPriceOrBid" contextRef="From2021-10-012021-12-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">21.24</ix:nonFraction></td><td>&#160;</td>
    <td style="text-align: center">$<ix:nonFraction name="cef:LowestPriceOrBid" contextRef="From2021-10-012021-12-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">19.43</ix:nonFraction></td><td>&#160;</td>
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    <td style="text-align: center">(<ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="From2021-10-012021-12-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Ratio">1.89</ix:nonFraction>)%</td></tr>
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    <td style="text-align: center">(<ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="From2022-01-012022-03-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Ratio">1.65</ix:nonFraction>)%</td></tr>
<tr id="xdx_41B_20220401__20220630__cef--SecurityAxis__custom--CommonStockMember_zOeQqSiln7d5" style="vertical-align: bottom">
    <td style="padding-left: 0.5in">June 30, 2022</td><td>&#160;</td>
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<tr id="xdx_417_20220701__20220930__cef--SecurityAxis__custom--CommonStockMember_zHGlx3Qb6M36" style="vertical-align: bottom">
    <td style="padding-left: 0.5in">September 30, 2022</td><td>&#160;</td>
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    <td style="text-align: center">$<ix:nonFraction name="cef:LowestPriceOrBid" contextRef="From2022-07-012022-09-30_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">13.96</ix:nonFraction></td><td>&#160;</td>
    <td style="text-align: center">$<ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="From2022-07-012022-09-30_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">17.91</ix:nonFraction></td><td>&#160;</td>
    <td style="text-align: center">$<ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="From2022-07-012022-09-30_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">14.01</ix:nonFraction></td><td>&#160;</td>
    <td style="text-align: center">(<ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="From2022-07-012022-09-30_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Ratio">4.86</ix:nonFraction>)%</td><td>&#160;</td>
    <td style="text-align: center">(<ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="From2022-07-012022-09-30_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Ratio">0.36</ix:nonFraction>)%</td></tr>
<tr id="xdx_410_20221001__20221231__cef--SecurityAxis__custom--CommonStockMember_zN7Axm0lGsLi" style="vertical-align: bottom">
    <td style="padding-left: 0.5in">December 31, 2022</td><td>&#160;</td>
    <td style="text-align: center">$<ix:nonFraction name="cef:HighestPriceOrBid" contextRef="From2022-10-012022-12-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">15.38</ix:nonFraction></td><td>&#160;</td>
    <td style="text-align: center">$<ix:nonFraction name="cef:LowestPriceOrBid" contextRef="From2022-10-012022-12-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">13.34</ix:nonFraction></td><td>&#160;</td>
    <td style="text-align: center">$<ix:nonFraction name="cef:HighestPriceOrBidNav" contextRef="From2022-10-012022-12-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">16.45</ix:nonFraction></td><td>&#160;</td>
    <td style="text-align: center">$<ix:nonFraction name="cef:LowestPriceOrBidNav" contextRef="From2022-10-012022-12-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">13.69</ix:nonFraction></td><td>&#160;</td>
    <td style="text-align: center">(<ix:nonFraction name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="From2022-10-012022-12-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Ratio">6.50</ix:nonFraction>)%</td><td>&#160;</td>
    <td style="text-align: center">(<ix:nonFraction name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="From2022-10-012022-12-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Ratio">2.56</ix:nonFraction>)%</td></tr>
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</ix:nonNumeric><p id="xdx_818_zq0fVyEIBZk9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
last reported price for our common shares on December 31, 2022 was $<span id="xdx_90F_ecef--LatestSharePrice_c20221231__20221231__cef--SecurityAxis__custom--CommonStockMember_zToYtDxRh72a"><ix:nonFraction name="cef:LatestSharePrice" contextRef="From2022-12-312022-12-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">14.08</ix:nonFraction></span> per share. As of December 31, 2022, the net asset value
per share of the Fund&#8217;s common shares was $<span id="xdx_902_ecef--LatestNav_c20221231__20221231__cef--SecurityAxis__custom--CommonStockMember_zxteutFm0lD"><ix:nonFraction name="cef:LatestNav" contextRef="From2022-12-312022-12-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">15.89</ix:nonFraction></span>. Accordingly, the Fund&#8217;s common shares traded at a discount to net
asset value of <span id="xdx_909_ecef--LatestPremiumDiscountToNavPercent_c20221231__20221231__cef--SecurityAxis__custom--CommonStockMember_zI9fyKigtdNg">(<ix:nonFraction name="cef:LatestPremiumDiscountToNavPercent" contextRef="From2022-12-312022-12-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Ratio">11.39</ix:nonFraction>)%</span> on December 31, 2022.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-03-09to2023-03-09" escape="true" name="cef:OutstandingSecuritiesTableTextBlock"><p id="xdx_804_ecef--OutstandingSecuritiesTableTextBlock_dU_zZ6xEJdcf4Xi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Outstanding Securities</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">The following information
regarding the Fund&#8217;s authorized shares is as of December 31, 2022.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="text-align: center; vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; width: 45%; text-align: left"><b>Title of Class</b></td>
    <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center"><b>Amount Authorized</b></td>
    <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center"><b>Amount Held by</b><br />
<b>Fund for its Account</b></td>
    <td style="border-bottom: Black 1pt solid; width: 25%; text-align: center"><b>Amount Outstanding Exclusive of</b><br />
<b>Amount Held by Fund</b></td></tr>
<tr style="vertical-align: top">
    <td id="xdx_98F_ecef--OutstandingSecurityTitleTextBlock_c20221231__20221231__cef--SecurityAxis__custom--CommonStockMember_zkHRXQtVsTKi"><ix:nonNumeric contextRef="From2022-12-312022-12-31_custom_CommonStockMember" escape="true" name="cef:OutstandingSecurityTitleTextBlock">Common Shares</ix:nonNumeric></td>
    <td style="text-align: center">Unlimited</td>
    <td id="xdx_98B_ecef--OutstandingSecurityHeldShares_d0_c20221231__20221231__cef--SecurityAxis__custom--CommonStockMember_z44XPrYcImM" style="text-align: center"><ix:nonFraction name="cef:OutstandingSecurityHeldShares" contextRef="From2022-12-312022-12-31_custom_CommonStockMember" format="ixt:zerodash" decimals="INF" unitRef="Shares">&#8211;</ix:nonFraction></td>
    <td id="xdx_98E_ecef--OutstandingSecurityNotHeldShares_c20221231__20221231__cef--SecurityAxis__custom--CommonStockMember_zvwsJgIvCEOl" style="text-align: center"><ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2022-12-312022-12-31_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,968,911</ix:nonFraction></td></tr>
<tr style="vertical-align: top">
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    <td id="xdx_98B_ecef--OutstandingSecurityAuthorizedShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesACumulativePreferredStockMember_zIyWYoYwwIai" style="text-align: center"><ix:nonFraction name="cef:OutstandingSecurityAuthorizedShares" contextRef="From2022-12-312022-12-31_custom_SeriesACumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,200,000</ix:nonFraction></td>
    <td id="xdx_98E_ecef--OutstandingSecurityHeldShares_d0_c20221231__20221231__cef--SecurityAxis__custom--SeriesACumulativePreferredStockMember_z6pWnHXXb7d1" style="text-align: center"><ix:nonFraction name="cef:OutstandingSecurityHeldShares" contextRef="From2022-12-312022-12-31_custom_SeriesACumulativePreferredStockMember" format="ixt:zerodash" decimals="INF" unitRef="Shares">&#8211;</ix:nonFraction></td>
    <td id="xdx_98A_ecef--OutstandingSecurityNotHeldShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesACumulativePreferredStockMember_z4a3nqVrRgXi" style="text-align: center"><ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2022-12-312022-12-31_custom_SeriesACumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">21,087</ix:nonFraction></td></tr>
<tr style="vertical-align: top">
    <td id="xdx_98E_ecef--OutstandingSecurityTitleTextBlock_c20221231__20221231__cef--SecurityAxis__custom--SeriesBCumulativePreferredStockMember_zQDxm9yPY5k2"><ix:nonNumeric contextRef="From2022-12-312022-12-31_custom_SeriesBCumulativePreferredStockMember" escape="true" name="cef:OutstandingSecurityTitleTextBlock">Series B Cumulative Preferred Shares</ix:nonNumeric></td>
    <td id="xdx_980_ecef--OutstandingSecurityAuthorizedShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesBCumulativePreferredStockMember_zqferrUpk8dk" style="text-align: center"><ix:nonFraction name="cef:OutstandingSecurityAuthorizedShares" contextRef="From2022-12-312022-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,370,433</ix:nonFraction></td>
    <td id="xdx_986_ecef--OutstandingSecurityHeldShares_d0_c20221231__20221231__cef--SecurityAxis__custom--SeriesBCumulativePreferredStockMember_zDkKRUjV7hx2" style="text-align: center"><ix:nonFraction name="cef:OutstandingSecurityHeldShares" contextRef="From2022-12-312022-12-31_custom_SeriesBCumulativePreferredStockMember" format="ixt:zerodash" decimals="INF" unitRef="Shares">&#8211;</ix:nonFraction></td>
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</table>


</ix:nonNumeric><p id="xdx_81D_zsvJLtlcRTK5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Unresolved SEC
Staff Comments</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund does not believe that there are any material unresolved written comments, received 180 days or more before December 31, 2022
from the Staff of the SEC regarding any of the Fund&#8217;s periodic or current reports under the Securities Exchange Act of 1934
or the Investment Company Act of 1940, or its registration statement.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


<!-- Field: Page; Sequence: 31; Value: 2 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><p style="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></p></div>
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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p>
<!-- Field: Rule-Page --><div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #12100B"><span style="color: Black"><b>Selected data
for a common share of beneficial interest outstanding throughout each year:</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #12100B"><span style="color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="18" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
<tr style="text-align: right; vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold">2017</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold">2016</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold">2015</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold">2014</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in">Operating Performance:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 31%; text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in">Net asset value, beginning of year</td><td style="width: 1%; padding-bottom: 1pt">&#160;</td>
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    <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right">19.57</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td><td style="width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right">21.93</td><td style="width: 3%; padding-bottom: 1pt; text-align: left">&#160;</td><td style="width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right">22.36</td><td style="width: 3%; padding-bottom: 1pt; text-align: left">&#160;</td><td style="width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right">20.44</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Net investment income</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.62</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.78</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.60</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.86</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.44</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in">Net realized and unrealized gain/(loss) on investments, swap contracts, and foreign currency transactions</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">3.65</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">1.11</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
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    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">0.47</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">4.13</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in">Total from investment operations</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">4.27</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">1.89</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.79</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">1.33</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">4.57</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in">Distributions to Preferred Shareholders: (a)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Net investment income</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.18</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.24</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.25</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.30</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.29</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in">Net realized gain</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.29</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.19</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.12</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.26</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.17</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in">Total distributions to preferred shareholders</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.47</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.43</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.37</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.56</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.46</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in">Net Increase/(Decrease) in Net Assets Attributable to Common Shareholders Resulting from Operations</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">3.80</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">1.46</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(1.16</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">0.77</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">4.11</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in">Distributions to Common Shareholders:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Net investment income</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.44</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.59</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.22</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.39</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.25</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Net realized gain</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.76</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.49</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.11</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.33</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.15</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in">Return of capital</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.12</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.87</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.48</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.80</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in">Total distributions to common shareholders</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(1.20</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(1.20</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(1.20</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(1.20</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(1.20</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in">Fund Share Transactions:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Increase in net asset value from common share transactions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.01</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Decrease in net asset value from common shares issued in rights offering</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.88</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Increase/(Decrease) in net asset value from repurchase of common shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.00</td><td style="text-align: left">(b)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.00</td><td style="text-align: left">)(b)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Net decrease from costs charged to repurchase of common shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.00</td><td style="white-space: nowrap; text-align: left">)(b)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in">Offering expenses charged to paid-in capital</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.00</td><td style="padding-bottom: 1pt; text-align: left">)(b)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.12</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in">Total Fund share transactions</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">0.00</td><td style="padding-bottom: 1pt; text-align: left">(b)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.00</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)(b)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.99</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in; text-indent: -0.125in">Net Asset Value Attributable to Common Shareholders, End of Year</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">$</td><td style="border-bottom: Black 3pt double; text-align: right">22.43</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">$</td><td style="border-bottom: Black 3pt double; text-align: right">19.83</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">$</td><td style="border-bottom: Black 3pt double; text-align: right">19.57</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">$</td><td style="border-bottom: Black 3pt double; text-align: right">21.93</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">$</td><td style="border-bottom: Black 3pt double; text-align: right">22.36</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in; text-indent: -0.125in">NAV total return &#8224;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">&#160;</td><td style="border-bottom: Black 3pt double; text-align: right">19.59</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">&#160;</td><td style="border-bottom: Black 3pt double; text-align: right">7.53</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">&#160;</td><td style="border-bottom: Black 3pt double; text-align: right">(5.52</td><td style="padding-bottom: 1pt; text-align: left">)%</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">&#160;</td><td style="border-bottom: Black 3pt double; text-align: right">3.53</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">&#160;</td><td style="border-bottom: Black 3pt double; text-align: right">21.54</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 2.5pt; padding-left: 0.25in; text-indent: -0.125in">Market value, end of year</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">$</td><td style="border-bottom: Black 3pt double; text-align: right">21.30</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 3pt double; text-align: left">$</td><td style="border-bottom: Black 3pt double; text-align: right">16.70</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 3pt double; text-align: left">$</td><td style="border-bottom: Black 3pt double; text-align: right">20.04</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in; text-indent: -0.125in">Investment total return &#8224;&#8224;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">&#160;</td><td style="border-bottom: Black 3pt double; text-align: right">34.83</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">&#160;</td><td style="border-bottom: Black 3pt double; text-align: right">7.81</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">&#160;</td><td style="border-bottom: Black 3pt double; text-align: right">(8.16</td><td style="padding-bottom: 1pt; text-align: left">)%</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">&#160;</td><td style="border-bottom: Black 3pt double; text-align: right">2.98</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">&#160;</td><td style="border-bottom: Black 3pt double; text-align: right">7.32</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr>
</table>




<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #12100B"><span style="color: Black">&#160;</span></p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p>

<!-- Field: Rule-Page --><div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font: 12pt Arial, Helvetica, Sans-Serif; color: Black"><b></b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #12100B"><span style="color: Black"><b>Selected data
for a common share of beneficial interest outstanding throughout each year:</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #12100B"><span style="color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><span style="font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td>
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    <td colspan="2" id="xdx_491_20160101__20161231_zoYMSh1zkJZ3" style="font-weight: bold; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td>
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    <td colspan="2" id="xdx_494_20130101__20131231_zB07W0KXy0bj" style="font-weight: bold; text-align: right"><span style="font-size: 8pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt">&#160;</span></td></tr>
<tr style="text-align: center; vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="18" style="border-bottom: Black 1pt solid; font-weight: bold">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
<tr style="text-align: right; vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold">2017</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in">Ratios to Average Net Assets and Supplemental Data:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">131,749</td><td style="width: 2%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">141,789</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">143,724</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Net assets attributable to common shares, end of year (in 000&#8217;s)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">92,229</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">81,543</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">80,445</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">90,167</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">92,103</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Ratio of net investment income to average net assets attributable to common shares before preferred share distributions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2.88</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3.83</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2.81</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3.85</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2.40</td><td style="text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Ratio of operating expenses to average net assets attributable to common shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1.34</td><td style="text-align: left">%(c)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1.39</td><td style="white-space: nowrap; text-align: left">%(c)(d)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1.41</td><td style="white-space: nowrap; text-align: left">%(c)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1.39</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1.22</td><td style="text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Ratio of operating expenses to average net assets including liquidation value of preferred shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.85</td><td style="white-space: nowrap; text-align: left">%(c)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.86</td><td style="text-align: left">%(c)(d)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.89</td><td style="text-align: left">%(c)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.89</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.74</td><td style="text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Portfolio turnover rate</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">21.8</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">14.2</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">26.6</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">28.2</td><td style="text-align: left">%</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in">Cumulative Preferred Shares:</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Series A Preferred</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40D_ecef--SeniorSecuritiesAmount_pn3n3_hcef--SecurityAxis__custom--SeriesACumulativePreferredStockMember_zh2UqornzS8c" style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Liquidation value, end of year (in 000&#8217;s)</td><td>&#160;</td>
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<tr id="xdx_400_ecef--OutstandingSecurityNotHeldShares_pn3n3_hcef--SecurityAxis__custom--SeriesACumulativePreferredStockMember_zUbPhwBPQnve" style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Total shares outstanding (in 000&#8217;s)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="cef:OutstandingSecurityNotHeldShares" contextRef="From2016-01-012016-12-31_custom_SeriesACumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">1,026</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr id="xdx_406_ecef--SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit_pip0_hcef--SecurityAxis__custom--SeriesACumulativePreferredStockMember_zPVRISt8TzH6" style="vertical-align: bottom">
    <td style="padding-left: 0.25in; text-indent: -0.125in">Liquidation preference per share</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit" contextRef="From2017-01-012017-12-31_custom_SeriesACumulativePreferredStockMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">50.00</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr id="xdx_40A_ecef--SeniorSecuritiesAverageMarketValuePerUnit_pip0_hcef--SecurityAxis__custom--SeriesACumulativePreferredStockMember_zmgGvL4FqGth" style="vertical-align: bottom">
    <td style="padding-left: 0.25in; text-indent: -0.125in">Average market value(e)</td><td>&#160;</td>
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<tr id="xdx_404_ecef--SeniorSecuritiesCoveragePerUnit_pip0_hcef--SecurityAxis__custom--SeriesACumulativePreferredStockMember_zLZDU3NMUwY8" style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Asset coverage</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">280</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">259</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">257</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">275</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">278</td><td style="text-align: left">%</td></tr>
</table>



<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #12100B"><span style="color: Black">&#160;</span></p>
<!-- Field: Rule-Page --><div style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 20%">&#160;</div></div><!-- Field: /Rule-Page -->

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #12100B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 8pt; color: Black">&#8224;</span></td><td style="text-align: justify"><span style="font-size: 8pt; color: Black">Based
                                         on net asset value per share, adjusted for reinvestment of distributions at the net asset
                                         value per share on the ex-dividend dates and adjustments for the rights offering.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #12100B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 8pt; color: Black">&#8224;&#8224;</span></td><td style="text-align: justify"><span style="font-size: 8pt; color: Black">Based
                                         on market value per share at initial public offering of $20.00 per share, adjusted for
                                         reinvestments of distributions at prices obtained under the Fund&#8217;s dividend reinvestment
                                         plan and adjustments for the rights offering.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #12100B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 8pt; color: Black">(a)</span></td><td style="text-align: justify"><span style="font-size: 8pt; color: Black">Calculated
                                         based on average common shares outstanding on the record dates throughout the years.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #12100B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 8pt; color: Black">(b)</span></td><td style="text-align: justify"><span style="font-size: 8pt; color: Black">Amount
                                         represents less than $0.005 per share.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #12100B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 8pt; color: Black">(c)</span></td><td style="text-align: justify"><span style="font-size: 8pt; color: Black">The
                                         Fund received credits from a designated broker who agreed to pay certain Fund operating
                                         expenses. For the years ended December 31, 2017, 2016, and 2015, there was no impact
                                         on the expense ratios.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #12100B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 8pt; color: Black">(d)</span></td><td style="text-align: justify"><span style="font-size: 8pt; color: Black">During
                                         the year ended December 31, 2016, the fund received a reimbursement of custody expenses
                                         paid in prior years. Had such reimbursement been included in 2016, the expense ratios
                                         would have been 1.18% attributable to common shares and 0.73% including liquidation value
                                         of preferred shares.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #12100B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 8pt; color: Black">(e)</span></td><td style="text-align: justify"><span style="font-size: 8pt; color: Black">Based
                                         on weekly prices.</span></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="color: Black"><b>CHANGES
OCCURRING DURING THE PRIOR FISCAL PERIOD</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 97pt; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 8pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
following information is a summary of certain changes during the most recent fiscal year ended December 31, 2022. This information
may not reflect all of the changes that have occurred since you purchased shares of the Fund.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 8pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 8pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b>During
the Fund&#8217;s most recent fiscal year, there were no material changes to the Fund&#8217;s investment objective or policies
that have not been approved by shareholders or in the principal risk factors associated with an investment in the Fund.</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 8pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="color: Black">On
August 17, 2022, the Board of Trustees of the Fund approved and adopted Amendment No. 1 (&#8220;Amendment No. 1&#8221;) to the
Fund&#8217;s Amended and Restated By-Laws (&#8220;By-Laws&#8221;), as filed with the Securities and Exchange Commission on August
24, 2022 as an exhibit to Post-Effective Amendment No. 2 to the Fund&#8217;s Registration Statement on Form N-2. Pursuant to Amendment
No. 1:&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">the vote necessary to elect
one or more trustees is a majority of the shares outstanding and entitled to vote in a Contested Election and a plurality of the
shares present and entitled to vote in all other cases.</span></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 7pt 0pt 0.5in; text-indent: -13.5pt; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p>
<!-- Field: Rule-Page --><div style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund&#8217;s By-Laws generally define a &#8220;Contested Election&#8221; as any election of trustees in which the number of persons
nominated for election as trustees by shares entitled to vote for such trustees in accordance with the Fund&#8217;s By-Laws exceeds
the number of trustees to be elected by shares entitled to vote for such trustees.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-03-09to2023-03-09" escape="true" name="cef:InvestmentObjectivesAndPracticesTextBlock"><p id="xdx_802_ecef--InvestmentObjectivesAndPracticesTextBlock_dU_zxkwib1H5Uch" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="color: Black"><b>INVESTMENT
OBJECTIVES AND POLICIES</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="color: Black"><b>&#160;</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; color: #1D1D1B"><span style="color: Black"><b>Investment Objectives and Policies</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 142pt 0pt 0; text-indent: 140.75pt; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund&#8217;s investment objective is to seek a consistent level of after-tax total return over the long-term with an emphasis
currently on qualifying dividends. The Fund will attempt to achieve its investment objective by investing, under normal market
conditions, at least 80% of its assets in (i) equity securities (including common stock, preferred stock, convertible stock and
options on these securities) of domestic and foreign companies involved to a substantial extent (i.e., at least 50% of the assets,
gross income or net profits of a company is committed to or derived from) in providing (a) products, services or equipment for
the generation or distribution of electricity, gas or water, (b) infrastructure operations such as airports, toll roads and municipal
services and (c) telecommunications services such as telephone, telegraph, satellite, cable, microwave, radiotelephone, mobile
communication and cellular, paging, electronic mail, videotext, voice communications, data communications and internet (collectively,
the &#8220;Utilities Industry&#8221;) and (ii) securities (including preferred and debt securities, as well as government obligations)
of issuers that are expected to periodically pay dividends or interest. The Fund&#8217;s 80% policy is not fundamental and shareholders
will be notified if it is changed. In addition, under normal market conditions, at least 25% of the Fund&#8217;s assets will consist
of securities (including preferred and debt securities) of domestic and foreign companies involved to a substantial extent in
the Utilities Industry. The remaining Fund assets will generally be invested in other securities that the Investment Adviser views
as not being correlated with the Fund&#8217;s Utilities Industry investments. Such investments may include convertible securities,
securities of issuers subject to reorganization or other risk arbitrage investments, certain derivative instruments including
equity contract for difference swap transactions, other debt securities (including obligations of the U.S. Government), and money
market instruments. The Fund may invest without limitation in securities of foreign issuers and will generally be invested in
securities of issuers located in at least three countries, including the United States. It is anticipated that, under normal market
conditions, at least 40% of the Fund&#8217;s assets will be invested in foreign securities. Foreign securities are securities
of issuers based outside the United States. The Fund considers an issuer to be based outside of the United States if (1) it is
organized under the laws of, or has a principal office located in, another country; (2) the principal trading market for its securities
is in another country; or (3) it (directly or through its consolidated subsidiaries) derived in its most current fiscal year at
least 50% of its total assets, capitalization, gross revenue or profit from goods produced, services performed or sales made in
another country. The Fund may purchase sponsored ADRs or U.S. dollar denominated securities of foreign issuers, which will be
considered foreign securities for purposes of the Fund&#8217;s investment policies. Typically, the Fund will not hold any foreign
securities of emerging market issuers and, if it does, such securities are not expected to comprise more than 10% of the Fund&#8217;s
managed assets. The Fund expects to invest in securities across all market capitalization ranges. The Fund may invest up to 10%
of its total assets in securities</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 34; Value: 2 -->
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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_23D_zJ5SYK24oFog" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_234_zVO0vHupczN" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>Additional
Fund Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_239_zumjSknouSwl" style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div></ix:exclude><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font: 12pt Arial, Helvetica, Sans-Serif; color: Black"><b></b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">rated
below investment grade by recognized statistical rating agencies or unrated securities of comparable quality, including securities
of issuers in default, which are likely to have the lowest rating. Securities rated below investment grade, which may be preferred
shares or debt, are predominantly speculative and involve major risk exposure to adverse conditions. Securities that are rated
lower than &#8220;BBB&#8221; by S&amp;P, or lower than &#8220;Baa&#8221; by Moody&#8217;s or unrated securities considered by
the Investment Adviser to be of comparable quality, are commonly referred to as &#8220;junk bonds&#8221; or &#8220;high yield&#8221;
securities.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">No assurance can
be given that the Fund&#8217;s investment objective will be achieved.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Investment Methodology
of the Fund</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
selecting securities for the Fund, the Investment Adviser normally considers the following factors, among others:&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">the industry of the issuer
of a security;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">the potential of the Fund
to earn gains from writing covered call options on such securities;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">the interest or dividend income
generated by the securities;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">the potential for capital
appreciation of the securities;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">the prices of the securities
relative to comparable securities;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">whether the securities are
entitled to the benefits of call protection or other protective covenants;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">the existence of any anti-dilution
protections or guarantees of the security; and</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">the number and size of investments of the portfolio as to issuers.</span></td>
</tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 110pt 0pt 0.25in; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Investment Adviser&#8217;s investment philosophy with respect to debt and equity securities is to identify assets that are selling
in the public market at a discount to their private market value. The Investment Adviser defines private market value as the value
informed purchasers are willing to pay to acquire assets with similar characteristics.&#160;The Investment Adviser also normally
evaluates an issuer&#8217;s free cash flow and long-term earnings trends.&#160;Finally, the Investment Adviser looks for a catalyst,
something indigenous to the company, its industry or country that will surface additional value.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Certain Investment
Practices</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Utilities
Industry Concentration. </i></b>Under normal market conditions the Fund will invest at least 25% of its assets in the securities
(including preferred and debt securities) of domestic and foreign companies involved to a substantial extent in the Utilities
Industry.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Tax-Advantaged
Qualified Dividends. </i></b>The Fund&#8217;s investments will emphasize securities that will pay tax-advantaged qualified dividends.
For the Fund to receive tax-advantaged qualified dividends, the Fund must, in addition to other requirements, hold the otherwise
qualified stock for more than 60 days during the 121-day period beginning 60 days before the ex-dividend date (or, in the case
of preferred stock, more than 90 days during the 181-day period beginning 90 days before the ex-dividend date). The &#8220;ex-dividend
date&#8221; is the date which is established by a stock exchange (usually two business days before the record date) whereby the
owner of a security at the commencement of such date is entitled to receive the next issued dividend payment for such security,
even if the security is sold by such owner on the ex-dividend date or thereafter. In addition, for dividends to be tax-advantaged
qualified dividends, the Fund cannot have an option to sell or be under a contractual</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

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<ix:exclude><p id="xdx_239_z1AdvcV12ES6" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
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<!-- Field: Rule-Page --><ix:exclude><div id="xdx_236_zuHSkbtuUtJc" style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div></ix:exclude><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">obligation
to sell (pursuant to a short sale or otherwise) substantially identical stock or securities. Accordingly, the Fund&#8217;s writing
of call options may, depending on the terms of the option, adversely impact the Fund&#8217;s ability to pay tax-advantaged qualified
dividends. For an individual shareholder to be taxed at the rates applicable to tax-advantaged qualified dividends on dividends
received from the Fund that are attributable to tax-advantaged qualified dividends received by the Fund, the shareholder must
hold its common shares for more than 61 days during the 121-day period beginning 60 days before the ex-dividend date for the Fund&#8217;s
common shares (or, in the case of preferred stock, more than 91 days during the 181-day period beginning 90 days before the ex-dividend
date for the Fund&#8217;s preferred shares). Consequently, short-term investors in the Fund may not realize the benefits of tax-advantaged
qualified dividends. There can be no assurance as to the portion of the Fund&#8217;s dividends that will be tax-advantaged.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Foreign
Securities. </i></b>Subject to the Fund&#8217;s other policies including investing at least 25% of its assets in the Utilities
Industry, the Fund may invest without limit in the securities of foreign issuers, which are generally denominated in foreign currencies.
The Fund expects to generally be invested in securities of issuers located in at least three countries, including the United States
and possibly including developing countries. It is anticipated that, under normal market conditions, at least 40% of the Fund&#8217;s
assets will be invested in foreign securities. Typically, the Fund will not hold any foreign securities of emerging market issuers
and, if it does, such securities are not expected to comprise more than 10% of the Fund&#8217;s managed assets.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Investment Adviser believes that investing in foreign securities offers both enhanced investment opportunities and additional
risks beyond those present in U.S. securities. Investing in foreign securities may provide increased diversification by adding
securities from various foreign countries (i) that offer different investment opportunities, (ii) that generally are affected
by different economic trends and (iii) whose stock markets may not be correlated with U.S. markets. At the same time, these opportunities
and trends involve risks that may not be encountered in U.S. investments.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="color: Black">The following considerations
comprise both risks and opportunities not typically associated with investing in U.S. securities: fluctuations in exchange rates
of foreign currencies; possible imposition of exchange control regulations or currency restrictions that would prevent cash from
being brought back to the United States; less public information with respect to issuers of securities; less government supervision
of stock exchanges, securities brokers and issuers of securities; the difficulty in obtaining or enforcing a court judgment abroad;
lack of uniform accounting, auditing and financial reporting standards; lack of uniform settlement periods and trading practices;
less liquidity and frequently greater price volatility in foreign markets than in the United States; possible imposition of foreign
taxes; the possibility of expropriation or confiscatory taxation, seizure or nationalization of foreign bank deposits or other
assets; the adoption of foreign government restrictions and other adverse political, social or diplomatic developments that could
affect investment; sometimes less advantageous legal, operational and financial protections applicable to foreign sub-custodial
arrangements; and the historically lower level of responsiveness of foreign management to shareholder concerns (such as dividends
and return on investment).</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund may also purchase sponsored American Depository Receipts (&#8220;ADRs&#8221;) or U.S. dollar denominated securities of foreign
issuers, which will be considered foreign securities for purposes of the Fund&#8217;s investment policies. ADRs are receipts issued
by U.S. banks or trust companies in respect of securities of foreign issuers</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

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<ix:exclude><p id="xdx_231_zZ6X0QP3VXM9" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">held on deposit for
use in the U.S. securities markets. See &#8220;Risk Factors and Special Considerations&#8212;Foreign Securities.&#8221;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Income
Securities. </i></b>Although it is the Fund&#8217;s policy to invest in securities of companies in the Utilities Industry to the
extent attractive opportunities are available, the Fund may also invest in income securities other than Utilities Industry securities
that are expected to periodically accrue or generate income for their holders. Such income securities include (i) fixed income
securities such as bonds, debentures, notes, preferred stock, short-term discounted Treasury Bills or certain securities of the
U.S. government sponsored instrumentalities, as well as money market mutual funds that invest in those securities, which, in the
absence of an applicable exemptive order or rule, will not be affiliated with the Investment Adviser, and (ii) common and preferred
stocks of issuers that have historically paid periodic dividends. Fixed income securities obligate the issuer to pay to the holder
of the security a specified return, which may be either fixed or reset periodically in accordance with the terms of the security.
Fixed income securities generally are senior to an issuer&#8217;s common stock and their holders generally are entitled to receive
amounts due before any distributions are made to common stockholders. Common stocks, on the other hand, generally do not obligate
an issuer to make periodic distributions to holders.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
market value of fixed income securities, especially those that provide a fixed rate of return, may be expected to rise and fall
inversely with interest rates and in general is affected by the credit rating of the issuer, the issuer&#8217;s performance and
perceptions of the issuer in the market place. The market value of callable or redeemable fixed income securities may also be
affected by the issuer&#8217;s call and redemption rights. In addition, it is possible that the issuer of fixed income securities
may not be able to meet its interest or principal obligations to holders. Further, holders of non-convertible fixed income securities
do not participate in any capital appreciation of the issuer.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund may also invest in obligations of government sponsored instrumentalities. Unlike non-U.S. government securities, obligations
of certain agencies and instrumentalities of the U.S. government, such as the Government National Mortgage Association, are supported
by the &#8220;full faith and credit&#8221; of the U.S. government; others, such as those of the Export-Import Bank of the U.S.,
are supported by the right of the issuer to borrow from the U.S. Treasury; others, such as those of the Federal National Mortgage
Association, are supported by the discretionary authority of the U.S. government to purchase the agency&#8217;s obligations; and
still others, such as those of the Student Loan Marketing Association, are supported only by the credit of the instrumentality.
No assurance can be given that the U.S. government would provide financial support to U.S. government sponsored instrumentalities
if it is not obligated to do so by law. Although the Fund may invest in all types of obligations of agencies and instrumentalities
of the U.S. government, the Fund currently intends to invest only in obligations that are supported by the &#8220;full faith and
credit&#8221; of the U.S. government.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund also may invest in common stock of issuers that have historically paid periodic dividends or otherwise made distributions
to common stockholders. Unlike fixed income securities, dividend payments generally are not guaranteed and so may be discontinued
by the issuer at its discretion or because of the issuer&#8217;s inability to satisfy its liabilities. Further, an issuer&#8217;s
history of paying dividends does not guarantee that it will continue to pay dividends in the future. In addition to dividends,
under certain circumstances the holders of common stock may benefit from the capital appreciation of the issuer.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

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<ix:exclude><p id="xdx_231_zdzWvCAKFUrj" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Common
stocks represent the residual ownership interest in the issuer and holders of common stock are entitled to the income and increase
in the value of the assets and business of the issuer after all of its debt obligations and obligations to preferred shareholders
are satisfied. Common stocks generally have voting rights. Common stocks fluctuate in price in response to many factors including
historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor
perceptions and market liquidity.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Value
Investing. </i></b>The Fund&#8217;s portfolio manager will use various value methods in managing its assets. In selecting securities
for the Fund, he evaluates the quality of a company&#8217;s balance sheet, the level of its cash flows and other measures of a
company&#8217;s financial condition and profitability. The portfolio manager may also consider other factors, such as a company&#8217;s
unrecognized asset values, its future growth prospects or its turnaround potential following an earnings disappointment or other
business difficulties. The portfolio manager then uses these factors to assess the company&#8217;s current worth, basing this
assessment on either what he believes a knowledgeable buyer might pay to acquire the entire company or what he thinks the value
of the company should be in the stock market.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund&#8217;s portfolio manager generally invests in securities of companies that are trading significantly below his estimate
of the company&#8217;s current worth in an attempt to reduce the risk of overpaying for such companies. Seeking long-term growth
of capital, he also evaluates the prospects for the market price of the company&#8217;s securities to increase over a two- to
five-year period toward this estimate.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Investment Adviser&#8217;s value approach strives to reduce some of the other risks of investing in the securities of smaller
companies (for the Fund&#8217;s portfolio taken as a whole) by evaluating other risk factors. For example, its portfolio manager
generally attempts to lessen financial risk by buying companies with strong balance sheets and low leverage.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">While
there can be no assurance that this risk-averse value approach will be successful, the Investment Adviser believes that it can
reduce some of the risks of investing.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Although
the Investment Adviser&#8217;s approach to security selection seeks to reduce downside risk to the Fund&#8217;s portfolio, especially
during periods of broad stock market declines, it may also potentially have the effect of limiting gains in strong up markets.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Risk
Arbitrage. </i></b>Subject to the Fund&#8217;s other policies including investing at least 25% of its assets in the Utilities
Industry, the Fund may invest without limitation in securities pursuant to &#8220;risk arbitrage&#8221; strategies or in other
investment funds managed pursuant to such strategies. Risk arbitrage investments are made in securities of companies for which
a tender or exchange offer has been made or announced and in securities of companies for which a merger, consolidation, liquidation
or reorganization proposal has been announced if, in the judgment of the Investment Adviser, there is a reasonable prospect of
total return significantly greater than the brokerage and other transaction expenses involved. Risk arbitrage strategies attempt
to exploit merger activity to capture the spread between current market values of securities and their values after successful
completion of a merger, restructuring or similar corporate transaction. Transactions associated with risk arbitrage strategies
typically involve the purchases or sales of securities in connection with announced corporate actions which may include, but are
not limited to, mergers, consolidations, acquisitions, transfers of assets, tender offers, exchange offers, re-capitalizations,
liquidations, divestitures, spin-offs and similar transactions. However, a merger or other restructuring or tender or exchange
offer anticipated by the Fund and in which it holds an arbitrage position</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_239_zwoNVpDdNID3" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_234_zzumroCOBlHf" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude>
<!-- Field: Rule-Page --><ix:exclude><div id="xdx_232_zwj2IVLSd7m" style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div></ix:exclude><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">may
not be completed on the terms contemplated or within the time frame anticipated, resulting in losses to the Fund.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
general, securities which are the subject of such an offer or proposal sell at a premium to their historic market price immediately
prior to the announcement of the offer but may trade at a discount or premium to what the stated or appraised value of the security
would be if the contemplated transaction were approved or consummated.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Such
investments may be advantageous when the discount significantly overstates the risk of the contingencies involved; significantly
undervalues the securities, assets or cash to be received by shareholders as a result of the contemplated transaction; or fails
adequately to recognize the possibility that the offer or proposal may be replaced or superseded by an offer or proposal of greater
value. The evaluation of such contingencies requires unusually broad knowledge and experience on the part of the Investment Adviser
which must appraise not only the value of the issuer and its component businesses as well as the assets or securities to be received
as a result of the contemplated transaction but also the financial resources and business motivation behind the offer and/or the
dynamics and business climate when the offer or proposal is in process. Since such investments are ordinarily short term in nature,
they will tend to increase the turnover ratio of the Fund, thereby increasing its brokerage and other transaction expenses. Risk
arbitrage strategies may also involve short selling, options hedging and other arbitrage techniques to capture price differentials.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Forward
Foreign Currency Exchange Contracts. </i></b>Subject to guidelines of the Board of Trustees, the Fund may enter into forward foreign
currency exchange contracts to protect the value of its portfolio against uncertainty in the level of future currency exchange
rates between a particular foreign currency and the U.S. dollar or between foreign currencies in which its securities are or may
be denominated. The Fund may enter into such contracts on a spot (i.e., cash) basis at the rate then prevailing in the currency
exchange market or on a forward basis by entering into a forward contract to purchase or sell currency. A forward contract on
foreign currency is an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days
agreed upon by the parties from the date of the contract at a price set on the date of the contract. Forward currency contracts
(i) are traded in a market conducted directly between currency traders (typically, commercial banks or other financial institutions)
and their customers, (ii) generally have no deposit requirements and (iii) are typically consummated without payment of any commissions.
The Fund, however, may enter into forward currency contracts requiring deposits or involving the payment of commissions. The Fund
expects to invest in forward currency contracts for hedging or currency risk management purposes and not in order to speculate
on currency exchange rate movements. The Fund will only enter into forward currency contracts with parties which it believes to
be creditworthy.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
hedging a specific transaction, the Fund may enter into a forward contract with respect to either the currency in which the transaction
is denominated or another currency deemed appropriate by the Investment Adviser. The amount the Fund may invest in forward currency
contracts is limited to the amount of its aggregate investments in foreign currencies. The use of forward currency contracts may
involve certain risks, including the failure of the counterparty to perform its obligations under the contract, and such use may
not serve as a complete hedge because of an imperfect correlation between movements in the prices of the contracts and the prices
of the currencies hedged or used for cover. The Fund will only enter into forward currency contracts with parties that the Investment
Adviser believes to be creditworthy institutions.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Restricted
and Illiquid Securities. </i></b>Subject to the Fund&#8217;s other policies including investing at least 25% of its assets in
the Utilities Industry, the Fund may invest without limit in securities for which there is no readily available trading market
or are otherwise illiquid. Illiquid securities include securities legally restricted as to resale, such as commercial paper issued
pursuant to Section 4(a)(2) of the Securities Act of 1933 (the &#8220;Securities Act&#8221;) and securities eligible for resale
pursuant to Rule 144A thereunder. Section 4(a)(2) and Rule 144A securities may, however, be treated as liquid by the Investment
Adviser pursuant to procedures adopted by the Board, which require consideration of factors such as trading activity, availability
of market quotations and number of dealers willing to purchase the security. If the Fund invests in Rule 144A securities, the
level of portfolio illiquidity may be increased to the extent that eligible buyers become uninterested in purchasing such securities.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">It
may be difficult to sell such securities at a price representing the fair value until such time as such securities may be sold
publicly. Where registration is required, a considerable period may elapse between a decision to sell the securities and the time
when it would be permitted to sell. Thus, the Fund may not be able to obtain as favorable a price as that prevailing at the time
of the decision to sell. The Fund may also acquire securities through private placements under which it may agree to contractual
restrictions on the resale of such securities. Such restrictions might prevent their sale at a time when such sale would otherwise
be desirable.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Leveraging.
</i></b>As provided in the 1940 Act and subject to certain exceptions, the Fund may issue senior securities (which may be additional
classes of stock, such as preferred shares, or securities representing debt) so long as its total assets, less certain ordinary
course liabilities, exceed 300% of the amount of the debt outstanding and exceed 200% of the amount of preferred shares and debt
outstanding. The issuance of senior securities would leverage the common shares. The Fund&#8217;s participation in certain derivative
transactions that have economic leverage embedded in them, as described below, may also leverage the common shares. Although the
timing and other terms of the offering of senior securities and the terms of the senior securities would be determined by the
Fund&#8217;s Board, the Fund expects to primarily invest the proceeds of any senior securities offering in dividend paying or
income producing equity or debt securities.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
use of leverage magnifies the impact of changes in net asset value, which means that, all else being equal, the use of leverage
results in outperformance on the upside and underperformance on the downside. In addition, if the cost of leverage exceeds the
return on the securities acquired with the proceeds of leverage, the use of leverage will diminish rather than enhance the return
to the Fund. The use of leverage generally increases the volatility of returns to the Fund. Such volatility may increase the likelihood
of the Fund having to sell investments in order to meet its obligations to make distributions on the preferred shares or principal
or interest payments on debt securities, or to redeem preferred shares or repay debt, when it may be disadvantageous to do so.
The Fund&#8217;s use of leverage may require it to sell portfolio investments at inopportune times in order to raise cash to redeem
preferred shares or otherwise de-leverage so as to maintain required asset coverage amounts or comply with any mandatory redemption
terms of any outstanding preferred shares. See &#8220;Risk Factors and Special Considerations&#8212;Leverage Risk.&#8221;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
the event the Fund had both outstanding preferred shares and senior securities representing debt at the same time, the Fund&#8217;s
obligations to pay dividends or distributions and, upon liquidation of the Fund, liquidation payments in respect of its preferred
shares would be subordinate to the Fund&#8217;s obligations to make any principal and/or interest payments due and owing with
respect to its outstanding senior debt securities. Accordingly, the Fund&#8217;s issuance of senior securities representing debt
would have the effect of creating special risks for</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_23B_z2v6Td8Uuu16" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_23C_zjg0bdVVrw58" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude>
<!-- Field: Rule-Page --><ix:exclude><div id="xdx_233_zqPAphgQhJrg" style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div></ix:exclude><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">the
Fund&#8217;s preferred shareholders that would not be present in a capital structure that did not include such securities. See
&#8220;Risk Factors and Special Considerations&#8212;Special Risks to Holders of Fixed Rate Preferred Shares.&#8221;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Subject
to the requirements of Rule 18f-4 under the 1940 Act (&#8220;Rule 18f-4&#8221;), the Fund may enter into derivative transactions
including transactions that have economic leverage embedded in them. Rule 18f-4 defines &#8220;derivatives transactions&#8221;
as (1) any swap, security-based swap, futures contract, forward contract, option, any combination of the foregoing, or any similar
instrument, under which a fund is or may be required to make any payment or delivery of cash or other assets during the life of
the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; and (2) any short sale
borrowing. Derivatives transactions entered into by the Fund in compliance with Rule 18f-4 will not be considered senior securities
for purposes of computing the asset coverage requirements described above. Economic leverage exists when the Fund achieves the
right to a return on a capital base that exceeds the investment which the Fund has contributed to the instrument achieving a return.
Derivative transactions that the Fund may enter into and the risks associated with them are described elsewhere in this Annual
Report. The Fund cannot assure you that investments in derivative transactions that have economic leverage embedded in them will
result in a higher return on its common shares.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">If
the Fund enters into any reverse repurchase agreement or similar financing transactions obligating the Fund to make future payments,
the Fund must either treat all such transactions as derivatives transactions for all purposes under Rule 18f-4 or otherwise comply
with the asset coverage requirements described above and combine the aggregate amount of indebtedness associated with all such
transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the Fund&#8217;s
asset coverage ratio limit requirements. The asset coverage requirements under section 18 of the 1940 Act and the limits and conditions
imposed by Rule 18f-4 may limit or restrict portfolio management.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Non-Investment
Grade Securities. </i></b>The Fund may invest up to 10% of its total assets in fixed-income securities rated below investment
grade by recognized statistical rating agencies or unrated securities of comparable quality. The prices of these lower grade securities
are more sensitive to negative developments, such as a decline in the issuer&#8217;s revenues or a general economic downturn,
than are the prices of higher grade securities. Securities of below investment grade quality&#8212;those securities rated below
&#8220;Baa&#8221; by Moody&#8217;s or below &#8220;BBB&#8221; by S&amp;P (or unrated securities of comparable quality)&#8212;are
predominantly speculative with respect to the issuer&#8217;s capacity to pay interest and repay principal when due and therefore
involve a greater risk of default. Securities rated below investment grade commonly are referred to as &#8220;junk bonds&#8221;
or &#8220;high yield&#8221; securities and generally pay a premium above the yields of U.S. government securities or securities
of investment grade issuers because they are subject to greater risks than these securities. These risks, which reflect their
speculative character, include the following:&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">greater volatility;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">greater credit risk and risk
of default;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">potentially greater sensitivity
to general economic or industry conditions;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">potential lack of attractive
resale opportunities (illiquidity); and</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">additional expenses to seek
recovery from issuers who default.</span></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B">&#160;</p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_23E_zwMvw4OPrvAe" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_23B_z8PFsGttiY5i" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude>
<!-- Field: Rule-Page --><ix:exclude><div id="xdx_232_zthuJcm4lBL9" style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div></ix:exclude><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
addition, the market value of securities in lower grade categories is more volatile than that of higher quality securities, and
the markets in which such lower rated or unrated securities are traded are more limited than those in which higher rated securities
are traded. The existence of limited markets may make it more difficult for the Fund to obtain accurate market quotations for
purposes of valuing its portfolio and calculating its net asset value. Moreover, the lack of a liquid trading market may restrict
the availability of securities for the Fund to purchase and may also have the effect of limiting the ability of the Fund to sell
securities at their fair value to respond to changes in the economy or the financial markets.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Ratings
are relative, subjective and not absolute standards of quality. Securities ratings are based largely on the issuer&#8217;s historical
financial condition and the rating agencies&#8217; analysis at the time of rating. Consequently, the rating assigned to any particular
security is not necessarily a reflection of the issuer&#8217;s current financial condition.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Non-investment
grade and unrated securities of comparable quality also present risks based on payment expectations. If an issuer calls the obligation
for redemption (often a feature of fixed income securities), the Fund may have to replace the security with a lower yielding security,
resulting in a decreased return for investors. Also, as the principal value of bonds moves inversely with movements in interest
rates, in the event of rising interest rates the value of the securities held by the Fund may decline proportionately more than
a portfolio consisting of higher rated securities. Investments in zero coupon bonds may be more speculative and subject to greater
fluctuations in value due to changes in interest rates than bonds that pay interest currently. Interest rates have risen in recent
months, and the risk that they may continue to do so is pronounced. Any interest rate increases in the future could cause the
value of the Fund to decrease. Recently, inflation levels have been at their highest point in nearly 40 years and the Federal
Reserve has begun an aggressive campaign to raise certain benchmark interest rates in an effort to combat inflation. As inflation
increases, the real value of the Fund&#8217;s common stock and distributions therefore may decline.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund may purchase securities of companies that are experiencing significant financial or business difficulties, including companies
involved in bankruptcy or other reorganization and liquidation proceedings. Although such investments may result in significant
financial returns to the Fund, they involve a substantial degree of risk. The level of analytical sophistication, both financial
and legal, necessary for successful investments in issuers experiencing significant business and financial difficulties is unusually
high. There can be no assurance that the Fund will correctly evaluate the value of the assets collateralizing its investments
or the prospects for a successful reorganization or similar action. In any reorganization or liquidation proceeding relating to
a portfolio investment, the Fund may lose all or part of its investment or may be required to accept collateral with a value less
than the amount of the Fund&#8217;s initial investment.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">As
part of its investments in non-investment grade securities (i.e., subject to the 10% cap), the Fund may invest in the securities
of issuers in default. The Fund invests in securities of issuers in default only when the Investment Adviser believes that such
issuers will honor their obligations and emerge from bankruptcy protection and that the value of such issuers&#8217; securities
will appreciate. By investing in the securities of issuers in default, the Fund bears the risk that these issuers will not continue
to honor their obligations or emerge from bankruptcy protection or that the value of these securities will not otherwise appreciate.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
addition to using statistical rating agencies and other sources, the Investment Adviser will also perform its own analysis of
issuers in seeking investments that it believes to be underrated (and thus higher yielding) in</span></p>

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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_230_zfXGG6lG09H9" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_23F_zz0iiz3T5zEl" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude>
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">light
of the financial condition of the issuer. Its analysis of issuers may include, among other things, current and anticipated cash
flow and borrowing requirements, value of assets in relation to historical cost, strength of management, responsiveness to business
conditions, credit standing and current anticipated results of operations. In selecting investments for the Fund, the Investment
Adviser may also consider general business conditions, anticipated changes in interest rates and the outlook for specific industries.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Subsequent
to its purchase by the Fund, an issue of securities may cease to be rated or its rating may be reduced. In addition, it is possible
that statistical rating agencies might change their ratings of a particular issue to reflect subsequent events on a timely basis.
Moreover, such ratings do not assess the risk of a decline in market value. None of these events will require the sale of the
securities by the Fund, although the Investment Adviser will consider these events in determining whether the Fund should continue
to hold the securities.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Fixed
income securities, including non-investment grade securities and comparable unrated securities, frequently have call or buy-back
features that permit their issuers to call or repurchase the securities from their holders, such as the Fund. If an issuer exercises
these rights during periods of declining interest rates, the Fund may have to replace the security with a lower yielding security,
thus resulting in a decreased return for the Fund.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
market for non-investment grade and comparable unrated securities has at various times, particularly during times of economic
recession, experienced substantial reductions in market value and liquidity. Past recessions have adversely affected the ability
of certain issuers of such securities to repay principal and pay interest thereon. The market for those securities could react
in a similar fashion in the event of any future economic recession.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Options.
</i></b>The Fund may purchase or sell, i.e., write, options on securities, securities indices and foreign currencies which are
listed on a national securities exchange or in the OTC market as a means of achieving additional return or of hedging the value
of the Fund&#8217;s portfolio. A call option is a contract that, in return for a premium, gives the holder of the option the right
to buy from the writer of the call option the security or currency underlying the option at a specified exercise price at any
time during the term of the option. The writer of the call option has the obligation, upon exercise of the option, to deliver
the underlying security or currency upon payment of the exercise price during the option period. A put option is the reverse of
a call option, giving the holder of the option the right, in return for a premium, to sell the underlying security to the writer,
at a specified price, and obligating the writer to purchase the underlying security from the holder upon exercise of the exercise
price.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">If
the Fund has written an option, it may terminate its obligation by effecting a closing purchase transaction. This is accomplished
by purchasing an option of the same series as the option previously written. However, with respect to exchange-traded options,
once the Fund has been assigned an exercise notice, the Fund will be unable to effect a closing purchase transaction. Similarly,
if the Fund is the holder of an option it may liquidate its position by effecting a closing sale transaction on an exchange. This
is accomplished by selling an option of the same series as the option previously purchased. There can be no assurance that either
a closing purchase or sale transaction can be effected when the Fund so desires.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund will realize a profit from a closing transaction if the price of the transaction is less than the premium received from writing
the option or is more than the premium paid to purchase the option; the Fund will realize a loss from a closing transaction if
the price of the transaction is more than the premium received from writing</span></p>

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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_23A_z4QwyUZExW8j" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_23B_zTTdF1vbBq6j" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_239_zimqtvrrjo2b" style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div></ix:exclude><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">the
option or is less than the premium paid to purchase the option. Since call option prices generally reflect increases in the price
of the underlying security, any loss resulting from the repurchase of a call option may also be wholly or partially offset by
unrealized appreciation of the underlying security, and any gain resulting from the repurchase of a call option may also be wholly
or partially offset by unrealized depreciation of the underlying security. Other principal factors affecting the market value
of a put or a call option include supply and demand, prevailing interest rates, the current market price and price volatility
of the underlying security, and the time remaining until the expiration date of the option. Gains and losses on investments in
options depend, in part, on the ability of the Investment Adviser to predict correctly the effect of these factors. The use of
options cannot serve as a complete hedge since the price movement of securities underlying the options will not necessarily follow
the price movements of the portfolio securities subject to the hedge.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">An
option position may be closed out only on an exchange which provides a secondary market for an option of the same series or in
a private transaction. Although the Fund will generally purchase or write only those options for which there appears to be an
active secondary market, there is no assurance that a liquid secondary market on an exchange will persist for any particular option.
In such event, it might not be possible to effect closing transactions in particular options, so that the Fund would have to exercise
its options in order to realize any profit and would incur brokerage commissions upon the exercise of call options and upon the
subsequent disposition of underlying securities for the exercise of put options. If the Fund, as a covered call option writer,
is unable to effect a closing purchase transaction in a secondary market, it will not be able to sell the underlying security
until the option expires or it delivers the underlying security upon exercise or otherwise covers the position.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
sale of covered call options may also be used by the Fund to reduce the risks associated with individual investments and to increase
total investment return. A call option is &#8220;covered&#8221; if the Fund owns the underlying instrument covered by the call
or has an absolute and immediate right to acquire that instrument without additional cash consideration (or for additional cash
consideration held in a segregated account by its custodian) upon conversion or exchange of other instruments held in its portfolio.
A call option is also covered if the Fund holds a call option on the same instrument as the call option written where the exercise
price of the call option held is (i) equal to or less than the exercise price of the call option written or (ii) greater than
the exercise price of the call option written if the difference is maintained by the Fund in cash, U.S. government securities
or other high-grade short-term obligations in a segregated account with its custodian. A put option is &#8220;covered&#8221; if
the Fund maintains cash or other liquid securities with a value equal to the exercise price in a segregated account with its custodian,
or else holds a put option on the same instrument as the put option written where the exercise price of the put option held is
equal to or greater than the exercise price of the put option written.</span> </p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">To
the extent that the Fund purchases options pursuant to a hedging strategy, the Fund will be subject to the following additional
risks. If a put or call option purchased by the Fund is not sold when it has remaining value, and if the market price of the underlying
security remains equal to or greater than the exercise price (in the case of a put), or remains less than or equal to the exercise
price (in the case of a call), the Fund will lose its entire investment in the option.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Where
a put or call option on a particular security is purchased to hedge against price movements in that or a related security, the
price of the put or call option may move more or less than the price of the security. If restrictions on exercise are imposed,
the Fund may be unable to exercise an option it has purchased. If the Fund</span></p>

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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_232_zqlzyEb3oIL3" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_232_zIOnkyP1tsve" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude>
<!-- Field: Rule-Page --><ix:exclude><div id="xdx_232_zQZwmLFg8wBh" style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div></ix:exclude><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">is
unable to close out an option that it has purchased on a security, it will have to exercise the option in order to realize any
profit, or the option may expire worthless.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Futures
Contracts and Options on Futures. </i></b>The Fund may purchase and sell financial futures contracts and options thereon which
are traded on a commodities exchange or board of trade for certain hedging, yield enhancement and risk management purposes. A
financial futures contract is an agreement to purchase or sell an agreed amount of securities or currencies at a set price for
delivery in the future. These futures contracts and related options may be on debt securities, financial indices, securities indices,
U.S. government securities and foreign currencies. The Investment Adviser has claimed an exclusion from the definition of the
term &#8220;commodity pool operator&#8221; under the Commodity Exchange Act.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>When
Issued, Delayed Delivery Securities and Forward Commitments. </i></b>The Fund may enter into forward commitments for the purchase
or sale of securities, including on a &#8220;when issued&#8221; or &#8220;delayed delivery&#8221; basis, in excess of customary
settlement periods for the type of security involved. In some cases, a forward commitment may be conditioned upon the occurrence
of a subsequent event, such as approval and consummation of a merger, corporate reorganization or debt restructuring (i.e., a
when, as and if issued security). When such transactions are negotiated, the price is fixed at the time of the commitment, with
payment and delivery taking place in the future, generally a month or more after the date of the commitment. While it will only
enter into a forward commitment with the intention of actually acquiring the security, the Fund may sell the security before the
settlement date if it is deemed advisable by the Investment Adviser.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Securities
purchased under a forward commitment are subject to market fluctuation, and no interest (or dividends) accrues to the Fund prior
to the settlement date.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Short
Sales. </i></b>The Fund may make short sales of securities. A short sale is a transaction in which the Fund sells a security it
does not own in anticipation that the market price of that security will decline. The market value of the securities sold short
of any one issuer will not exceed either 10% of the Fund&#8217;s total assets or 5% of such issuer&#8217;s voting securities.
The Fund also will not make a short sale, if, after giving effect to such sale, the market value of all securities sold short
exceeds 25% of the value of its total assets or the Fund&#8217;s aggregate short sales of a particular class of securities exceeds
25% of the outstanding securities of that class. The Fund may also make short sales &#8220;against the box&#8221; without respect
to such limitations. In this type of short sale, at the time of the sale, the Fund owns, or has the immediate and unconditional
right to acquire at no additional cost, the identical security.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund expects to make short sales both to obtain capital gains from anticipated declines in securities and as a form of hedging
to offset potential declines in long positions in the same or similar securities. The short sale of a security is considered a
speculative investment technique. Short sales &#8220;against the box&#8221; may be subject to special tax rules, one of the effects
of which may be to accelerate income to the Fund.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">When
the Fund makes a short sale, it must borrow the security sold short and deliver it to the broker-dealer through which it made
the short sale in order to satisfy its obligation to deliver the security upon conclusion of the sale. The Fund may have to pay
a fee to borrow particular securities and is often obligated to deliver any payments received on such borrowed securities, such
as dividends.</span></p>

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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_230_zC6c3HeKhH44" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_233_zpWKRHNm7rYh" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude>
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">If
the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed
security, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a capital gain. Any gain will be
decreased, and any loss will be increased, by the transaction costs incurred by the Fund, including the costs associated with
providing collateral to the broker-dealer (usually cash, U.S. government securities or other highly liquid debt securities) and
the maintenance of collateral with its custodian. Although the Fund&#8217;s gain is limited to the price at which it sold the
security short, its potential loss is theoretically unlimited.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Other
Derivative Instruments. </i></b>The Fund may also utilize other types of derivative instruments, primarily for hedging or risk
management purposes. These instruments include futures, forward contracts, options on such contracts and interest rate, total
return and other kinds of swaps.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Limitations
on the Purchase and Sale of Futures Contracts, Certain Options, and Swaps. </i></b>Subject to the guidelines of the Board, the
Fund may engage in &#8220;commodity interest&#8221; transactions (generally, transactions in futures, certain options, certain
currency transactions, and certain types of swaps) only for bona fide hedging or other permissible transactions in accordance
with the rules and regulations of the Commodity Futures Trading Commission (&#8220;CFTC&#8221;). Pursuant to amendments by the
CFTC to Rule 4.5 under the Commodity Exchange Act (&#8220;CEA&#8221;), the Investment Adviser has filed a notice of exemption
from registration as a &#8220;commodity pool operator&#8221; with respect to the Fund. The Fund and the Investment Adviser are
therefore not subject to registration or regulation as a commodity pool operator under the CEA. In addition, certain trading restrictions
are applicable to the Fund as a result of this status. These trading restrictions permit the Fund to engage in commodity interest
transactions that include (i) &#8220;bona fide hedging&#8221; transactions, as that term is defined and interpreted by the CFTC
and its staff, without regard to the percentage of the Fund&#8217;s assets committed to margin and options premiums and (ii) non-bona
fide hedging transactions, provided that the Fund does not enter into such non-bona fide hedging transactions if, immediately
thereafter, either (a) the sum of the amount of initial margin deposits on the Fund&#8217;s existing futures positions or swaps
positions and option or swaption premiums would exceed 5% of the market value of the Fund&#8217;s liquidating value, after taking
into account unrealized profits and unrealized losses on any such transactions, or (b) the aggregate net notional value of the
Fund&#8217;s commodity interest transactions would not exceed 100% of the market value of the Fund&#8217;s liquidating value,
after taking into account unrealized profits and unrealized losses on any such transactions. In addition to meeting one of the
foregoing trading limitations, the Fund may not market itself as a commodity pool or otherwise as a vehicle for trading in the
futures, options or swaps markets. Therefore, in order to claim the Rule 4.5 exemption, the Fund is limited in its ability to
invest in commodity futures, options, and certain types of swaps (including securities futures, broad based stock index futures,
and financial futures contracts). As a result, the Fund is more limited in its ability to use these instruments than in the past,
and these limitations may have a negative impact on the ability of the Investment Adviser to manage the Fund, and on the Fund&#8217;s
performance. If the Investment Adviser was required to register as a commodity pool operator with respect to the Fund, compliance
with additional registration and regulatory requirements would increase Fund expenses. Other potentially adverse regulatory initiatives
could also develop.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Risks
of Currency Transactions. </i></b>Currency transactions are also subject to risks different from those of other portfolio transactions.
Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases
and sales of currency and related instruments can be</span></p>

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Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_23B_zpPeUbdMr824" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude>
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">adversely
affected by government exchange controls, limitations or restrictions on repatriation of currency, and manipulation, or exchange
restrictions imposed by governments. These forms of governmental action can result in losses to the Fund if it is unable to deliver
or receive currency or monies in settlement of obligations and could also cause hedges it has entered into to be rendered useless,
resulting in full currency exposure and incurring transaction costs.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Repurchase
Agreements. </i></b>Repurchase agreements may be seen as loans by the Fund collateralized by underlying debt securities. Under
the terms of a typical repurchase agreement, the Fund would acquire an underlying debt obligation for a relatively short period
(usually not more than one week) subject to an obligation of the seller to repurchase, and the Fund to resell, the obligation
at an agreed price and time. This arrangement results in a fixed rate of return to the Fund that is not subject to market fluctuations
during the holding period. The Fund bears a risk of loss in the event that the other party to a repurchase agreement defaults
on its obligations and the Fund is delayed in or prevented from exercising its rights to dispose of the collateral securities,
including the risk of a possible decline in the value of the underlying securities during the period in which it seeks to assert
these rights. The Investment Adviser, acting under the supervision of the Board of Trustees, reviews the creditworthiness of those
banks and dealers with which the Fund enters into repurchase agreements to evaluate these risks and monitors on an ongoing basis
the value of the securities subject to repurchase agreements to ensure that the value is maintained at the required level. The
Fund will not enter into repurchase agreements with the Investment Adviser or any of its affiliates.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Swaps.
</i></b>The Fund may enter into total rate of return, credit default or other types of swaps and related derivatives for various
purposes, including to gain economic exposure to an asset or group of assets that may be difficult or impractical to acquire or
for hedging and risk management. These transactions generally provide for the transfer from one counterparty to another of certain
risks inherent in the ownership of a financial asset such as a common stock or debt instrument. Such risks include, among other
things, the risk of default and insolvency of the obligor of such asset, the risk that the credit of the obligor or the underlying
collateral will decline or the risk that the common stock of the underlying issuer will decline in value. The transfer of risk
pursuant to a derivative of this type may be complete or partial, and may be for the life of the related asset or for a shorter
period. These derivatives may be used as a risk management tool for a pool of financial assets, providing the Fund with the opportunity
to gain or reduce exposure to one or more reference securities or other financial assets (each, a &#8220;Reference Asset&#8221;)
without actually owning or selling such assets in order, for example, to increase or reduce a concentration risk or to diversify
a portfolio. Conversely, these derivatives may be used by the Fund to reduce exposure to an owned asset without selling it.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Because
the Fund would not own the Reference Assets, the Fund may not have any voting rights with respect to the Reference Assets, and
in such cases all decisions related to the obligors or issuers of the Reference Assets, including whether to exercise certain
remedies, will be controlled by the swap counterparties.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Total
rate of return swap agreements are contracts in which one party agrees to make periodic payments to another party based on the
change in market value of the assets underlying the contract, which may include a specified security, basket of securities or
securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or
the total return from other underlying assets.</span></p>

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<ix:exclude><p id="xdx_230_zoMpwYJSdMh1" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_23A_zimdBRGTDpN3" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude>
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">A
credit default swap consists of an agreement between two parties in which the &#8220;buyer&#8221; agrees to pay to the &#8220;seller&#8221;
a periodic stream of payments over the term of the contract and the seller agrees to pay the buyer the par value (or other agreed-upon
value) of a referenced debt obligation upon the occurrence of a credit event with respect to the issuer of the referenced debt
obligation. Generally, a credit event means bankruptcy, failure to pay, obligation acceleration or modified restructuring. The
Fund may be either the buyer or seller in a credit default swap. As the buyer in a credit default swap, the Fund would pay to
the counterparty the periodic stream of payments. If no default occurs, the Fund would receive no benefit from the contract. As
the seller in a credit default swap, the Fund would receive the stream of payments but would be subject to exposure on the notional
amount of the swap, which it would be required to pay in the event of a credit event with respect to the issuer of the referenced
debt obligation. Accordingly, if the Fund sells a credit default swap (or a credit default index swap), it intends at all times
to segregate or designate on its books and records liquid assets in an amount at least equal to the notional amount of the swap
(i.e., the cost of payment to the buyer if a credit event occurs).</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund may also enter into equity contract for difference swap transactions. In an equity contract for difference swap, a set of
future cash flows is exchanged between two counterparties. One of these cash flow streams will typically be based on a reference
interest rate combined with the performance of a notional value of shares of a stock. The other will be based on the performance
of the shares of a stock. Depending on the general state of short-term interest rates and the returns on the Fund&#8217;s portfolio
securities at the time an equity contract for difference swap transaction reaches its scheduled termination date, there is a risk
that the Fund will not be able to obtain a replacement transaction or that the terms of the replacement will not be as favorable
as on the expiring transaction.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Total
rate of return swaps and similar derivatives are subject to many risks, including the possibility that the market will move in
a manner or direction that would have resulted in gain for the Fund had the swap or other derivative not been utilized (in which
case it would have been better had the Fund not engaged in the hedging transactions), the risk of imperfect correlation between
the risk sought to be hedged and the derivative transactions utilized, the possible inability of the counterparty to fulfill its
obligations under the swap and potential illiquidity of the hedging instrument utilized, which may make it difficult for the Fund
to close out or unwind one or more hedging transactions. Total rate of return swaps and related derivatives are a relatively recent
development in the financial markets. Consequently, there are certain legal, tax and market uncertainties that present risks in
entering into such arrangements.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">There
is currently little or no case law or litigation characterizing total rate of return swaps or related derivatives, interpreting
their provisions, or characterizing their tax treatment. In addition, additional regulations and laws may apply to these types
of derivatives that have not previously been applied. There can be no assurance that future decisions construing similar provisions
to those in any swap agreement or other related documents or additional regulations and laws will not have an adverse effect on
the Fund that utilizes these instruments. The Fund will monitor these risks and seek to utilize these instruments in a manner
that does not lead to undue risk regarding the tax or other structural elements of the Fund. The Fund will not invest in these
types of instruments if the Reference Assets are commodities except for bona fide hedging or risk management purposes.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Convertible
Securities. </i></b>A convertible security is a bond, debenture, note, stock or other similar security that may be converted into
or exchanged for a prescribed amount of common stock or other equity security of the same or a different issuer within a particular
period of time at a specified price or formula. Before conversion,</span></p>

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<ix:exclude><p id="xdx_234_zCuvmSGr7Pce" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
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<ix:exclude><p id="xdx_235_zIx4Uqy662v6" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude>
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">convertible
securities have characteristics similar to non-convertible debt securities in that they ordinarily provide a stream of income
with generally higher yields than those of common stock of the same or similar issuers. Convertible securities are senior in rank
to common stock in a corporation&#8217;s capital structure and, therefore, generally entail less risk than the corporation&#8217;s
common stock, although the extent to which such risk is reduced depends in large measure upon the degree to which the convertible
security sells above its value as a fixed income security. See &#8220;Risk Factors and Special Considerations&#8212;Convertible
Securities Risk.&#8221;</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Temporary
Defensive Investments. </i></b>Although under normal market conditions at least 80% of the Fund&#8217;s assets will consist of
common stock and other debt or equity securities of foreign and domestic companies involved in the Utilities Industry and securities
of companies in other industries that are expected to periodically generate or accrue income, when a temporary defensive posture
is believed by the Investment Adviser to be warranted (&#8220;temporary defensive periods&#8221;), the Fund may without limitation
hold cash or invest its assets in money market instruments and repurchase agreements in respect of those instruments. The money
market instruments in which the Fund may invest are obligations of the U.S. government, its agencies or instrumentalities; commercial
paper rated A-1 or higher by S&amp;P or Prime-1 by Moody&#8217;s; and certificates of deposit and bankers&#8217; acceptances issued
by domestic branches of U.S. banks that are members of the Federal Deposit Insurance Corporation. During temporary defensive periods,
the Fund may also invest to the extent permitted by applicable law in shares of money market mutual funds. Money market mutual
funds are investment companies and the investments in those companies by the Fund are in some cases subject to applicable law.
As a shareholder in a mutual fund, the Fund will bear its ratable share of its expenses, including management fees, and will remain
subject to payment of the fees to the Investment Adviser, with respect to assets so invested. The Fund may find it more difficult
to achieve the long-term growth of capital component of its investment objective during temporary defensive periods.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Loans
of Portfolio Securities. </i></b>To increase income, the Fund may lend its portfolio securities to securities broker-dealers or
financial institutions if the loan is collateralized in accordance with applicable regulatory requirements.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">If
the borrower fails to maintain the requisite amount of collateral, the loan automatically terminates and the Fund could use the
collateral to replace the securities while holding the borrower liable for any excess of replacement cost over the value of the
collateral. As with any extension of credit, there are risks of delay in recovery and in some cases even loss of rights in collateral
should the borrower of the securities violate the terms of the loan or fail financially. There can be no assurance that borrowers
will not fail financially. On termination of the loan, the borrower is required to return the securities to the Fund, and any
gain or loss in the market price during the loan would inure to the Fund. If the other party to the loan petitions for bankruptcy
or becomes subject to the United States Bankruptcy Code, the law regarding the rights of the Fund is unsettled. As a result, under
extreme circumstances, there may be a restriction on the Fund&#8217;s ability to sell the collateral and the Fund would suffer
a loss.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="color: Black"><b><i>Investment
Restrictions. </i></b>The Fund has adopted certain investment restrictions as fundamental policies of the Fund. Under the 1940
Act, a fundamental policy may not be changed without the vote of a majority, as defined in the 1940 Act, of the outstanding voting
securities of the Fund (voting together as a single class). In addition, pursuant to the statements of preferences of the Series
A Preferred Shares and the Series B Preferred Shares, a majority, as defined in the 1940 Act, of the outstanding preferred shares
of the Fund (voting separately as a</span></p>

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<ix:exclude><p id="xdx_236_zFDUP7Hv3VH5" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_231_zRPdDA4AZSzb" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude>
<!-- Field: Rule-Page --><ix:exclude><div id="xdx_239_zgroIp2yndTc" style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div></ix:exclude><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">single
class) is also required to change a fundamental policy. The Fund may become subject to rating agency guidelines that are more
limiting than its current investment restrictions in order to obtain and maintain a desired rating on its preferred shares, if
any.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Neither
the Fund&#8217;s investment objective nor, except as expressly provided in this Annual Report, any of its policies, is fundamental,
and each may be modified by the Board without shareholder approval.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Portfolio
Turnover. </i></b>Portfolio turnover generally involves expense to the Fund, including brokerage commissions or dealer mark-ups
and other transaction costs on the sale of securities and reinvestment in other securities. The portfolio turnover rate is computed
by dividing the lesser of the amount of the securities purchased or securities sold by the average monthly value of securities
owned during the year (excluding securities whose maturities at acquisition were one year or less). Higher portfolio turnover
may decrease the after-tax return to individual investors in the Fund to the extent it results in a decrease of the long-term
capital gains portion of distributions to shareholders. The Fund&#8217;s portfolio turnover rates for the fiscal years ended December
31, 2021 and December 31, 2022 were 10% and 6%, respectively.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-09to2023-03-09" escape="true" name="cef:RiskFactorsTableTextBlock"><p id="xdx_802_ecef--RiskFactorsTableTextBlock_dU_zBfUc0yNfrEh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="color: Black"><b>RISK
FACTORS AND SPECIAL CONSIDERATIONS</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 125pt; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Investors
should consider the following risk factors and special considerations associated with investing in the Fund:</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_MarketRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketRiskMember_dU_zWF7iqSBgkg2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Market
Risk. </i></b>The market price of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. Securities
may decline in value due to factors affecting securities markets generally or particular industries represented in the securities
markets. The value of a security may decline due to general market conditions which are not specifically related to a particular
company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes
in interest or currency rates, adverse changes to credit markets or adverse investor sentiment generally. The value of a security
may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production
costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes
may decline in value simultaneously. Equity securities generally have greater price volatility than fixed income securities. Credit
ratings downgrades may also negatively affect securities held by the Fund. Even when markets perform well, there is no assurance
that the investments held by the Fund will increase in value along with the broader market.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
addition, market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level.
For instance, war, terrorism, market manipulation, government defaults, government shutdowns, political changes or diplomatic
developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental
disasters can all negatively impact the securities markets, which could cause the Fund to lose value. These events could reduce
consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely
impact the economy. The current contentious domestic political environment, as well as political and diplomatic events within
the United States and abroad, such as the U.S. government&#8217;s inability at times to agree on a long-term budget and deficit
reduction plan, has in the past resulted, and may in the future result, in a government shutdown, which could have an adverse
impact on the Fund&#8217;s investments and operations. Additional and/or prolonged U.S. federal government shutdowns may affect
investor and consumer confidence and may adversely</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

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Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_23E_zVkvzhg69qG7" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude>
<!-- Field: Rule-Page --><ix:exclude><div id="xdx_237_zCILXRUV7P2e" style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div></ix:exclude><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">impact
financial markets and the broader economy, perhaps suddenly and to a significant degree. Governmental and quasi-governmental authorities
and regulators throughout the world have previously responded to serious economic disruptions with a variety of significant fiscal
and monetary policy changes, including, but not limited to, direct capital infusions into companies, new monetary programs and
dramatically lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of these policies,
could increase volatility in securities markets, which could adversely affect the Fund&#8217;s investments. Any market disruptions
could also prevent the Fund from executing advantageous investment decisions in a timely manner. To the extent that the Fund focuses
its investments in a region enduring geopolitical market disruption, it will face higher risks of loss, although the increasing
interconnectivity between global economies and financial markets can lead to events or conditions in one country, region or financial
market adversely impacting a different country, region or financial market. Thus, investors should closely monitor current market
conditions to determine whether the Fund meets their individual financial needs and tolerance for risk.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Current
market conditions may pose heightened risks with respect to the Fund&#8217;s investment in income producing securities. Recently,
central banks such as the Federal Reserve Bank have been raising interest rates to combat the rate of inflation. There is a risk
that additional increases in interest rates or a prolonged period of rising interest rates may cause the economy to enter a recession.
Any interest rate increases in the future could cause the value of the Fund to decrease. In addition, inflation has recently reached
its highest levels in decades. As such, the markets for income producing securities may experience heightened levels of interest
rate, volatility and liquidity risk.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Exchanges
and securities markets may close early, close late or issue trading halts on specific securities or generally, which may result
in, among other things, the Fund being unable to buy or sell certain securities or financial instruments at an advantageous time
or accurately price its portfolio investments.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_InterestRateRiskGenerallyMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--InterestRateRiskGenerallyMember_dU_zDLyZczr4Mk4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Interest
Rate Risk Generally. </i></b>The primary risk associated with dividend-and interest-paying securities is interest rate risk. A
decrease in interest rates will generally result in an increase in the investment value of such securities, while increases in
interest rates will generally result in a decline in the investment value of such securities. This effect is generally more pronounced
for fixed rate securities than for securities whose income rate is periodically reset.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">General
interest rate fluctuations may have a substantial negative impact on the Fund&#8217;s investments, the value of the Fund and the
Fund&#8217;s rate of return. A reduction in the interest or dividend rates on new investments relative to interest or dividend
rates on current investments could also have an adverse impact on the Fund&#8217;s net investment income. An increase in interest
rates could decrease the value of any investments held by the Fund that earn fixed interest or dividend rates, including debt
securities, convertible securities, preferred stocks, loans and high-yield bonds, and also could increase interest or dividend
expenses, thereby decreasing net income. Interest rates have risen over the past year and the chance that they will continue to
rise is pronounced.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
magnitude of these fluctuations in the market price of bonds and other income- or dividend-paying securities is generally greater
for those securities with longer maturities. Fluctuations in the market price of the Fund&#8217;s investments will not affect
interest income derived from instruments already owned by the Fund, but will be reflected in the Fund&#8217;s net asset value.
The Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund management.
To the extent the Fund invests in securities that</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_23D_zau8oGZvmsEk" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_23F_zJZV8yqw9kCc" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude>
<!-- Field: Rule-Page --><ix:exclude><div id="xdx_236_zoYK9MP4c0Eh" style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div></ix:exclude><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">may
be prepaid at the option of the obligor, the sensitivity of such securities to changes in interest rates may increase (to the
detriment of the Fund) when interest rates rise. Moreover, because rates on certain floating rate securities typically reset only
periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause
some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate securities. These basic principles
of bond prices also apply to U.S. government securities. A security backed by the &#8220;full faith and credit&#8221; of the U.S.
government is guaranteed only as to its stated interest rate and face value at maturity, not its current market price. Just like
other income- or dividend-paying securities, government-guaranteed securities will fluctuate in value when interest rates change.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund&#8217;s use of leverage will tend to increase the Fund&#8217;s interest rate risk. The Fund may invest in variable and floating
rate instruments, which generally are less sensitive to interest rate changes than longer duration fixed rate instruments but
may decline in value in response to rising interest rates if, for example, the rates at which they pay interest do not rise as
much, or as quickly, as market interest rates in general. Conversely, variable and floating rate instruments generally will not
increase in value if interest rates decline. The Fund also may invest in inverse floating rate securities, which may decrease
in value if interest rates increase, and which also may exhibit greater price volatility than fixed rate obligations with similar
credit quality. To the extent the Fund holds variable or floating rate instruments, a decrease (or, in the case of inverse floating
rate securities, an increase) in market interest rates will adversely affect the income received from such securities, which may
adversely affect the net asset value of the Fund&#8217;s common shares.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Recently,
central banks such as the Federal Reserve Bank have been increasing interest rates in an effort to slow the rate of inflation.
There is a risk that increased interest rates may cause the economy to enter a recession. Any such recession would negatively
impact the Fund and the investments held by the Fund. These impacts may include:&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">severe declines in the Fund&#8217;s
net asset values;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">inability of the Fund to accurately
or reliably value its portfolio;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">inability of the Fund to pay
any dividends or distributions;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">inability of the Fund to maintain
its status as a registered investment company (&#8220;RIC&#8221;) under the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;);</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">declines in the value of the
Fund&#8217;s investments;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">increased risk of default
or bankruptcy by the companies in which the Fund invests;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">increased risk of companies
in which the Fund invests being unable to weather an extended cessation of normal economic activity and thereby impairing their
ability to continue functioning as a going concern; and</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">limited availability of new
investment opportunities.</span></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_InflationRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--InflationRiskMember_dU_zIAzDaEwZSQi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Inflation
Risk. </i></b>Inflation risk is the risk that the value of assets or income from investments will be worth less in the future
as inflation decreases the value of money. Recently, inflation has increased to its highest level in decades, and the Federal
Reserve has been raising the federal funds rate in response. Inflation rates may change frequently and significantly as a result
of various factors, including unexpected shifts in the domestic</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_237_zTIuG44cfUEk" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_230_zrUPeqpJTZp" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude>
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">or
global economy and changes in economic policies, and the Fund&#8217;s investments may not keep pace with inflation, which may
result in losses to Fund shareholders. As inflation increases, the real value of the Fund&#8217;s shares and dividends may decline.
In addition, during any periods of rising inflation, interest rates of any debt securities held by the Fund would likely increase,
which would tend to further reduce returns to shareholders. This risk is greater for fixed-income instruments with longer maturities.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_IndustryRisksMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--IndustryRisksMember_dU_zVsteWEa2SK9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Industry
Risks. </i></b>The Fund invests in foreign and domestic companies involved in the Utilities Industry and, as a result, the value
of the common shares will be more susceptible to factors affecting those particular types of companies, including governmental
regulation, inflation, cost increases in fuel and other operating expenses, technological innovations that may render existing
products and equipment obsolete and increasing interest rates resulting in high interest costs on borrowings needed for product
development, infrastructure and capital construction programs, including costs associated with compliance with environmental and
other regulations.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Sector
Risk. </i>The Fund concentrates its investments in the Utilities Industry. As a result, the Fund&#8217;s investments may be subject
to greater risk and market fluctuation than a fund that had securities representing a broader range of investment alternatives.
The prices of equity securities issued by certain types of utility companies may change more in response to interest rate changes
than the equity securities of other companies. Generally, when interest rates go up, the value of securities issued by these companies
goes down. Conversely, when interest rates go down, the value of securities issued by these companies goes up. There is no guarantee
that this relationship will hold in the future. Privatization in the&#160;Utilities Industry may subject companies to greater
competition and losses in profitability. Companies in the Utilities Industry may have difficulty obtaining an adequate return
on invested capital, raising capital, or financing large construction programs during periods of inflation or unsettled capital
markets.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Government
Regulation. </i>Companies in certain sectors of the Utilities Industry (such as power generation and distribution) are subject
to extensive governmental regulatory requirements. In the United States, most companies in the Utilities Industry are regulated
by state and/or federal authorizes. For example, at the federal level in the United States, the Federal Energy Regulatory Commission
(&#8220;FERC&#8221;), the Federal Trade Commission (&#8220;FTC&#8221;), the SEC and the Nuclear Regulatory Commission (&#8220;NRC&#8221;)
have authority to oversee electric and combination electric and gas utilities. Certain of these regulations that are intended
to limit the concentration of ownership and control of companies in these industries may prevent companies in which the Fund invests
from making certain investments that they would otherwise make. Other regulations may cause Utilities Industry companies to incur
substantial additional costs or lengthy delays in connection with the completion of capital investments or the introduction of
new products or services to market. There are substantial differences between the regulatory practices and policies in various
jurisdictions, and any given regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory
authorities will, in the future, permit companies to implement rate increases or that such increases will be adequate to permit
the payment of dividends on such issuer&#8217;s common stocks. Additionally, existing and possible future regulatory legislation
may make it even more difficult for companies in the Utilities Industry to obtain adequate relief from rate regulation.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">Regulatory
considerations limit the percentage of the shares of a public utility or utility holding company held by a fund or by an adviser
and its affiliates on behalf of all their clients. In particular, approval of the FERC under the Federal Power Act would generally
be required for (i) the Fund to acquire and hold 10%</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">or
more of the voting securities of any publicly traded public utility or utility holding company, and (ii) for the Fund together
with any affiliated fund or other affiliated entity to acquire and hold in the aggregate 20% or more of the voting securities
of any publicly traded public utility or utility holding company. Other requirements for FERC or state utility commission approval
of the acquisition of voting securities may apply as well. Apart from approval requirements with respect to acquisitions of voting
securities, the Fund may choose to limit its ownership of public utility or utility holding company voting securities in order
to avoid the imposition of regulatory requirements under federal or state law such as those that attend status as a &#8220;holding
company&#8221; under the Public Utility Holding Company Act of 2005.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">Similarly,
various types of ownership restrictions are imposed by the Federal Communications Commission (&#8220;FCC&#8221;), on investment
in media companies and cellular licensees. For example, the FCC&#8217;s broadcast and cable multiple-ownership and cross ownership
rules, which apply to the radio, television, and cable industries, provide that investment advisers are deemed to have an &#8220;attributable&#8221;
interest whenever the adviser has the right to determine how five percent or more of the issued and outstanding voting stock of
a broadcast company or cable system operator may be voted. These rules limit the number of broadcast stations both locally and
nationally that a single entity is permitted to own, operate, or control and prohibit ownership of certain competitive communications
providers in the same location. The FCC also applies limited ownership restrictions on cellular licensees serving rural areas.
An attributable interest in a cellular company arises from the right to control 20% or more of its voting stock. Attributable
interests that may result from the role of the Investment Adviser and its principals in connection with other funds, managed accounts
and companies may limit the Fund&#8217;s ability to invest in certain mass media and cellular companies. These limitations may
unfavorably restrict the ability of the Fund to make certain investments.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Deregulation.
</i>Changing regulation constitutes one of the key industry-specific risks for the Fund, especially with respect to its investments
in traditionally regulated public utilities and partially regulated utility or telecommunications companies. Domestic and foreign
regulators may monitor and control such companies&#8217; revenues and costs, and therefore may limit utility profits and dividends
paid to investors, which could result in reduced income to the Fund. Regulatory authorities also may restrict a company&#8217;s
access to new markets, thereby diminishing the company&#8217;s long-term prospects. In some jurisdictions certain portions of
various utilities functions have been deregulated. Deregulation may eliminate restrictions on profits and dividends of companies,
but may also subject these companies to greater risks of loss. Thus, deregulation could have a positive or negative impact on
the Fund. The Investment Adviser believes that certain Utilities Industry companies&#8217; fundamentals should continue to improve
as the industry undergoes deregulation. The nature of regulation of the Utilities Industry continues to evolve both in the United
States and in foreign countries. In recent years, changes in regulation in the United States increasingly have allowed companies
in the Utilities Industry to provide services and products outside their traditional geographic areas and lines of business, creating
new areas of competition within these industries. In some instances, companies in the Utilities Industry are operating on an unregulated
basis. However, a number of companies have failed in their efforts to take advantage of the deregulated environment and are seeking
to refocus in their primary business. Nonetheless, because of trends toward deregulation and the evolution of independent producers
as well as new entrants to the field of telecommunications, non-regulated providers of utility and telecommunications services
have become a</span></p>

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Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_23A_z9pbaZlalHPe" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">significant
part of their respective industries. The emergence of competition and deregulation may result in certain companies in the Utilities
Industry being able to earn more than their traditional regulated rates of return, while others may be forced to defend their
core business from increased competition and may be less profitable. Reduced profitability, as well as new uses of funds (such
as for expansion, operations or stock buybacks) could result in cuts in dividend payout rates. The Investment Adviser seeks to
take advantage of favorable investment opportunities that may arise from these structural changes. Of course, there can be no
assurance that favorable developments will occur in the future.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Environmental
and Other Regulatory Matters. </i>Companies in the Utilities Industry in which the Fund will invest may be subject to a number
of host country statutory and regulatory standards and required approvals relating to energy, labor and environmental laws. Certain
permits and regulatory approvals may be required to be obtained for certain investments by companies in which the Fund will invest
and failure by such companies to obtain such permits and regulatory approvals could adversely affect the Fund&#8217;s investment.
Companies also face considerable costs associated with environmental compliance, nuclear waste clean-up and safety regulation.
Increasingly, regulators are calling upon electric utilities to bear these added costs, and there is a risk that these costs will
not be fully recovered through an increase in revenues. Changing weather patterns and natural disasters affect consumer demand
for utility services (e.g., electricity, heat and air conditioning), which, in turn, affects utility revenues.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">The
adoption by a host country of new laws, policies or regulations or changes in the interpretation or application of existing laws,
policies and regulations that modify the present regulatory environment could also have an adverse effect on the Fund&#8217;s
investments. Regulatory risk affects companies in the Utilities Industry in part because governments may be party to private Utilities
Industry investments as lessors, customers, regulators or partners. Moreover, for political reasons, governments may control the
prices at which companies in the Utilities Industry can sell their products, which can adversely affect the Fund&#8217;s investment
in such a company.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">Under
the laws of certain countries that are host to Utilities Industry companies in which the Fund may invest, such companies may be
required to comply with a number of statutes and regulations during their operation pertaining to environmental controls or restrictions,
and the storage, handling, transportation and disposal of hazardous and toxic material, waste or other substances. Compliance
with such requirements may be costly and may materially affect the profitability of such companies. For example, governments have
been increasing their attention to issues related to greenhouse gas (&#8220;GHG&#8221;) emissions and climate change, and regulatory
measures to limit or reduce GHG emissions are currently in various stages of discussion or implementation. GHG emissions-related
regulations could substantially harm energy companies, including by reducing the demand for energy fuels and increasing compliance
costs. Failure by such a company to comply with any such statutes or regulations could have adverse effects on its business results
and prospects, which could have negative consequences for investors such as the Fund.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Foreign
Utility Companies. </i>Foreign companies in the Utilities Industry are also subject to regulation, although such regulation may
or may not be comparable to regulation in the United States. Foreign companies in the Utilities Industry may be more heavily regulated
by their respective governments than companies in the United States and, as in the United States, generally are required to seek
government</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">approval
for rate increases. In addition, many foreign utilities use fuels that may cause more pollution than those used in the United
States, which may require such utilities to invest in pollution control equipment to meet any proposed pollution restrictions.
Foreign regulatory systems vary from country to country and may evolve in ways different from regulation in the United States.
Additionally, because the effectiveness of the judicial systems in non-U.S. countries varies, the Fund or companies in which it
may invest may have difficulty in successfully pursuing claims in the courts of such countries.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">Privatization,
which refers to the trend toward investor ownership of assets rather than government ownership, is expected to occur in newer,
faster-growing economies and in mature economies. Of course, there is no assurance that such favorable developments will occur
or that investment opportunities in foreign markets will increase. The revenues of domestic and foreign utility companies generally
reflect the economic growth and development in the geographic areas in which they do business.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Financing.
</i>At certain times, including during inflationary periods, companies in the Utilities Industry encounter difficulties in obtaining
financing for product development, infrastructure and construction programs. Issuers experiencing such difficulties may also experience
lower profitability, which can result in reduced income to the Fund. Historically, companies in the Utilities Industry have also
encountered such financing difficulties during inflationary periods, although we cannot assure you that such a relationship will
continue and that companies in the Utilities Industry will not encounter financing difficulties during non-inflationary periods.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Equipment
and Supplies. </i>Companies in the Utilities Industry may face the risk of lengthy delays and increased costs associated with
the design, development, construction, licensing and operation of their facilities or sale of their products. Moreover, technological
innovations may render existing plants, equipment or products obsolete.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">Increased
costs and a reduction in the availability of fuel (such as oil, coal, nuclear or natural gas) also may adversely affect the profitability
of utility companies. Electric utilities may be burdened by unexpected increases in fuel and other operating costs. They may also
be negatively affected when long-term interest rates rise. Long-term borrowings are used to finance most utility investments,
and rising interest rates lead to higher financing costs and reduced earnings. Investments in certain kinds of utility companies
are also subject to certain additional risks.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Electric.
</i>Certain of the issuers of securities held in the Fund&#8217;s portfolio may own or operate nuclear generating facilities.
Governmental authorities may from time to time review existing policies and impose additional requirements governing the licensing,
construction and operation of nuclear power plants. In the past, nuclear generating projects in the electric utility industry
have experienced substantial cost increases, construction delays and licensing difficulties. These have been caused by various
factors, including inflation, high financing costs, required design changes and rework, allegedly faulty construction, objections
by groups and governmental officials, limits on the ability to obtain financing, reduced forecasts of energy requirements and
economic conditions. This experience indicates that the risk of significant cost increases, delays and licensing difficulties
remain present until completion and achievement of commercial operation of any nuclear project. Also, nuclear generating units
in service have experienced unplanned outages or extensions of scheduled outages due to equipment problems or</span></p>

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<ix:exclude><p id="xdx_234_zbwgjOUix99d" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">new
regulatory requirements sometimes followed by a significant delay in obtaining regulatory approval to return to service. A major
accident at a nuclear plant anywhere could cause the imposition of limits or prohibitions on the operation, construction or licensing
of nuclear units. Prolonged changes in climatic conditions can also have a significant impact on both the revenues of an electric
and gas utility as well as its expenses.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">The
construction and operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear
Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher operating
costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these costs in rate authorizations
or the risk that a company may not be permitted to operate or complete construction of a facility. In addition, operators of nuclear
power plants may be subject to significant costs for disposal of nuclear fuel and for decommissioning such plants.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">The
rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be affected to a greater
extent in the future by how their asset base is utilized. Electric utility companies that focus more on the generation of electricity
may be assigned less favorable ratings as this business is expected to be competitive and the least regulated. On the other hand,
companies that focus on transmission and distribution, which is expected to be the least competitive and the more regulated part
of the business, may see higher ratings given the greater predictability of cash flow.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">A
number of states are considering or have enacted deregulation proposals. The introduction of competition into the industry as
a result of such deregulation has at times resulted in lower revenue, lower credit ratings, increased default risk, and lower
electric utility security prices. Such increased competition may also cause long-term contracts, which electric utilities previously
entered into to buy power, to become &#8220;stranded assets&#8221; which have no economic value.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">Any
loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some electric utilities have acquired
electric utilities overseas to diversify, enhance earnings and gain experience in operating in a deregulated environment. In some
instances, such acquisitions have involved significant borrowings, which have burdened the acquirer&#8217;s balance sheet. There
is no assurance that current deregulation proposals will be adopted. However, deregulation in any form could significantly impact
the electric utilities industry.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">Following
deregulation of the energy markets in certain states, a number of companies have engaged in energy trading and incurred substantial
losses. Certain of these energy trading businesses have been accused of employing improper accounting practices and have been
required to make significant restatements of their financial results. In addition, several energy companies have been accused
of attempting to manipulate the price and availability of energy in certain states.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Telecommunications.
</i>The telecommunications industry today includes both traditional telephone companies with a history of broad market coverage
and highly regulated businesses and cable companies, which began as small, lightly regulated businesses focused on limited markets.
Today these two historically different businesses are converging in an industry which is trending toward larger, competitive,
national and international markets with an emphasis on deregulation. Companies that</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">distribute
telephone services and provide access to the telephone networks still comprise the greatest portion of this segment, but non-regulated
activities such as cellular telephone services, paging, data processing, equipment retailing, computer software and hardware services
are becoming increasingly significant components as well. The presence of unregulated companies in this industry and the entry
of traditional telephone companies into unregulated or less regulated businesses provide significant investment opportunities
with companies which may increase their earnings at faster rates than had been allowed in traditional regulated businesses. Still,
increasing competition, technological innovations and other structural changes could adversely affect the profitability of such
utilities and the growth rate of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely
that both traditional telephone companies and cable companies will continue to provide an expanding range of utility services
to residential, corporate and governmental customers.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Gas.
</i>Gas transmission companies and gas distribution companies are also undergoing significant changes. In the United States, interstate
transmission companies are regulated by the FERC, which began reducing its regulation of the industry in the 1980&#8217;s. Many
companies have diversified into oil and gas exploration and development, making returns more sensitive to energy prices. In the
recent decade, gas utility companies have been adversely affected by disruptions in the oil industry, including related to political
conditions in oil producing regions (such as the Middle East), by increased concentration and competition, and by differing approaches
to energy policy in the United States, including increased incentives for the exploration and production of alternative energy
and climate-related programs, revocation of federal permits for, and public opposition to, natural gas pipelines, such as the
cross-border operation permit for the Keystone XL Pipeline and other policy decisions that favor alternative energy sources. The
extension of these policies, or the adoption of similar policies, could adversely affect the financial performance of gas transmission
and distribution companies. Prolonged changes in climatic conditions can also have a significant impact on both the revenues and
expenses of a gas utility. Natural gas is the cleanest of the hydrocarbon fuels, and this may result in incremental shifts in
fuel consumption toward natural gas and away from oil and coal, even for electricity generation. However, technological or regulatory
changes within the industry may delay or prevent this result.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Water.
</i>In the case of the water utility sector, the industry is highly fragmented, and most water supply companies find themselves
in mature markets, although upgrading of fresh water and waste water systems is an expanding business.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Technology
and Competitive Risks. </i>The introduction and phase-in of new technologies can affect a utility company&#8217;s competitive
strength. The race by long-distance telephone providers to incorporate fiber optic technology is one example of competitive risk
within the utilities industry.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">The
increasing role of independent power producers (IPPs) in the natural gas and electric utility segments of the utilities industry
is another example of competitive risk. Typically, IPPs wholesale power to established local providers, but there is a trend toward
letting them sell power directly to industrial consumers. Co-generation facilities, such as those of landfill operators that produce
methane gas as a byproduct of their core business, pose another competitive challenge to gas and electric utilities. In addition
to offering a less expensive source of power, these companies may receive more favorable</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">regulatory
treatment than utilities seeking to expand facilities that consume nonrenewable energy sources.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Utilities
Industry Generally. </i>There can be no assurance that the positive developments noted above, including those relating to privatization
and changing regulation, will occur or that risk factors other than those noted above will not develop in the future.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">Moreover,
price disparities within selected utility groups and discrepancies in relation to averages and indices have occurred frequently
for reasons not directly related to the general movements or price trends of utility common stocks. Causes of these discrepancies
include changes in the overall demand for and supply of various securities (including the potentially depressing effect of new
stock offerings), and changes in investment objectives, market expectations or cash requirements of other purchasers and sellers
of securities.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Cybersecurity
Risks. </i>Companies in the Utilities Industry have experienced sabotage to company infrastructure, property and equipment, attempts
to breach company operating systems and other similar incidents in the past, which have resulted in shutdowns and/or disruptions
in their operations. For example, in May 2021, a U.S. fuel pipeline operator was the target of a ransomware attack, which resulted
in the shutdown of a massive oil pipeline system that supplies the eastern United States. Recently, in September 2022, several
subsea explosions ruptured the Nord Stream I pipeline and one Nordstream II pipe, causing a substantial disruption in the delivery
of natural gases under the Baltic Sea. Several counties continue to investigate the incident, but several, including Sweden, have
concluded the explosions were caused by grievous sabotage.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">Companies
in the Utilities Industry may continue to be subject to attempts to gain unauthorized access to or through their operating systems
and physical attacks on industry and company infrastructure, property and equipment. Any physical damage, system failure, cybersecurity
breach, ransomware attack, system disruption or other material harm could interrupt or delay operations and impact a company in
the Utilities Industry&#8217;s ability to manage its operations and report financial performance, which could have a materially
adverse effect on existing and future business. These and other developments may adversely impact the value of the Fund&#8217;s
investments in companies in the Utilities Industry.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Leveraged
Capital Structures. </i>It is expected that Utilities Industry companies in which the Fund will invest may employ considerable
leverage, a significant portion of which may be at floating interest rates. As a result, a Utilities Industry company may be subject
to increased exposure to adverse economic factors such as a significant rise in interest rates, a severe downturn in the economy
or deterioration in the condition of such company or its industry.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>General Risks</b></span></p>

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Risk. </i></b>Investing in the Fund involves equity risk, which is the risk that the securities held by the Fund will fall in
market value due to adverse market and economic conditions, perceptions regarding the industries in which the issuers of securities
held by the Fund participate and the particular circumstances and performance of particular companies whose securities the Fund
holds. An investment in the Fund represents an indirect</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">economic
stake in the securities owned by the Fund, which are for the most part traded on securities exchanges or in the OTC markets. The
market value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably. The
net asset value of the Fund may at any point in time be less than the net asset value of the Fund at the time the shareholder
invested in the Fund, even after taking into account any reinvestment of distributions.</span></p>

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Stock Risk. </i></b>Common stock of an issuer in the Fund&#8217;s portfolio may decline in price for a variety of reasons, including
if the issuer fails to make anticipated dividend payments because, among other reasons, the issuer of the security experiences
a decline in its financial condition. Common stock in which the Fund invests is structurally subordinated as to income and residual
value to preferred stock, bonds and other debt instruments in a company&#8217;s capital structure, in terms of priority to corporate
income, and therefore will be subject to greater dividend risk than preferred stock or debt instruments of such issuers. In addition,
while common stock has historically generated higher average returns than fixed income securities, common stock has also experienced
significantly more volatility in generating those returns.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

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Stock Risk. </i></b>There are special risks associated with the Fund&#8217;s investing in preferred securities, including:</span></p>

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<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Deferral.</i> Preferred
securities may include provisions that permit the issuer, at its discretion, to defer dividends or distributions for a stated
period without any adverse consequences to the issuer. If the Fund owns a preferred security that is deferring its dividends or
distributions, the Fund may be required to report income for tax purposes although it has not yet received such income.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Non-Cumulative Dividends.
</i>Some preferred securities are non-cumulative, meaning that the dividends do not accumulate and need not ever be paid. A portion
of the portfolio may include investments in non-cumulative preferred securities, whereby the issuer does not have an obligation
to make up any arrearages to its shareholders. Should an issuer of a non-cumulative preferred security held by the Fund determine
not to pay dividends or distributions on such security, the Fund&#8217;s return from that security may be adversely affected.
There is no assurance that dividends or distributions on non-cumulative preferred securities in which the Fund invests will be
declared or otherwise made payable.</span></td>
</tr></table>

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<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Subordination.</i> Preferred
securities are subordinated to bonds and other debt instruments in an issuer&#8217;s capital structure in terms of priority to
corporate income and liquidation payments, and therefore will be subject to greater credit risk than more senior debt security
instruments.</span></td>
</tr></table>

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<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Liquidity.</i> Preferred
securities may be substantially less liquid than many other securities, such as common stocks or U.S. government securities.</span></td>
</tr></table>

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<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Limited Voting Rights.
</i>Generally, preferred security holders (such as the Fund) have no voting rights with respect to the issuing company unless
preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may be
entitled to elect a number of directors to the issuer&#8217;s board. Generally, once all the arrearages have been paid, the preferred
security holders no longer have voting rights.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Special Redemption Rights.
</i>In certain varying circumstances, an issuer of preferred securities may redeem the securities prior to a specified date. For
instance, for certain types of preferred securities, a redemption may be triggered by a change in U.S. federal income tax or securities
laws. A redemption by the issuer may negatively impact the return of the security held by the Fund.</span></td>
</tr></table>

</ix:nonNumeric><p id="xdx_85C_zhefD3A3edKb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 31pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_23F_zKGsFQOrtbzd" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_23E_znq0QSEB69g4" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude>
<!-- Field: Rule-Page --><ix:exclude><div id="xdx_23A_zdAKklVF7tjb" style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div></ix:exclude><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_ConvertibleSecuritiesRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_dU_zjPez8IsLPca" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Convertible
Securities Risk. </i></b>Convertible securities generally offer lower interest or dividend yields than non-convertible securities
of similar quality. The market values of convertible securities tend to decline as interest rates increase and, conversely, to
increase as interest rates decline. In the absence of adequate anti-dilution provisions in a convertible security, dilution in
the value of the Fund&#8217;s holding may occur in the event the underlying stock is subdivided, additional equity securities
are issued for below market value, a stock dividend is declared or the issuer enters into another type of corporate transaction
that has a similar effect.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_MergerArbitrageRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--MergerArbitrageRiskMember_dU_zEReQs4xCTx8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Merger
Arbitrage Risk. </i></b>The Fund may invest in securities of companies for which a tender or exchange offer has been made or announced,
and in securities of companies for which a merger, consolidation, liquidation or reorganization proposal has been announced. The
principal risk of such investments is that certain of such proposed transactions may be renegotiated, terminated or involve a
longer time frame than originally contemplated, in which case the Fund may realize losses. Such risk is sometimes referred to
as &#8220;merger arbitrage risk.&#8221; Among the factors that affect the level of risk with respect to the completion of the
transaction are the deal spread and number of bidders, the friendliness of the buyer and seller, the strategic rationale behind
the transaction, the existence of regulatory hurdles, the level of due diligence completed on the target company and the ability
of the buyer to finance the transaction. If the spread between the purchase price and the current price of the seller&#8217;s
stock is small, the risk that the transaction will not be completed may outweigh the potential return. If there is very little
interest by other potential buyers in the target company, the risk of loss may be higher than where there are back-up buyers that
would allow the arbitrageur to realize a similar return if the current deal falls through. Unfriendly management of the target
company or change in friendly management in the middle of a deal increases the risk that the deal will not be completed even if
the target company&#8217;s board has approved the transaction and may involve the risk of litigation expense if the target company
pursues litigation in an attempt to prevent the deal from occurring. The underlying strategy behind the deal is also a risk consideration
because the less a target company will benefit from a merger or acquisition, the greater the risk. There is also a risk that an
acquiring company may back out of an announced deal if, in the process of completing its due diligence of the target company,
it discovers something undesirable about such company. In addition, merger transactions are also subject to regulatory risk because
a merger transaction often must be approved by a regulatory body or pass governmental antitrust review. All of these factors affect
the timing and likelihood that the transaction will close. Even if the Investment Adviser selects announced deals with the goal
of mitigating the risks that the transaction will fail to close, such risks may still delay the closing of such transaction to
a date later than the Fund originally anticipated, reducing the level of desired return to the Fund.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Merger
arbitrage positions are also subject to the risk of overall market movements. To the extent that a general increase or decline
in equity values affects the stocks involved in a merger arbitrage position differently, the position may be exposed to loss.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Finally,
merger arbitrage strategies depend for success on the overall volume of global merger activity, which has historically been cyclical
in nature. During periods when merger activity is low, it may be difficult or impossible to identify opportunities for profit
or to identify a sufficient number of such opportunities to provide balance among potential merger transactions. To the extent
that the number of announced deals and corporate reorganizations decreases or the number of investors in such transactions increases,
it is possible that merger arbitrage spreads will tighten, causing the profitability of investing in such transactions to diminish,
which will in turn decrease the returns to the Fund from such investment activity.</span></p>

</ix:nonNumeric><p id="xdx_853_zQCoLtx0oD78" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<ix:exclude><p id="xdx_235_zcnRGnlzxgji" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_231_zoFo1kuw0db1" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude>
<!-- Field: Rule-Page --><ix:exclude><div id="xdx_23C_zrFBgTCpNpRh" style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div></ix:exclude><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_RecapitalizationRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--RecapitalizationRiskMember_dU_zRQfL291H0q6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b>Recapitalization
Risk</b>. In recapitalizations, a corporation may restructure its balance sheet by selling specific assets, significantly leveraging
other assets and creating new classes of equity securities to be distributed, together with a substantial payment in cash or in
debt securities, to existing shareholders. In connection with such transactions, there is a risk that the value of the cash and
new securities distributed will not be as high as the cost of the Fund&#8217;s original investment or that no such distribution
will ultimately be made and the value of the Fund&#8217;s investment will decline. To the extent an investment in a company that
has undertaken a recapitalization is retained by the Fund, the Fund&#8217;s risks will generally be comparable to those associated
with investments in highly leveraged companies, generally including higher than average sensitivity to (i) short-term interest
rate fluctuations, (ii) downturns in the general economy or within a particular industry or (iii) adverse developments within
the company itself.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_DistributionRiskforEquityIncomeSecuritiesMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--DistributionRiskforEquityIncomeSecuritiesMember_dU_zEgSqxSgDJC4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Distribution
Risk for Equity Income Securities. </i></b>In selecting equity income securities in which the Fund will invest, the Investment
Adviser will consider the issuer&#8217;s history of making regular periodic distributions (i.e., dividends) to its equity holders.
An issuer&#8217;s history of paying dividends, however, does not guarantee that the issuer will continue to pay dividends in the
future. The dividend income stream associated with equity income securities generally is not guaranteed and will be subordinate
to payment obligations of the issuer on its debt and other liabilities. Accordingly, in the event the issuer does not realize
sufficient income in a particular period both to service its liabilities and to pay dividends on its equity securities, it may
forgo paying dividends on its equity securities. In addition, because in most instances issuers are not obligated to make periodic
distributions to the holders of their equity securities, such distributions or dividends generally may be discontinued at the
issuer&#8217;s discretion.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Dividend-producing
equity income securities, in particular those whose market price is closely related to their yield, may exhibit greater sensitivity
to interest rate changes. See &#8220;&#8212;Fixed Income Securities Risks&#8212;Interest Rate Risk.&#8221; The Fund&#8217;s investments
in dividend-producing equity income securities may also limit its potential for appreciation during a broad market advance.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
prices of dividend-producing equity income securities can be highly volatile. Investors should not assume that the Fund&#8217;s
investments in these securities will necessarily reduce the volatility of the Fund&#8217;s net asset value or provide &#8220;protection,&#8221;
compared to other types of equity income securities, when markets perform poorly.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_NonDiversifiedStatusRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--NonDiversifiedStatusRiskMember_dU_zAiaBHZVRsz5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="color: Black"><b><i>Non-Diversified
Status Risk. </i></b>The Fund is classified as a &#8220;non-diversified&#8221; investment company under the 1940 Act, which means
the Fund is not limited by the 1940 Act in the proportion of its assets that may be invested in the securities of a single issuer.
As a non-diversified investment company, the Fund may invest in the securities of individual issuers to a greater degree than
a diversified investment company. As a result, the Fund may be more vulnerable to events affecting a single issuer and therefore,
subject to greater volatility than a fund that is more broadly diversified. Accordingly, an investment in the Fund may present
greater risk to an investor than an investment in a diversified company.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_FixedIncomeSecuritiesRisksMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--FixedIncomeSecuritiesRisksMember_dU_zH2S5bXo18Te" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Fixed
Income Securities Risks. </i></b>Fixed income securities in which the Fund may invest are generally subject to the following risks:&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Interest Rate Risk.</i>
The market value of bonds and other fixed-income or dividend-paying securities changes in response to interest rate changes and
other factors. Interest rate risk is the risk that prices of bonds and other income-or dividend-paying securities will increase
as interest rates fall and decrease as</span></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<ix:exclude><p id="xdx_23E_zFsd9qZqwjF4" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_238_z6vm9MIXpJt2" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude>
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; color: #1D1D1B; text-align: justify"><span style="color: Black">interest
rates rise. Interest rates have risen in recent months, and the risk that they may continue to do so is pronounced. See &#8220;&#8212;
General Risks&#8212;Interest Rate Risks Generally.&#8221;&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Issuer Risk.</i> Issuer
risk is the risk that the value of an income-or dividend-paying security may decline for a number of reasons which directly relate
to the issuer, such as management performance, financial leverage, reduced demand for the issuer&#8217;s goods and services, historical
and prospective earnings of the issuer and the value of the assets of the issuer.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Credit Risk.</i> Credit
risk is the risk that one or more income-or dividend-paying securities in the Fund&#8217;s portfolio will decline in price or
fail to pay interest/distributions or principal when due because the issuer of the security experiences a decline in its financial
status. Credit risk is increased when a portfolio security is downgraded or the perceived creditworthiness of the issuer deteriorates.
To the extent the Fund invests in below investment grade securities, it will be exposed to a greater amount of credit risk than
a fund which only invests in investment grade securities. See &#8220;&#8212;Non-Investment Grade Securities.&#8221; In addition,
to the extent the Fund uses credit derivatives, such use will expose it to additional risk in the event that the bonds underlying
the derivatives default. The degree of credit risk depends on the issuer&#8217;s financial condition and on the terms of the securities.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Prepayment Risk.</i> Prepayment
risk is the risk that during periods of declining interest rates, borrowers may exercise their option to prepay principal earlier
than scheduled. For income-or dividend-paying securities, such payments often occur during periods of declining interest rates,
forcing the Fund to reinvest in lower yielding securities, resulting in a possible decline in the Fund&#8217;s income and distributions
to shareholders. This is known as prepayment or &#8220;call&#8221; risk. Below investment grade securities frequently have call
features that allow the issuer to redeem the security at dates prior to its stated maturity at a specified price (typically greater
than par) only if certain prescribed conditions are met (&#8220;call protection&#8221;). For premium bonds (bonds acquired at
prices that exceed their par or principal value) purchased by the Fund, prepayment risk may be enhanced.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Reinvestment Risk.</i>
Reinvestment risk is the risk that income from the Fund&#8217;s portfolio will decline if the Fund invests the proceeds from matured,
traded or called fixed income securities at market interest rates that are below the Fund portfolio&#8217;s current earnings rate.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Duration and Maturity Risk.
</i>The Fund has no set policy regarding portfolio maturity or duration of the fixed-income securities it may hold. The Investment
Adviser may seek to adjust the duration or maturity of the Fund&#8217;s fixed-income holdings based on its assessment of current
and projected market conditions and all other factors that the Investment Adviser deems relevant. In comparison to maturity (which
is the date on which the issuer of a debt instrument is obligated to repay the principal amount), duration is a measure of the
price volatility of a debt instrument as a result in changes in market rates of interest, based on the weighted average timing
of the instrument&#8217;s expected principal and interest payments. Specifically, duration measures the anticipated percentage
change in net asset value that is expected for every percentage point change in interest rates. The two have an inverse relationship.
Duration can be a useful tool to estimate anticipated price changes to a fixed pool of income securities associated with changes
in interest rates. For example, a duration of five years means that a 1% decrease in interest rates will increase the net asset
value of the portfolio by approximately 5%; if interest rates increase by 1%, the net asset value will decrease by 5%. However,
in a managed portfolio of fixed income securities having differing interest or dividend rates or payment schedules, maturities,
redemption provisions, call</span></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_231_zFsng1HKdUT8" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_239_zfZJnFEkjsdh" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude>
<!-- Field: Rule-Page --><ix:exclude><div id="xdx_232_zqjyVaaUZdIe" style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div></ix:exclude><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">or
prepayment provisions and credit qualities, actual price changes in response to changes in interest rates may differ significantly
from a duration-based estimate at any given time.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">Actual
price movements experienced by a portfolio of fixed income securities will be affected by how interest rates move (i.e., changes
in the relationship of long-term interest rates to short-term interest rates), the magnitude of any move in interest rates, actual
and anticipated prepayments of principal through call or redemption features, the extension of maturities through restructuring,
the sale of securities for portfolio management purposes, the reinvestment of proceeds from prepayments on and from sales of securities,
and credit quality-related considerations whether associated with financing costs to lower credit quality borrowers or otherwise,
as well as other factors. Accordingly, while duration maybe a useful tool to estimate potential price movements in relation to
changes in interest rates, investors are cautioned that duration alone will not predict actual changes in the net asset or market
value of the Fund&#8217;s shares and that actual price movements in the Fund&#8217;s portfolio may differ significantly from duration-based
estimates. Duration differs from maturity in that it takes into account a security&#8217;s yield, coupon payments and its principal
payments in addition to the amount of time until the security matures. As the value of a security changes over time, so will its
duration. Prices of securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter
durations. In general, a portfolio of securities with a longer duration can be expected to be more sensitive to interest rate
changes than a portfolio with a shorter duration. Any decisions as to the targeted duration or maturity of any particular category
of investments will be made based on all pertinent market factors at any given time. The Fund may incur costs in seeking to adjust
the portfolio average duration or maturity. There can be no assurance that the Investment Adviser&#8217;s assessment of current
and projected market conditions will be correct or that any strategy to adjust duration or maturity will be successful at any
given time.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_CorporateBondsRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--CorporateBondsRiskMember_dU_zP4XlJwf9348" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Corporate
Bonds Risk. </i></b>The market value of a corporate bond generally may be expected to rise and fall inversely with interest rates.
The market value of intermediate and longer term corporate bonds is generally more sensitive to changes in interest rates than
is the market value of shorter term corporate bonds. The market value of a corporate bond also may be affected by factors directly
related to the issuer, such as investors&#8217; perceptions of the creditworthiness of the issuer, the issuer&#8217;s financial
performance, perceptions of the issuer in the market place, performance of management of the issuer, the issuer&#8217;s capital
structure and use of financial leverage and demand for the issuer&#8217;s goods and services. Certain risks associated with investments
in corporate bonds are described elsewhere in this Annual Report in further detail, including under &#8220;Risk Factors and Special
Considerations &#8212; General Risks &#8212; Fixed Income Securities Risks &#8212; Credit Risk,&#8221; &#8220;&#8212;Fixed Income
Securities Risks&#8212;Interest Rate Risk&#8221; and &#8220;&#8212;Fixed Income Securities Risks&#8212;Prepayment Risk.&#8221;
There is a risk that the issuers of corporate bonds may not be able to meet their obligations on interest or principal payments
at the time called for by an instrument. Corporate bonds of below investment grade quality are often high risk and have speculative
characteristics and may be particularly susceptible to adverse issuer-specific developments. Corporate bonds of below investment
grade quality are subject to the risks described herein under &#8220;&#8212;Non-Investment Grade Securities.&#8221;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_NonInvestmentGradeSecuritiesMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--NonInvestmentGradeSecuritiesMember_dU_z53wZeoRmLdi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Non-Investment
Grade Securities. </i></b>The Fund may invest in below investment-grade securities, also known as &#8220;high-yield&#8221; securities
or &#8220;junk&#8221; bonds. Securities rated below investment grade, which may be preferred stock or debt, are predominantly
speculative and involve major risk exposure to adverse conditions. Securities that are</span></p>

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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_232_z6G4M30jXEPe" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_23E_zzTfORzp9zj6" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude>
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">rated
lower than &#8220;BBB&#8221; by S&amp;P or lower than &#8220;Baa&#8221; by Moody&#8217;s (or unrated debt securities of comparable
quality) are referred to in the financial press as &#8220;junk bonds&#8221; or &#8220;high-yield&#8221; securities and generally
pay a premium above the yields of U.S. government securities or debt securities of investment grade issuers because they are subject
to greater risks than these securities. These risks, which reflect their speculative character, include the following:</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">greater volatility;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">greater credit risk and risk
of default;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">potentially greater sensitivity
to general economic or industry conditions;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">potential lack of attractive
resale opportunities (illiquidity); and</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">additional expenses to seek
recovery from issuers who default.</span></td>
</tr></table>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
addition, the prices of these non-investment grade securities are more sensitive to negative developments, such as a decline in
the issuer&#8217;s revenues or a general economic downturn, than are the prices of higher grade securities. Non-investment grade
securities tend to be less liquid than investment grade securities. The market value of non-investment grade securities may be
more volatile than the market value of investment grade securities and generally tends to reflect the market&#8217;s perception
of the creditworthiness of the issuer and short-term market developments to a greater extent than investment grade securities,
which primarily reflect fluctuations in general levels of interest rates.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Ratings
are relative and subjective and not absolute standards of quality. Securities ratings are based largely on the issuer&#8217;s
historical financial condition and the rating agencies&#8217; analysis at the time of rating. Consequently, the rating assigned
to any particular security is not necessarily a reflection of the issuer&#8217;s current financial condition.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund may purchase securities of companies that are experiencing significant financial or business difficulties, including companies
involved in bankruptcy or other reorganization and liquidation proceedings. Although such investments may result in significant
financial returns to the Fund, they involve a substantial degree of risk. The level of analytical sophistication, both financial
and legal, necessary for successful investments in issuers experiencing significant business and financial difficulties is unusually
high. There can be no assurance that the Fund will correctly evaluate the value of the assets collateralizing its investments
or the prospects for a successful reorganization or similar action. In any reorganization or liquidation proceeding relating to
a portfolio investment, the Fund may lose all or part of its investment or may be required to accept collateral with a value less
than the amount of the Fund&#8217;s initial investment.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">As
a part of its investments in non-investment grade securities, the Fund may invest in the securities of issuers in default. The
Fund invests in securities of issuers in default only when the Investment Adviser believes that such issuers will honor their
obligations and emerge from bankruptcy protection and that the value of such issuers&#8217; securities will appreciate. By investing
in the securities of issuers in default, the Fund bears the risk that these issuers will not continue to honor their obligations
or emerge from bankruptcy protection or that the value of these securities will not otherwise appreciate.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
addition to using statistical rating agencies and other sources, the Investment Adviser will also perform its own analysis of
issuers in seeking investments that it believes to be underrated (and thus higher yielding) in light of the financial condition
of the issuer. Its analysis of issuers may include, among other things, current</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_23B_z5exbucxtYTc" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_232_zeIkZ5N5t7n7" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude>
<!-- Field: Rule-Page --><ix:exclude><div id="xdx_235_zB3VHhR3mayj" style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div></ix:exclude><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">and
anticipated cash flow and borrowing requirements, value of assets in relation to historical cost, strength of management, responsiveness
to business conditions, credit standing and current anticipated results of operations. In selecting investments for the Fund,
the Investment Adviser may also consider general business conditions, anticipated changes in interest rates and the outlook for
specific industries.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Subsequent
to its purchase by the Fund, an issue of securities may cease to be rated or its rating may be reduced. In addition, it is possible
that statistical rating agencies might change their ratings of a particular issue to reflect subsequent events on a timely basis.
Moreover, such ratings do not assess the risk of a decline in market value. None of these events will require the sale of the
securities by the Fund, although the Investment Adviser will consider these events in determining whether the Fund should continue
to hold the securities.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Fixed
income securities, including non-investment grade securities and comparable unrated securities, frequently have call or buy-back
features that permit their issuers to call or repurchase the securities from their holders, such as the Fund. If an issuer exercises
these rights during periods of declining interest rates, the Fund may have to replace the security with a lower yielding security,
thus resulting in a decreased return for the Fund.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
market for non-investment grade and comparable unrated securities has at various times, particularly during times of economic
recession, experienced substantial reductions in market value and liquidity. Past recessions have adversely affected the ability
of certain issuers of such securities to repay principal and pay interest thereon. The market for those securities could react
in a similar fashion in the event of any future economic recession.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_USGovernmentSecuritiesAndCreditRatingDowngradeRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--USGovernmentSecuritiesAndCreditRatingDowngradeRiskMember_dU_zFN4cXf1JWVb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>U.S.
Government Securities and Credit Rating Downgrade Risk. </i></b>The Fund may invest in direct obligations of the government of
the United States or its agencies. Obligations issued or guaranteed by the U.S. government, its agencies, authorities and instrumentalities
and backed by the full faith and credit of the U.S. guarantee only that principal and interest will be timely paid to holders
of the securities. These entities do not guarantee that the value of such obligations will increase, and, in fact, the market
values of such obligations may fluctuate. In addition, not all U.S. government securities are backed by the full faith and credit
of the United States; some are the obligation solely of the entity through which they are issued. There is no guarantee that the
U.S. government would provide financial support to its agencies and instrumentalities if not required to do so by law.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
2011, S&amp;P lowered its long-term sovereign credit rating on the U.S. to &#8220;AA+&#8221; from &#8220;AAA.&#8221; The downgrade
by S&amp;P increased volatility in both stock and bond markets, resulting in higher interest rates and higher Treasury yields,
and increased the costs of all kinds of debt. Repeat occurrences of similar events could have significant adverse effects on the
U.S. economy generally and could result in significant adverse impacts on issuers of securities held by the Fund itself. The Investment
Adviser cannot predict the effects of similar events in the future on the U.S. economy and securities markets or on the Fund&#8217;s
portfolio. The Investment Adviser monitors developments and seeks to manage the Fund&#8217;s portfolio in a manner consistent
with achieving the Fund&#8217;s investment objective, but there can be no assurance that it will be successful in doing so and
the Investment Adviser may not timely anticipate or manage existing, new or additional risks, contingencies or developments.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_ValueInvestingRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--ValueInvestingRiskMember_dU_zG03au0Tlbn9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Value
Investing Risk. </i></b>The Fund focuses its investments on the securities of companies that the Investment Adviser believes are
undervalued or inexpensive relative to other investments. These types of securities may present risks in addition to the general
risks associated with investing in common and preferred stocks. These securities generally are selected on the basis of an issuer&#8217;s
fundamentals relative to current market price. Such</span></p>

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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_23D_z8RnmREbLhsk" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_232_zNubzygY73k4" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude><!-- Field: Rule-Page --><ix:exclude><div id="xdx_238_zyESms7RJkN2" style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div></ix:exclude><!-- Field: /Rule-Page -->


<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">securities
are subject to the risk of mis-estimation of certain fundamental factors. In addition, during certain time periods market dynamics
may strongly favor &#8220;growth&#8221; stocks of issuers that do not display strong fundamentals relative to market price based
upon positive price momentum and other factors. Disciplined adherence to a &#8220;value&#8221; investment mandate during such
periods can result in significant underperformance relative to overall market indices and other managed investment vehicles that
pursue growth style investments and/or flexible equity style mandates.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_SelectionRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--SelectionRiskMember_dU_zgebgnNBHTIf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Selection
Risk. </i></b>Different types of stocks tend to shift into and out of favor with stock market investors, depending on market and
economic conditions. The performance of funds that invest in value-style stocks may at times be better or worse than the performance
of stock funds that focus on other types of stocks or that have a broader investment style.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_SmallAndMidCapStockRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--SmallAndMidCapStockRiskMember_dU_zgTGvndXnE23" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Small
and Mid-Cap Stock Risk. </i></b>The Fund may invest in the equity securities of small-cap and/or mid-cap companies. Small and
mid-cap companies offer investment opportunities and additional risks. They may not be well known to the investing public, may
not be significantly owned by institutional investors and may not have steady earnings growth. These companies may have limited
product or business lines and markets, as well as shorter operating histories, less experienced management and more limited financial
resources than larger companies. Changes in any one line of business, therefore, may have a greater impact on a small or mid-cap
company&#8217;s stock price than is the case for a larger company. In addition, the securities of such companies may be more vulnerable
to adverse general market or economic developments, more volatile in price, have wider spreads between their bid and ask prices
and have significantly lower trading volumes than the securities of larger capitalization companies. As such, securities of these
small and mid-cap companies may be less liquid than those of larger companies, and may experience greater price fluctuations than
larger companies. In addition, small-cap or mid-cap company securities may not be widely followed by investors, which may result
in reduced demand.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">As
a result, the purchase or sale of more than a limited number of shares of the securities of a small or mid-cap company may affect
its market price. The Investment Adviser may need a considerable amount of time to purchase or sell its positions in these securities,
particularly when other Investment Adviser-managed accounts or other investors are also seeking to purchase or sell them.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
securities of small and mid-cap companies generally trade in lower volumes and are subject to greater and more unpredictable price
changes than larger capitalization securities or the market as a whole. In addition, small and mid-cap securities may be particularly
sensitive to changes in interest rates, borrowing costs and earnings. Investing in small and mid-cap securities requires a longer-term
view.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Small
and mid-cap companies, due to the size and kinds of markets that they serve, may be less susceptible than large-cap companies
to intervention from the U.S. federal government by means of price controls, regulations or litigation.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

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Securities Risk. </i></b>Investments in the securities of foreign issuers involve certain considerations and risks not ordinarily
associated with investments in securities of domestic issuers and such securities may be more volatile than those of issuers located
in the United States. Foreign companies are not generally subject to uniform accounting, auditing and financial standards and
requirements comparable to those applicable to U.S. companies. Foreign securities exchanges, brokers and listed companies may
be subject to less government</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

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Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_230_zsewdsH2F5F7" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude>
<!-- Field: Rule-Page --><ix:exclude><div id="xdx_239_zBhmKNwPTll8" style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div></ix:exclude><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">supervision
and regulation than exists in the United States. Dividend and interest income may be subject to withholding and other foreign
taxes, which may adversely affect the net return on such investments. There may be difficulty in obtaining or enforcing a court
judgment abroad. In addition, it may be difficult to effect repatriation of capital invested in certain countries. In addition,
with respect to certain countries, there are risks of expropriation, confiscatory taxation, political or social instability or
diplomatic developments that could affect assets of the Fund held in foreign countries. Dividend income the Fund receives from
foreign securities may not be eligible for the special tax treatment applicable to qualified dividend income. Moreover, certain
equity investments in foreign issuers classified as passive foreign investment companies may be subject to additional taxation
risk.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">There
may be less publicly available information about a foreign company than a U.S. company, and foreign companies may not be subject
to accounting, auditing, and financial reporting standards and requirements comparable to or as uniform as those of U.S. companies.
Foreign securities markets may have substantially less volume than U.S. securities markets and some foreign company securities
are less liquid and their prices more volatile than securities of otherwise comparable U.S. companies. A portfolio of foreign
securities may also be adversely affected by fluctuations in the rates of exchange between the currencies of different nations
and by exchange control regulations, as there is generally less government supervision and regulation of exchanges, brokers, and
issuers than there is in the U.S. The Fund might have greater difficulty taking appropriate legal action in non-U.S. courts and
there may be less developed bankruptcy laws. Non-U.S. markets also have different clearance and settlement procedures which in
some markets have at times failed to keep pace with the volume of transactions, thereby creating substantial delays and settlement
failures that could adversely affect the Fund&#8217;s performance. In addition, a portfolio that includes foreign securities can
expect to have a higher expense ratio because of the increased transaction costs on non-U.S. securities markets and the increased
costs of maintaining the custody of foreign securities.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Investments
in foreign securities will expose the Fund to the direct or indirect consequences of political, social or economic changes in
the countries that issue the securities or in which the issuers are located. Certain countries in which the Fund may invest have
historically experienced, and may continue to experience, high rates of inflation, high interest rates, exchange rate fluctuations,
large amounts of external debt, balance of payments and trade difficulties and extreme poverty and unemployment. Many of these
countries are also characterized by political uncertainty and instability. The cost of servicing external debt will generally
be adversely affected by rising international interest rates because many external debt obligations bear interest at rates which
are adjusted based upon international interest rates.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund also may purchase ADRs or U.S. dollar-denominated securities of foreign issuers. ADRs are receipts issued by U.S. banks or
trust companies in respect of securities of foreign issuers held on deposit for use in the U.S. securities markets. While ADRs
may not necessarily be denominated in the same currency as the securities into which they may be converted, many of the risks
associated with foreign securities may also apply to ADRs. In addition, the underlying issuers of certain depositary receipts,
particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications
to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_237_zHGgZXzxno96" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_23C_zyeLA3y2Ud24" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude>
<!-- Field: Rule-Page --><ix:exclude><div id="xdx_23C_zXN2wODNG4c4" style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div></ix:exclude><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">The following provides
more detail on certain pronounced risks with foreign investing:&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Foreign Currency Risk.
</i>The Fund may invest in companies whose securities are denominated or quoted in currencies other than U.S. dollars or have
significant operations or markets outside of the United States. In such instances, the Fund will be exposed to currency risk,
including the risk of fluctuations in the exchange rate between U.S. dollars (in which the Fund&#8217;s shares are denominated)
and such foreign currencies, the risk of currency devaluations and the risks of non-exchangeability and blockage. As non-U.S.
securities may be purchased with and payable in currencies of countries other than the U.S. dollar, the value of these assets
measured in U.S. dollars may be affected favorably or unfavorably by changes in currency rates and exchange control regulations.
Fluctuations in currency rates may adversely affect the ability of the Investment Adviser to acquire such securities at advantageous
prices and may also adversely affect the performance of such assets.</span></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Certain
non-U.S. currencies, primarily in developing countries, have been devalued in the past and might face devaluation in the future.
Currency devaluations generally have a significant and adverse impact on the devaluing country&#8217;s economy in the short and
intermediate term and on the financial condition and results of companies&#8217; operations in that country. Currency devaluations
may also be accompanied by significant declines in the values and liquidity of equity and debt securities of affected governmental
and private sector entities generally. To the extent that affected companies have obligations denominated in currencies other
than the devalued currency, those companies may also have difficulty in meeting those obligations under such circumstances, which
in turn could have an adverse effect upon the value of the Fund&#8217;s investments in such companies. There can be no assurance
that current or future developments with respect to foreign currency devaluations will not impair the Fund&#8217;s investment
flexibility, its ability to achieve its investment objective or the value of certain of its foreign currency-denominated investments.&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Tax Consequences of Foreign
Investing.</i> The Fund&#8217;s transactions in foreign currencies, foreign currency-denominated debt obligations and certain
foreign currency options, futures contracts and forward contracts (and similar instruments) may give rise to ordinary income or
loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. This treatment
could increase or decrease the Fund&#8217;s ordinary income distributions to you, and may cause some or all of the Fund&#8217;s
previously distributed income to be classified as a return of capital. In certain cases, the Fund may make an election to treat
gain or loss attributable to certain investments as capital gain or loss.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>EMU and Redenomination
Risk.</i> As the European debt crisis progressed, the possibility of one or more Eurozone countries exiting the European Monetary
Union (&#8220;EMU&#8221;), or even the collapse of the euro as a common currency, arose, creating significant volatility at times
in currency and financial markets generally. The effects of the collapse of the euro, or of the exit of one or more countries
from the EMU, on the U.S. and global economies and securities markets are impossible to predict and any such events could have
a significant adverse impact on the value and risk profile of the Fund&#8217;s portfolio. Any partial or complete dissolution
of the EMU could have significant adverse effects on currency and financial markets, and on the values of the Fund&#8217;s portfolio
investments. If one or more EMU countries were to stop using the euro as its primary currency, the Fund&#8217;s investments in
such countries may be redenominated into a different or newly adopted currency. As a result, the value of those investments could
decline significantly and unpredictably. In addition, securities or other investments that are redenominated may be subject to
foreign currency risk, liquidity risk and valuation risk to a greater extent than similar investments currently</span></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<ix:exclude><p id="xdx_236_z6UpK2gB0jni" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_23A_zQo2DF6maYEf" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude>
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">denominated
in euros. To the extent a currency used for redenomination purposes is not specified in respect of certain EMU-related investments,
or should the euro cease to be used entirely, the currency in which such investments are denominated may be unclear, making such
investments particularly difficult to value or dispose of. The Fund may incur additional expenses to the extent it is required
to seek judicial or other clarification of the denomination or value of such securities.&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Eurozone Risk.</i> A number
of countries in the EU have experienced, and may continue to experience, severe economic and financial difficulties, increasing
the risk of investing in the European markets. In particular, many EU nations are susceptible to economic risks associated with
high levels of debt, notably due to investments in sovereign debt of countries such as Greece, Italy, Spain, Portugal, and Ireland.
As a result, financial markets in the EU have been subject to increased volatility and declines in asset values and liquidity.
Responses to these financial problems by European governments, central banks, and others, including austerity measures and reforms,
may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences.
Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies,
financial markets, and asset valuations around the world. Greece, Ireland, and Portugal have already received one or more &#8220;bailouts&#8221;
from other Eurozone member states, and it is unclear how much additional funding they will require or if additional Eurozone member
states will require bailouts in the future. One or more other countries may also abandon the euro and/or withdraw from the EU,
placing its currency and banking system in jeopardy. The impact of these actions, especially if they occur in a disorderly fashion,
is not clear, but could be significant and far-reaching.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Brexit Risk.</i> On January
31, 2020, the United Kingdom officially withdrew from the EU, commonly referred to as &#8220;Brexit.&#8221; Following a transition
period, the United Kingdom and the EU signed a Trade and Cooperation Agreement (&#8220;UK/EU Trade Agreement&#8221;), which came
into full force on May 1, 2021 and set out the foundation of the economic and legal framework for trade between the United Kingdom
and the EU. As the UK/EU Trade Agreement is a new legal framework, the implementation of the UK/EU Trade Agreement may result
in uncertainty in its application and periods of volatility in both the United Kingdom and wider European markets. The United
Kingdom&#8217;s exit from the EU is expected to result in additional trade costs and disruptions in this trading relationship.
Furthermore, there is the possibility that either party may impose tariffs on trade in the future in the event that regulatory
standards between the EU and the UK diverge. The terms of the future relationship may cause continued uncertainty in the global
financial markets, and adversely affect the Fund.</span></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">In
particular, currency volatility may mean that our returns and the returns of our portfolio companies will be adversely affected
by market movements and may make it more difficult, or more expensive, for us to implement appropriate currency hedging. Potential
declines in the value of the British Pound and/or the euro against other currencies, along with the potential downgrading of the
United Kingdom&#8217;s sovereign credit rating, may also have an impact on the performance of any of our portfolio companies located
in the United Kingdom or Europe.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">In
addition, certain European countries have experienced negative interest rates on certain fixed-income instruments. A negative
interest rate policy is an unconventional central bank monetary policy tool where nominal target interest rates are set with a
negative value (i.e., below zero percent) intended to help</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<ix:exclude><p id="xdx_23E_zdjKPO1QOuF3" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_23D_zmunx4jyXQuk" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude>
<!-- Field: Rule-Page --><ix:exclude><div id="xdx_232_zGhCSZB2hq31" style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div></ix:exclude><!-- Field: /Rule-Page -->

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">create
self-sustaining growth in the local economy. Negative interest rates may result in heightened market volatility and may detract
from the Fund&#8217;s performance to the extent the Fund is exposed to such interest rates. Among other things, these developments
have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the
economies of all EU countries, which in turn may have a material adverse effect on the Fund&#8217;s investments in such countries,
other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued
by certain EU countries.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">To
the extent the Fund has exposure to European markets or to transactions tied to the value of the euro, these events could negatively
affect the value and liquidity of the Fund&#8217;s investments. All of these developments may continue to significantly affect
the economies of all EU countries, which in turn may have a material adverse effect on the Fund&#8217;s investments in such countries,
other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued
by certain EU countries.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Russia.</i> As a result
of Russia&#8217;s military invasion of Ukraine in February 2022, the United States and other countries imposed broad-reaching
political and economic sanctions on Russia, certain Russian allies believed to be providing them military or financial support,
on private and public companies domiciled in Russia, including public issuers and banking and financial institutions, and on a
variety of individuals. These
sanctions, combined with equivalent measures taken by foreign businesses ceasing operations in Russia, continue to adversely impact
global financial markets, disrupt global supply chains, and impair the value and liquidity of issuers and funds that continue
to maintain exposure to Russia and its allies, Russian investments, and sectors that can be impacted by restrictions on Russian
imports and exports, such as the oil and gas industry.</span></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">It
is not possible to predict the duration or extent of longer-term consequences of this conflict, which could include further sanctions,
retaliatory measures taken by Russia, embargoes, regional instability, geopolitical shifts and adverse effects on macroeconomic
conditions, security conditions, currency exchange rates, and financial markets around the globe. Any of the foregoing consequences,
including those we cannot yet predict, may negatively impact the Fund&#8217;s performance and the value of an investment in the
Fund, even if the Fund does not have direct exposure to Russian issuers or issuers in other countries impacted by the invasion.
In general terms, the overall negative impact to the Fund will depend on the extent to which the Fund is prohibited from selling
or otherwise transacting in their investments at any given time and whether a fair market valuation can be readily obtained, particularly
for any Russian currency-denominated investments and investments in US dollar-denominated American Depositary Receipts representing
securities of Russian issuers.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_RestrictedAndIlliquidSecuritiesMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--RestrictedAndIlliquidSecuritiesMember_dU_zeX4g7HJLRGf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Restricted
and Illiquid Securities. </i></b>Unregistered securities are securities that cannot be sold publicly in the United States without
registration under the Securities Act. An illiquid investment is a security or other investment that cannot be disposed of within
seven days in the ordinary course of business at approximately the value at which the Fund has valued the investment. Unregistered
securities often can be resold only in privately negotiated transactions with a limited number of purchasers or in a public offering
registered under the Securities Act. Considerable delay could be encountered in either event and, unless otherwise contractually
provided for, the Fund&#8217;s proceeds upon sale may be reduced by the costs of registration or underwriting</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<ix:exclude><p id="xdx_230_zWPFOgsqnLEl" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_231_z0WO22abwAt3" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_23F_zPJADj4ZZm4f" style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div></ix:exclude><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">discounts.
The difficulties and delays associated with such transactions could result in the Fund&#8217;s inability to realize a favorable
price upon disposition of unregistered securities, and at times might make disposition of such securities impossible. The Fund
may be unable to sell illiquid investments when it desires to do so, resulting in the Fund obtaining a lower price or being required
to retain the investment. Illiquid investments generally must be valued at fair value, which is inherently less precise than utilizing
market values for liquid investments, and may lead to differences between the price at which a security is valued for determining
the Fund&#8217;s net asset value and the price the Fund actually receives upon sale.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_ShortSalesRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--ShortSalesRiskMember_dU_zHLxymd1WbT3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Short
Sales Risk. </i></b>Short-selling involves selling securities which may or may not be owned and borrowing the same securities
for delivery to the purchaser, with an obligation to replace the borrowed securities at a later date. If the price of the security
sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will incur
a loss; conversely, if the price declines, the Fund will realize a capital gain. Any gain will be decreased, and any loss will
be increased, by the transaction costs incurred by the Fund, including the costs associated with providing collateral to the broker-dealer
(usually cash and liquid securities). Although the Fund&#8217;s gain is limited to the price at which it sold the security short,
its potential loss is theoretically unlimited.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Short-selling
necessarily involves certain additional risks. However, if the short seller does not own the securities sold short (an uncovered
short sale), the borrowed securities must be replaced by securities purchased at market prices in order to close out the short
position, and any appreciation in the price of the borrowed securities would result in a loss. Uncovered short sales expose the
Fund to the risk of uncapped losses until a position can be closed out due to the lack of an upper limit on the price to which
a security may rise. Purchasing securities to close out the short position can itself cause the price of the securities to rise
further, thereby exacerbating the loss. There is the risk that the securities borrowed by the Fund in connection with a short-sale
must be returned to the securities lender on short notice. If a request for return of borrowed securities occurs at a time when
other short-sellers of the security are receiving similar requests, a &#8220;short squeeze&#8221; can occur, and the Fund may
be compelled to replace borrowed securities previously sold short with purchases on the open market at the most disadvantageous
time, possibly at prices significantly in excess of the proceeds received at the time the securities were originally sold short.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
September 2008, in response to spreading turmoil in the financial markets, the SEC temporarily banned short selling in the stocks
of numerous financial services companies, and also promulgated new disclosure requirements with respect to short positions held
by investment managers. The SEC&#8217;s temporary ban on short selling of such stocks has since expired, but should similar restrictions
and/or additional disclosure requirements be promulgated, especially if market turmoil occurs, the Fund may be forced to cover
short positions more quickly than otherwise intended and may suffer losses as a result. Such restrictions may also adversely affect
the ability of the Fund to execute its investment strategies generally. Similar emergency orders were also instituted in non-U.S.
markets in response to increased volatility. The Fund&#8217;s ability to engage in short sales is also restricted by various regulatory
requirements relating to short sales.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_LeverageRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--LeverageRiskMember_dU_zlItssbVAaYj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Leverage
Risk. </i></b>The Fund currently uses financial leverage for investment purposes by issuing preferred shares. As of December 31,
2022, the amount of leverage represented approximately 39% of the Fund&#8217;s net assets. The Fund&#8217;s leveraged capital
structure creates special risks not associated with unleveraged funds that have a similar investment objective and policies. These
include the possibility of greater loss and the</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_23F_zV5uShdvKQTi" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_23A_z09nvpUhAioi" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude><!-- Field: Rule-Page --><ix:exclude><div id="xdx_234_zS8uPVp6F0jh" style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div></ix:exclude><!-- Field: /Rule-Page -->


<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">likelihood
of higher volatility of the net asset value of the Fund and the asset coverage for any preferred shares or debt outstanding. Such
volatility may increase the likelihood of the Fund having to sell investments in order to meet its obligations to make distributions
on the preferred shares or principal or interest payments on debt securities, or to redeem preferred shares or repay debt when
it may be disadvantageous to do so. The Fund&#8217;s use of leverage may require it to sell portfolio investments at inopportune
times in order to raise cash to redeem preferred shares or otherwise de-leverage so as to maintain required asset coverage amounts
or comply with the mandatory redemption terms of any outstanding preferred shares. The use of leverage magnifies both the favorable
and unfavorable effects of price movements in the investments made by the Fund. To the extent the Fund is leveraged in its investment
operations, the Fund will be subject to substantial risk of loss. The Fund cannot assure that borrowings or the issuance of notes
or preferred shares will result in a higher yield or return to the holders of the common shares. Also, to the extent the Fund
utilizes leverage, a decline in net asset value could affect the ability of the Fund to make common share distributions and such
a failure to make distributions could result in the Fund ceasing to qualify as a RIC under the Code.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">For
more information regarding the risks of a leverage capital structure to holders of the Fund&#8217;s common shares, see &#8220;Risk
Factors and Special Considerations &#8212; Special Risks to Holder of Common Shares &#8212; Leverage Risk.&#8221;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_SpecialRisksRelatedToInvestmentinDerivativesMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksRelatedToInvestmentinDerivativesMember_dU_zI0kv9BuFcOa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Special
Risks Related to Investment in Derivatives. </i></b>The Fund may participate in derivative transactions. Such transactions entail
certain execution, market, liquidity, counterparty, correlation, volatility, hedging and tax risks. Participation in the options
or futures markets, in currency exchange transactions and in other derivatives transactions involves investment risks and transaction
costs to which the Fund would not be subject absent the use of these strategies. If the Investment Adviser&#8217;s prediction
of movements in the direction of the securities, foreign currency, interest rate or other referenced instruments or markets is
inaccurate, the consequences to the Fund may leave the Fund in a worse position than if it had not used such strategies. Risks
inherent in the use of options, swaps, foreign currency, futures contracts and options on futures contracts, securities indices
and foreign currencies include:&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">dependence on the Investment
Adviser&#8217;s ability to predict correctly movements in the direction of the relevant measure;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">imperfect correlation between
the price of the derivative instrument and movements in the prices of the referenced assets;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">the fact that skills needed
to use these strategies are different from those needed to select portfolio securities;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">the possible absence of a
liquid secondary market for any particular instrument at any time;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">the possible need to defer
closing out certain hedged positions to avoid adverse tax consequences;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">the possible inability of
the Fund to purchase or sell a security or instrument at a time that otherwise would be favorable for it to do so, or the possible
need for the Fund to sell a security or instrument at a disadvantageous time due to a need for the Fund to maintain &#8220;cover&#8221;
or to segregate securities in connection with the hedging techniques; and</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">the creditworthiness of counterparties.</span></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; color: #1D1D1B; text-align: justify"><span style="color: Black">Options,
futures contracts, swaps contracts, and options thereon and forward contracts on securities and currencies may be traded on foreign
exchanges. Such transactions may not be regulated as effectively as</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_236_zTgfbi0oulxg" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_236_zi3N3EbfFdZd" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_23F_z6KivdwmiGMk" style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div></ix:exclude><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">similar
transactions in the United States, may not involve a clearing mechanism and related guarantees, and are subject to the risk of
governmental actions affecting trading in, or the prices of, foreign securities. The value of such positions also could be adversely
affected by (i) other complex foreign political, legal and economic factors, (ii) lesser availability than in the United States
of data on which to make trading decisions, (iii) delays in the ability of the Fund to act upon economic events occurring in the
foreign markets during non-business hours in the United States, (iv) the imposition of different exercise and settlement terms
and procedures and margin requirements than in the United States and (v) less trading volume. Exchanges on which options, futures,
swaps and options on futures or swaps are traded may impose limits on the positions that the Fund may take in certain circumstances.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Many
OTC derivatives are valued on the basis of dealers&#8217; pricing of these instruments. However, the price at which dealers value
a particular derivative and the price which the same dealers would actually be willing to pay for such derivative should the Fund
wish or be forced to sell such position may be materially different. Such differences can result in an overstatement of the Fund&#8217;s
net asset value and may materially adversely affect the Fund in situations in which the Fund is required to sell derivative instruments.
Exchange-traded derivatives and OTC derivative transactions submitted for clearing through a central counterparty have become
subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as possible margin requirements
mandated by the SEC or the CFTC. These regulators also have broad discretion to impose margin requirements on non-cleared OTC
derivatives. These margin requirements will increase the overall costs for the Fund.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">While
hedging transactions can reduce or eliminate losses, they can also reduce or eliminate gains. Hedges are sometimes subject to
imperfect matching between the derivative and the underlying instrument, and there can be no assurance that the Fund&#8217;s hedging
transactions will be effective. Derivatives may also give rise to a form of leverage and may expose the Fund to greater risk and
increase its costs. Future CFTC or SEC rulemakings could potentially further limit or completely restrict the Fund&#8217;s ability
to use these instruments as a part of the Fund&#8217;s investment strategy, increase the costs of using these instruments or make
them less effective. Limits or restrictions applicable to the counterparties with which the Fund engages in derivative transactions
could also prevent the Fund from using these instruments or affect the pricing or other factors relating to these instruments
or may change the availability of certain investments. New regulation may make derivatives more costly, may limit the availability
of derivatives, or may otherwise adversely affect the value or performance of derivatives.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_CounterpartyRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--CounterpartyRiskMember_dU_zGc9rwd1ach" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Counterparty
Risk. </i></b>The Fund will be subject to credit risk with respect to the counterparties to the derivative contracts purchased
by the Fund. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due
to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract
in bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such
circumstances.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
counterparty risk for cleared derivatives is generally lower than for uncleared OTC derivative transactions since generally a
clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the
parties&#8217; performance under the contract as each party to a trade looks only to the clearing organization for performance
of financial obligations under the derivative contract. However, there can be no assurance that a clearing organization, or its
members, will satisfy its obligations to the Fund, or that the Fund would be able to recover the full amount of assets deposited
on its behalf with the clearing</span></p>

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<ix:exclude><p id="xdx_231_zqnZBTuO6tQ8" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_23B_zCpP3bQsSkDa" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude>
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">organization
in the event of the default by the clearing organization or the Fund&#8217;s clearing broker. In addition, cleared derivative
transactions benefit from daily marking-to-market and settlement, and segregation and minimum capital requirements applicable
to intermediaries. Uncleared OTC derivative transactions generally do not benefit from such protections. This exposes the Fund
to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute
over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to
suffer a loss. Such &#8220;counterparty risk&#8221; is accentuated for contracts with longer maturities where events may intervene
to prevent settlement, or where the Fund has concentrated its transactions with a single or small group of counterparties.</span></p>

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</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember_dU_zFxdMDkYpnMl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Failure
of Futures Commission Merchants and Clearing Organizations Risk. </i></b>The Fund may deposit funds required to margin open positions
in the derivative instruments subject to the CEA with a clearing broker registered as a &#8220;futures commission merchant&#8221;
(&#8220;FCM&#8221;). The CEA requires an FCM to segregate all funds received from customers with respect to any orders for the
purchase or sale of U.S. domestic futures contracts and cleared swaps from the FCM&#8217;s proprietary assets. Similarly, the
CEA requires each FCM to hold in a separate secure account all funds received from customers with respect to any orders for the
purchase or sale of foreign futures contracts and segregate any such funds from the funds received with respect to domestic futures
contracts. However, all funds and other property received by a clearing broker from its customers are held by the clearing broker
on a commingled basis in an omnibus account and may be invested by the clearing broker in certain instruments permitted under
the applicable regulation. There is a risk that assets deposited by the Fund with any swaps or futures clearing broker as margin
for futures contracts may, in certain circumstances, be used to satisfy losses of other clients of the Fund&#8217;s clearing broker.
In addition, the assets of the Fund may not be fully protected in the event of the clearing broker&#8217;s bankruptcy, as the
Fund would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing broker&#8217;s
combined domestic customer accounts.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Similarly,
the CEA requires a clearing organization approved by the CFTC as a derivatives clearing organization to segregate all funds and
other property received from a clearing member&#8217;s clients in connection with domestic futures, swaps and options contracts
from any funds held at the clearing organization to support the clearing member&#8217;s proprietary trading. Nevertheless, with
respect to futures contracts and options on futures, a clearing organization may use assets of a non-defaulting customer held
in an omnibus account at the clearing organization to satisfy losses in that account resulting from the default by another customer
on its payment obligations that leads to the clearing member&#8217;s default to the clearing organization. As a result, in the
situation of a double default by a customer of the Fund&#8217;s clearing member and the clearing member itself with respect to
payment obligations on the customer&#8217;s futures or options on futures, there is a risk that the Fund&#8217;s assets in an
omnibus account with the clearing organization may be used to satisfy losses from the double default and that the Fund may not
recover the full amount of any such assets.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_SwapsRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--SwapsRiskMember_dU_zEnjA686cLYa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Swaps
Risk. </i></b>Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from
a few weeks to more than one year. In a standard &#8220;swap&#8221; transaction, two parties agree to exchange the returns (or
differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns
to be exchanged or &#8220;swapped&#8221; between the parties are calculated with respect to a &#8220;notional amount,&#8221; i.e.,
the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign
currency, or in a &#8220;basket&#8221; of securities representing a particular</span></p>

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<ix:exclude><p id="xdx_233_zlyRAKEZdlVk" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_233_zVCBjsFY9dzc" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude>

<!-- Field: Rule-Page --><ix:exclude><div id="xdx_230_za5hmtvFEhtd" style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div></ix:exclude><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">index.
The &#8220;notional amount&#8221; of the swap agreement is only a fictive basis on which to calculate the obligations that the
parties to a swap agreement have agreed to exchange.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Historically,
swap transactions have been individually negotiated non-standardized transactions entered into in the OTC markets and have not
been subject to the same type of government regulation as exchange-traded instruments. However, in the U.S., the Dodd-Frank Wall
Street Reform and Consumer Protection Act of 2010 (the &#8220;Dodd-Frank Act&#8221;) has made broad changes to the derivatives
market, granted significant new authority to the CFTC and the SEC to regulate derivatives (swaps and security-based swaps) and
participants in these markets. The Dodd-Frank Act is intended to regulate the derivatives market by requiring many derivative
transactions to be cleared and traded on an exchange, expanding entity registration requirements, imposing business conduct requirements
on dealers and requiring banks to move some derivatives trading units to a non-guaranteed affiliate separate from the deposit-taking
bank or divest them altogether. See &#8220;Risk Factors and Special Considerations&#8212;General Risks &#8211; Derivatives Regulation
Risk.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Swap
agreements will tend to shift the Fund&#8217;s investment exposure from one type of investment to another. For example, if the
Fund agreed to pay fixed rates in exchange for floating rates while holding fixed-rate bonds, the swap would tend to decrease
the Fund&#8217;s exposure to long-term interest rates. Caps and floors have an effect similar to buying or writing options. Depending
on how they are used, swap agreements may increase or decrease the overall volatility of the Fund&#8217;s investments and its
share price and yield. The most significant factor in the performance of swap agreements is the change in the specific interest
rate, currency, or other factors that determine the amounts of payments due to and from the Fund. If a swap agreement calls for
payments by the Fund, the Fund must be prepared to make such payments when due.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund may enter into swap agreements that would calculate the obligations of the parties to the agreements on a &#8220;net&#8221;
basis. Consequently, the Fund&#8217;s obligations (or rights) under a swap agreement will generally be equal only to the net amount
to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the
&#8220;net amount&#8221;). The Fund&#8217;s obligations under a swap agreement will be accrued daily (offset against any amounts
owing to the Fund) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by the maintenance of liquid
assets in accordance with SEC staff positions on the subject.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund&#8217;s use of swap agreements may not be successful in furthering its investment objective, as the Investment Adviser may
not accurately predict whether certain types of investments are likely to produce greater returns than other investments. Moreover,
swap agreements involve the risk that the party with whom the Fund has entered into the swap will default on its obligation to
pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the other party to the agreement. The
Fund may be able to eliminate its exposure under a swap agreement either by assignment or other disposition, or by entering into
an offsetting swap agreement with the same party or a similarly creditworthy party.</span></p>

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</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_ForwardForeignCurrencyExchangeContractsMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForwardForeignCurrencyExchangeContractsMember_dU_z5CsdExQeNT1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Forward
Foreign Currency Exchange Contracts. </i></b>The Fund may enter into forward foreign currency exchange contracts to protect the
value of its portfolio against uncertainty in the level of future currency exchange rates between a particular foreign currency
and the U.S. dollar or between foreign currencies in which its securities are or may be denominated. The Fund may enter into such
contracts on a spot (i.e., cash) basis at the rate then prevailing in the currency exchange market or on a forward basis, by entering
into a forward contract to</span></p>

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<ix:exclude><p id="xdx_232_z9YdPIZdzkd1" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_239_zKNbhJoLgKLh" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude><!-- Field: Rule-Page --><ix:exclude><div id="xdx_23D_zuX7iMAnthC1" style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div></ix:exclude><!-- Field: /Rule-Page -->

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">purchase
or sell currency. A forward contract on foreign currency is an obligation to purchase or sell a specific currency at a future
date, which may be any fixed number of days agreed upon by the parties from the date of the contract at a price set on the date
of the contract. Forward currency contracts (i) are traded in a market conducted directly between currency traders (typically,
commercial banks or other financial institutions) and their customers, (ii) generally have no deposit requirements and (iii) are
typically consummated without payment of any commissions. The Fund, however, may enter into forward currency contracts requiring
deposits or involving the payment of commissions.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
dealings of the Fund in forward foreign exchange are limited to hedging involving either specific transactions or portfolio positions.
Transaction hedging is the purchase or sale of one forward foreign currency for another currency with respect to specific receivables
or payables of the Fund accruing in connection with the purchase and sale of its portfolio securities or its payment of distributions.
Position hedging is the purchase or sale of one forward foreign currency for another currency with respect to portfolio security
positions denominated or quoted in the foreign currency to offset the effect of an anticipated substantial appreciation or depreciation,
respectively, in the value of the currency relative to the U.S. dollar. In this situation, the Fund also may, for example, enter
into a forward contract to sell or purchase a different foreign currency for a fixed U.S. dollar amount where it is believed that
the U.S. dollar value of the currency to be sold or bought pursuant to the forward contract will fall or rise, as the case may
be, whenever there is a decline or increase, respectively, in the U.S. dollar value of the currency in which its portfolio securities
are denominated (this practice being referred to as a &#8220;cross-hedge&#8221;).</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
hedging a specific transaction, the Fund may enter into a forward contract with respect to either the currency in which the transaction
is denominated or another currency deemed appropriate by the Investment Adviser. The amount the Fund may invest in forward currency
contracts is limited to the amount of its aggregate investments in foreign currencies.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
use of forward currency contracts may involve certain risks, including the failure of the counterparty to perform its obligations
under the contract, and such use may not serve as a complete hedge because of an imperfect correlation between movements in the
prices of the contracts and the prices of the currencies hedged or used for cover. The Fund will only enter into forward currency
contracts with parties which the Investment Adviser believes to be creditworthy institutions.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_FuturesContractsAndOptionsonFuturesMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--FuturesContractsAndOptionsonFuturesMember_dU_z8wqt2cM6ua2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Futures
Contracts and Options on Futures. </i></b>Futures and options on futures entail certain risks, including, but not limited to,
the following: no assurance that futures contracts or options on futures can be offset at favorable prices; possible reduction
of the yield of the Fund due to the use of hedging; possible reduction in value of both the securities hedged and the hedging
instrument; possible lack of liquidity due to daily limits on price fluctuations; imperfect correlation between the contracts
and the securities being hedged; and losses from investing in futures transactions that are potentially unlimited.</span></p>

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</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_OptionsRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--OptionsRiskMember_dU_zX3eA8VPpQvf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Options
Risk. </i></b>To the extent that the Fund purchases options pursuant to a hedging strategy, the Fund will be subject to the following
additional risks. If a put or call option purchased by the Fund is not sold when it has remaining value, and if the market price
of the underlying security remains equal to or greater than the exercise price (in the case of a put), or remains less than or
equal to the exercise price (in the case of a call), the Fund will lose its entire investment in the option.</span></p>

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<ix:exclude><p id="xdx_23D_zL0zoaMR2By3" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_233_zxu0DEZOVFF8" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude><!-- Field: Rule-Page --><ix:exclude><div id="xdx_233_zVtxFnX5w4Qc" style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div></ix:exclude><!-- Field: /Rule-Page -->

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Where
a put or call option on a particular security is purchased to hedge against price movements in that or a related security, the
price of the put or call option may move more or less than the price of the security. If restrictions on exercise are imposed,
the Fund may be unable to exercise an option it has purchased. If the Fund is unable to close out an option that it has purchased
on a security, it will have to exercise the option in order to realize any profit or the option may expire worthless.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_DerivativesRegulationRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--DerivativesRegulationRiskMember_dU_z05fxkGQps36" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Derivatives
Regulation Risk. </i></b>The Dodd-Frank Act has made broad changes to the derivatives market, granted significant new authority
to the CFTC and the SEC to regulate derivatives (swaps and security-based swaps) and participants in these markets. The Dodd-Frank
Act is intended to regulate the derivatives market by requiring many derivative transactions to be cleared and traded on an exchange,
expanding entity registration requirements, imposing business conduct requirements on dealers and requiring banks to move some
derivatives trading units to a non-guaranteed affiliate separate from the deposit-taking bank or divest them altogether. The CFTC
has implemented mandatory clearing and exchange-trading of certain derivatives contracts including many standardized interest
rate swaps and credit default index swaps. The CFTC continues to approve contracts for central clearing. Exchange-trading and
central clearing are expected to reduce counterparty credit risk by substituting the clearinghouse as the counterparty to a swap
and increase liquidity, but exchange-trading and central clearing do not make swap transactions risk-free. Uncleared swaps, such
as non-deliverable foreign currency forwards, are subject to certain margin requirements that mandate the posting and collection
of minimum margin amounts. This requirement may result in the Fund and its counterparties posting higher margin amounts for uncleared
swaps than would otherwise be the case. Certain rules require centralized reporting of detailed information about many types of
cleared and uncleared swaps. Reporting of swap data may result in greater market transparency, but may subject the Fund to additional
administrative burdens, and the safeguards established to protect trader anonymity may not function as expected.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
addition, on October 28, 2020, the SEC adopted new regulations governing the use of derivatives by closed-end funds, which the
Fund was required to comply with as of August 19, 2022. As a result, the Fund is required to implement and comply with the Rule
18f-4 limits described previously under &#8220;Special Risks Related to&#160;Investment in Derivatives&#8221; on the amount of
derivatives the Fund can enter into, eliminate the asset segregation framework previously used to comply with Section 18 of the
1940 Act, treat derivatives as senior securities so that a failure to comply with the limits would result in a statutory violation
and require the Fund, if the Fund&#8217;s use of derivatives is more than a limited specified exposure amount (10% of net assets),
to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. These requirements
may limit the ability of the Fund to invest in derivatives, engage in securities lending activities, short sales, reverse repurchase
agreements and similar financing transactions. Additionally, Rule 18f-4 and the SEC&#8217;s corresponding recission and withdrawal
of prior guidance and relief related to asset segregation and asset coverage requirements under section 18 of the 1940 Act may
affect the Fund&#8217;s ability to implement its investment strategy, pursue its investment objectives and may increase the cost
of the Fund&#8217;s investments.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_MarketDiscountRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketDiscountRiskMember_dU_z1MOvIJTtz0i" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Market
Discount Risk. </i></b>Whether investors will realize gains or losses upon the sale of additional securities of the Fund will
depend upon the market price of the securities at the time of sale, which may be less or more than the Fund&#8217;s net asset
value per share or the liquidation value of any Fund preferred shares issued. Since the market price of any additional securities
the Fund may issue will be affected by such factors as the Fund&#8217;s dividend and distribution levels (which are in turn affected
by expenses), dividend and distribution stability,</span></p>

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Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_237_zAYv4XJZeC3e" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude><!-- Field: Rule-Page --><ix:exclude><div id="xdx_239_zukZQZ3lvOuj" style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div></ix:exclude><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">net
asset value, market liquidity, the relative demand for and supply of such securities in the market, general market and economic
conditions and other factors beyond the control of the Fund, we cannot predict whether any such securities will trade at, below
or above net asset value or at, below or above their public offering price or at, below or above their liquidation value, as applicable.
For example, common shares of closed-end funds often trade at a discount to their net asset values and the Fund&#8217;s common
shares may trade at such a discount. This risk may be greater for investors expecting to sell their securities of the Fund soon
after the completion of a public offering for such securities. The risk of a market price discount from net asset value is separate
and in addition to the risk that net asset value itself may decline. The Fund&#8217;s securities are designed primarily for long-term
investors, and investors in the shares should not view the Fund as a vehicle for trading purposes.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_LongTermObjectiveNotACompleteInvestmentProgramMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--LongTermObjectiveNotACompleteInvestmentProgramMember_dU_zfIPVRsa8XL2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Long
Term Objective; Not a Complete Investment Program. </i></b>The Fund is intended for investors seeking a consistent level of after-tax
total return consisting of income (with a current emphasis on qualifying dividends) and long-term capital gain. The Fund is not
meant to provide a vehicle for those who wish to play short-term swings in the stock market. An investment in shares of the Fund
should not be considered a complete investment program. Each shareholder should take into account the Fund&#8217;s investment
objective as well as the shareholder&#8217;s other investments when considering an investment in the Fund.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_ManagementRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--ManagementRiskMember_dU_zVSSNirNGKPe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Management
Risk. </i></b>The Fund is subject to management risk because it is an actively managed portfolio. The Investment Adviser will
apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that
these will produce the desired results.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_DecisionMakingAuthorityRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--DecisionMakingAuthorityRiskMember_dU_zkRWiq9YoGIk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Decision-Making
Authority Risk. </i></b>Investors have no authority to make decisions or to exercise business discretion on behalf of the Fund,
except as set forth in the Fund&#8217;s governing documents. The authority for all such decisions is generally delegated to the
Board, who in turn, has delegated the day-to-day management of the Fund&#8217;s investment activities to the Investment Adviser,
subject to oversight by the Board.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_DependenceonKeyPersonnelMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--DependenceonKeyPersonnelMember_dU_zfWhlge7iBc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Dependence
on Key Personnel. </i></b>The Investment Adviser is dependent upon the expertise of Mr. Mario J. Gabelli in providing advisory
services with respect to the Fund&#8217;s investments. If the Investment Adviser were to lose the services of Mr. Gabelli, its
ability to service the Fund could be adversely affected. There can be no assurance that a suitable replacement could be found
for Mr. Gabelli in the event of his death, resignation, retirement or inability to act on behalf of the Investment Adviser.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_MarketDisruptionAndGeopoliticalRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketDisruptionAndGeopoliticalRiskMember_dU_zhUEi8mVhepd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Market
Disruption and Geopolitical Risk. </i></b>General economic and market conditions, such as interest rates, availability of credit,
inflation rates, economic uncertainty, supply chain disruptions, labor shortages, energy and other resource shortages, changes
in laws, trade barriers, currency exchange controls and national and international political circumstances (including governmental
responses to public health crises or the spread of infectious diseases), may have long-term negative effects on the U.S. and worldwide
financial markets and economy. These conditions have resulted in, and in many cases continue to result in, greater price volatility,
less liquidity, widening credit spreads and a lack of price transparency, with many securities remaining illiquid and of uncertain
value. Such market conditions may adversely affect the Company, including by making valuation of some of the Fund&#8217;s securities
uncertain and/or result in sudden and significant valuation increases or declines in the Fund&#8217;s holdings.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Risks
resulting from any future debt or other economic crisis could also have a detrimental impact on the global economy, the financial
condition of financial institutions and the Fund&#8217;s business, financial condition and results</span></p>

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Utility &amp; Income Trust</b></span></p></ix:exclude>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"></span></p>

<ix:exclude><p id="xdx_237_zyXhYAWiFdpl" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">of
operation. Market and economic disruptions have affected, and may in the future affect, consumer confidence levels and spending,
personal bankruptcy rates, levels of incurrence and default on consumer debt and home prices, among other factors. To the extent
uncertainty regarding the U.S. or global economy negatively impacts consumer confidence and consumer credit factors, the Fund
could be significantly and adversely affected.&#160;Downgrades to the credit ratings of major banks could result in increased
borrowing costs for such banks and negatively affect the broader economy. Moreover, Federal Reserve policy, including with respect
to certain interest rates, may also adversely affect the value, volatility and liquidity of dividend- and interest-paying securities.
Market volatility, rising interest rates and/or a return to unfavorable economic conditions could impair the Fund&#8217;s ability
to achieve its investment objectives.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
occurrence of events similar to those in recent years, such as localized wars, instability, new and ongoing pandemics (such as
COVID-19), epidemics or outbreaks of infectious diseases in certain parts of the world, and catastrophic events such as fires,
floods, earthquakes, tornadoes, hurricanes and global health epidemics, terrorist attacks in the U.S. and around the world, social
and political discord, debt crises sovereign debt downgrades, increasingly strained relations between the U.S. and a number of
foreign countries, new and continued political unrest in various countries, the exit or potential exit of one or more countries
from the EU or the EMU, continued changes in the balance of political power among and within the branches of the U.S. government,
government shutdowns, among others, may result in market volatility, may have long-term effects on the U.S. and worldwide financial
markets, and may cause further economic uncertainties in the U.S. and worldwide.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
particular, the consequences of the Russian military invasion of Ukraine, the impact on inflation and increased disruption to
supply chains and energy resources may impact the Fund&#8217;s portfolio companies, result in an economic downturn or recession
either globally or locally in the U.S. or other economies, reduce business activity, spawn additional conflicts (whether in the
form of traditional military action, reignited &#8220;cold&#8221; wars or in the form of virtual warfare such as cyberattacks)
with similar and perhaps wider ranging impacts and consequences and have an adverse impact on the Fund&#8217;s returns and net
asset values. In response to the conflict between Russia and Ukraine, the U.S. and other countries have imposed sanctions or other
restrictive actions against Russia, Russian-backed separatist regions in Ukraine, and certain banks, companies, government officials
and other individuals in Russia and Belarus. Any of the above factors, including sanctions, export controls, tariffs, trade wars
and other governmental actions, could have a material adverse effect on the Fund. The Fund has no way to predict the duration
or outcome of the situation, as the conflict and government reactions are rapidly developing and beyond the Fund&#8217;s control.
Prolonged unrest, military activities, or broad-based sanctions could have a material adverse effect on companies in which the
Fund invests. Such consequences also may increase such companies&#8217; funding costs or limit their access to the capital markets.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
current political climate has intensified concerns about a potential trade war between China and the U.S., as each country has
imposed tariffs on the other country&#8217;s products. These actions may trigger a significant reduction in international trade,
the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies
and/or large segments of China&#8217;s export industry, which could have a negative impact the Fund&#8217;s performance. U.S.
companies that source material and goods from China and those that make large amounts of sales in China would be particularly
vulnerable to an escalation of trade tensions. Uncertainty regarding the outcome of the trade tensions and the potential for a
trade war</span></p>

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<ix:exclude><p id="xdx_233_zZBvL3gzCru5" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_232_zpo0G64GdYB9" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude><!-- Field: Rule-Page --><ix:exclude><div id="xdx_23F_zmv3yuLmVWRf" style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div></ix:exclude><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">could cause the U.S.
dollar to decline against safe haven currencies, such as the Japanese yen and the euro. Events such as these and their consequences
are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in
the future. Any of these effects could have a material adverse effect on the Fund.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_EconomicEventsAndMarketRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_842_ecef--RiskTextBlock_hcef--RiskAxis__custom--EconomicEventsAndMarketRiskMember_dU_zFhoaJM9dLbi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Economic
Events and Market Risk. </i></b>Periods of market volatility remain, and may continue to occur in the future, in response to various
political, social and economic events both within and outside of the United States. These conditions have resulted in, and in
many cases continue to result in, greater price volatility, less liquidity, widening credit spreads and a lack of price transparency,
with many securities remaining illiquid and of uncertain value. Such market conditions may adversely affect the Fund, including
by making valuation of some of the Fund&#8217;s securities uncertain and/or result in sudden and significant valuation increases
or declines in the Fund&#8217;s holdings. If there is a significant decline in the value of the Fund&#8217;s portfolio, this may
impact the asset coverage levels for the Fund&#8217;s outstanding leverage.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Risks
resulting from any future debt or other economic crisis could also have a detrimental impact on the global economic recovery,
the financial condition of financial institutions and our business, financial condition and results of operation. Market and economic
disruptions have affected, and may in the future affect, consumer confidence levels and spending, personal bankruptcy rates, levels
of incurrence and default on consumer debt and home prices, among other factors. To the extent uncertainty regarding the U.S.
or global economy negatively impacts consumer confidence and consumer credit factors, our business, financial condition and results
of operations could be significantly and adversely affected. Downgrades to the credit ratings of major banks could result in increased
borrowing costs for such banks and negatively affect the broader economy.&#160;Moreover, Federal Reserve policy, including with
respect to certain interest rates, may also adversely affect the value, volatility and liquidity of dividend- and interest-paying
securities. Market volatility, rising interest rates and/or a return to unfavorable economic conditions could impair the Fund&#8217;s
ability to achieve its investment objectives.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_RegulationAndGovernmentInterventionRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--RegulationAndGovernmentInterventionRiskMember_dU_zmy5xQzEwlY6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Regulation
and Government Intervention Risk. </i></b>Changes enacted by the current presidential administration could significantly impact
the regulation of financial markets in the U.S. Areas subject to potential change, amendment or repeal include trade and foreign
policy, corporate tax rates, energy and infrastructure policies, the environment and sustainability, criminal and social justice
initiatives, immigration, healthcare and the oversight of certain federal financial regulatory agencies and the Federal Reserve.
Certain of these changes can, and have, been effectuated through executive order. For example, the current administration has
taken steps to rejoin the Paris climate accord of 2015 and incentivize certain clean energy technologies, cancel the&#160;Keystone
XL pipeline, provide military support to Ukraine and change immigration enforcement priorities. Other potential changes that could
be pursued by the current presidential administration could include an increase in the corporate income tax rate; changes to regulatory
enforcement priorities; and spending on clean energy and infrastructure. It is not possible to predict which, if any, of these
actions will be taken or, if taken, their effect on the economy, securities markets or the financial stability of the U.S. The
Fund may be affected by governmental action in ways that are not foreseeable, and there is a possibility that such actions could
have a significant adverse effect on the Fund and the Fund&#8217;s ability to achieve its investment objectives.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Additional
risks arising from the differences in expressed policy preferences among the various constituencies in the branches of the U.S.
government has led in the past, and may lead in the future, to short-term or</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">prolonged
policy impasses, which could, and has, resulted in shutdowns of the U.S. federal government. U.S. federal government shutdowns,
especially prolonged shutdowns, could have a significant adverse impact on the economy in general and could impair the ability
of issuers to raise capital in the securities markets. Any of these effects could have a material adverse effect on the Fund&#8217;s
net asset value.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
addition, the rules dealing with the U.S. federal income taxation are constantly under review by persons involved in the legislative
process and by the IRS and the U.S. Treasury Department. The Tax Cuts and Jobs Act made substantial changes to the Code. Among
those changes were a significant permanent reduction in the generally applicable corporate tax rate, changes in the taxation of
individuals and other non-corporate taxpayers that generally but not universally reduce their taxes on a temporary basis subject
to &#8220;sunset&#8221; provisions, the elimination or modification of various previously allowed deductions (including substantial
limitations on the deductibility of interest and, in the case of individuals, the deduction for personal state and local taxes),
certain additional limitations on the deduction of net operating losses, certain preferential rates of taxation on certain dividends
and certain business income derived by non-corporate taxpayers in comparison to other ordinary income recognized by such taxpayers,
and significant changes to the international tax rules. In addition, on August 16, 2022, the Biden administration signed into
law the Inflation Reduction Act, which modifies key aspects of the Code, including by creating an alternative minimum tax on certain
corporations and an excise tax on stock repurchases by certain corporations. The effect of these and other changes is uncertain,
both in terms of the direct effect on the taxation of an investment in the Fund&#8217;s shares and their indirect effect on the
value of the Fund&#8217;s assets, Fund shares or market conditions generally.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
addition, the U.S. government has proposed and adopted multiple regulations that could have a long-lasting impact on the Fund
and on the closed-end fund industry in general. The SEC&#8217;s final rules and amendments that modernize reporting and disclosure,
along with other potential upcoming regulations, including in respect of investment company names and other matters, could, among
other things, restrict the Fund&#8217;s ability to engage in transactions, and/or increase overall expenses of the Fund.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund may be affected by governmental action in ways that are not foreseeable, and there is a possibility that such actions could
have a significant adverse effect on the Fund and its ability to achieve its investment objective(s).</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund may be exposed to financial instruments that are tied to the London Interbank Offered Rate (&#8220;LIBOR&#8221;) to determine
payment obligations, financing terms, hedging strategies or investment value. The Fund&#8217;s investments may pay interest at
floating rates based on LIBOR or may be subject to interest caps or floors based on LIBOR. The Fund may also obtain financing
at floating rates based on LIBOR. Derivative instruments utilized by the Fund may also reference LIBOR.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
July 2017, the head of the United Kingdom Financial Conduct Authority announced the desire to phase out the use of LIBOR by the
end of 2021. LIBOR can no longer be used to calculate new deals as of December 31, 2021. Since December 31, 2021, all sterling,
euro, Swiss franc and Japanese yen LIBOR settings and the one-week and two-month U.S. dollar LIBOR settings have ceased to be
published or are no longer representative, and after June 30, 2023, the overnight, one-month, three-month, six-month and 12-month
U.S. dollar LIBOR settings will cease to be published or will no longer be representative. Various financial industry groups have
begun planning for the transition away from LIBOR, but there are challenges to converting certain securities and</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">transactions
to a new reference rate. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">As
an alternative to LIBOR, the Financial Reporting Council, in conjunction with the Alternative Reference Rates Committee, a steering
committee comprised of large U.S. financial institutions recommended replacing U.S. dollar LIBOR with the Secured Overnight Financing
Rate (&#8220;SOFR&#8221;), a new index calculated by reference to short-term repurchase agreements, backed by Treasury securities.
Abandonment of, or modifications to, LIBOR could have adverse impacts on newly issued financial instruments and any of our existing
financial instruments which reference LIBOR. Given the inherent differences between LIBOR and SOFR, or any other alternative benchmark
rate that may be established, there are many uncertainties regarding a transition from LIBOR, including, but not limited to, the
need to amend all contracts with LIBOR as the referenced rate and how this will impact the cost of variable rate debt and certain
derivative financial instruments. In addition, SOFR or other replacement rates may fail to gain market acceptance. Any failure
of SOFR or alternative reference rates to gain market acceptance could adversely affect the return on, value of and market for
securities linked to such rates.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Neither
the effect of the LIBOR transition process nor its ultimate success can yet be known. The transition process might lead to increased
volatility and illiquidity in markets for, and reduce the effectiveness of, new hedges placed against, instruments whose terms
currently include LIBOR. While some existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available
by providing for an alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of
any such alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting
provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions
in certain existing instruments. Moreover, these alternative rate-setting provisions may not be designed for regular use in an
environment where LIBOR ceases to be published, and may be an ineffective fallback following the discontinuation of LIBOR.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">On
March 15, 2022, President Biden signed into law the Consolidated Appropriations Act of 2022, which among other things, provides
for the use of interest rates based on SOFR in certain contracts currently based on LIBOR and a safe harbor from liability for
utilizing SOFR-based interest rates as a replacement for LIBOR. The elimination of LIBOR could have an adverse impact on the market
value of and/or transferability of any LIBOR-linked securities, loans, and other financial obligations or extensions of credit
held by or due to us or on our overall financial condition or results of operations.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_DeflationRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--DeflationRiskMember_dU_zPlb4kRi5Sba" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Deflation
Risk. </i></b>Deflation risk is the risk that prices throughout the economy decline over time, which may have an adverse effect
on the market valuation of companies, their assets and their revenues. In addition, deflation may have an adverse effect on the
creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund&#8217;s
portfolio.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

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Risk. </i></b>At any time after the date of this Annual Report, legislation may be enacted that could negatively affect the assets
of the Fund. Legislation or regulation may change the way in which the Fund itself is regulated. The Investment Adviser cannot
predict the effects of any new governmental regulation that may be implemented and there can be no assurance that any new governmental
regulation will not adversely affect the Fund&#8217;s ability to achieve its investment objective.</span></p>

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Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_238_z1hnBfgqIQF9" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_RelianceonServiceProvidersRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--RelianceonServiceProvidersRiskMember_dU_zI6tCmYeQ0P4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Reliance
on Service Providers Risk. </i></b>The Fund must rely upon the performance of service providers to perform certain functions,
which may include functions that are integral to the Fund&#8217;s operations and financial performance. Failure by any service
provider to carry out its obligations to the Fund in accordance with the terms of its appointment, to exercise due care and skill
or to perform its obligations to the Fund at all as a result of insolvency, bankruptcy or other causes could have a material adverse
effect on the Fund&#8217;s performance and returns to shareholders. The termination of the Fund&#8217;s relationship with any
service provider, or any delay in appointing a replacement for such service provider, could materially disrupt the business of
the Fund and could have a material adverse effect on the Fund&#8217;s performance and returns to shareholders.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_CyberSecurityRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--CyberSecurityRiskMember_dU_zXb3nD65zBDf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Cyber
Security Risk. </i></b>The Fund and its service providers are susceptible to cyber security risks that include, among other things,
theft, unauthorized monitoring, release, misuse, loss, destruction or corruption of confidential and highly restricted data; denial
of service attacks; unauthorized access to relevant systems, compromises to networks or devices that the Fund and its service
providers use to service the Fund&#8217;s operations; or operational disruption or failures in the physical infrastructure or
operating systems that support the Fund and its service providers. Cyber attacks are becoming increasingly common and more sophisticated,
and may be perpetrated by computer hackers, cyber-terrorists or others engaged in corporate espionage. Cyber attacks against or
security breakdowns of the Fund or its service providers may adversely impact the Fund and its stockholders, potentially resulting
in, among other things, financial losses; the inability of Fund stockholders to transact business and the Fund to process transactions;
inability to calculate the Fund&#8217;s NAV; violations of applicable privacy and other laws; regulatory fines, penalties, reputational
damage, reimbursement or other compensation costs; and/or additional compliance costs. The Fund may incur additional costs for
cyber security risk management and remediation purposes. In addition, cyber security risks may also impact issuers of securities
in which the Fund invests, which may cause the Fund&#8217;s investment in such issuers to lose value. There have been a number
of recent highly publicized cases of companies reporting the unauthorized disclosure of client or customer information, as well
as cyberattacks involving the dissemination, theft and destruction of corporate information or other assets, as a result of failure
to follow procedures by employees or contractors or as a result of actions by third parties, including actions by terrorist organizations
and hostile foreign governments. Although service providers typically have policies and procedures, business continuity plans
and/or risk management systems intended to identify and mitigate cyber incidents, there are inherent limitations in such plans
and systems including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cyber
security policies, plans and systems put in place by its service providers or any other third parties whose operations may affect
the Fund or its shareholders. There can be no assurance that the Fund or its service providers will not suffer losses relating
to cyber attacks or other information security breaches in the future.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="color: Black">Because technology
is consistently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some risks
have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund&#8217;s ability
to plan for or respond to a cyber attack. In addition to deliberate cyber attacks, unintentional cyber incidents can occur, such
as the inadvertent release of confidential information by the Fund or its service providers. Like other funds and business enterprises,
the Fund and its service providers are subject to the risk of cyber incidents occurring from time to time.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

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of Employees and of Service Providers Risk. </i></b>Misconduct or misrepresentations by employees of the Investment Adviser or
the Fund&#8217;s service providers could cause significant losses to the Fund. Employee</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">misconduct
may include binding the Fund to transactions that exceed authorized limits or present unacceptable risks and unauthorized trading
activities, concealing unsuccessful trading activities (which, in any case, may result in unknown and unmanaged risks or losses)
or making misrepresentations regarding any of the foregoing. Losses could also result from actions by the Fund&#8217;s service
providers, including, without limitation, failing to recognize trades and misappropriating assets. In addition, employees and
service providers may improperly use or disclose confidential information, which could result in litigation or serious financial
harm, including limiting the Fund&#8217;s business prospects or future marketing activities. Despite the Investment Adviser&#8217;s
due diligence efforts, misconduct and intentional misrepresentations may be undetected or not fully comprehended, thereby potentially
undermining the Investment Adviser&#8217;s due diligence efforts. As a result, no assurances can be given that the due diligence
performed by the Investment Adviser will identify or prevent any such misconduct.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_LoansOfPortfolioSecuritiesMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--LoansOfPortfolioSecuritiesMember_dU_zjfMmzInWwBi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Loans
of Portfolio Securities. </i></b>Consistent with applicable regulatory requirements and the Fund&#8217;s investment restrictions,
the Fund may lend its portfolio securities to securities broker-dealers or financial institutions, provided that such loans are
callable at any time by the Fund (subject to certain notice provisions), and are at all times collateralized in accordance with
applicable regulatory requirements. The advantage of such loans is that the Fund continues to receive the income on the loaned
securities while at the same time earning interest on the cash amounts deposited as collateral, which will be invested in short-term
obligations. The Fund will not lend its portfolio securities if such loans are not permitted by the laws or regulations of any
state in which its shares are qualified for sale.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_LegalTaxAndRegulatoryRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--LegalTaxAndRegulatoryRiskMember_dU_zQsugWsJjnja" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Legal,
Tax and Regulatory Risk. </i></b>Legal, tax and regulatory changes could occur that may have material adverse effects on the Fund
or its shareholders. For example, the regulatory and tax environment for derivative instruments in which the Fund may participate
is evolving, and such changes in the regulation or taxation of derivative instruments may have material adverse effects on the
value of derivative instruments held by the Fund and the ability of the Fund to pursue its investment strategies. In addition,
on August 16, 2022, the Biden administration signed into law the Inflation Reduction Act, which modifies key aspects of the Code,
including by creating an alternative minimum tax on certain corporations and an excise tax on stock repurchases by certain corporations.
Changes to the U.S. federal tax laws and interpretations thereof could adversely affect an investment in the Fund.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">We
cannot assure you what percentage of the distributions paid on the Fund&#8217;s shares, if any, will consist of tax-advantaged
qualified dividend income or long-term capital gains or what the tax rates on various types of income will be in future years.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">To
qualify for the favorable U.S. federal income tax treatment generally accorded to RICs under the Code, the Fund must, among other
things, meet certain asset diversification tests, derive in each taxable year at least 90% of its gross income from certain prescribed
sources and distribute for each taxable year at least 90% of its &#8220;investment company taxable income.&#8221; Statutory limitations
on distributions on the common shares if the Fund fails to satisfy the 1940 Act&#8217;s asset coverage requirements could jeopardize
the Fund&#8217;s ability to meet such distribution requirements. While the Fund presently intends to purchase or redeem notes
or preferred shares, if any, to the extent necessary in order to maintain compliance with such asset coverage requirements, there
can be no assurance that such actions can be effected in time to meet the Code requirements. If for any taxable year the Fund
does not qualify as a RIC, all of its taxable income for that year (including its net capital gain) would be subject to tax at
regular corporate rates without any deduction for distributions to shareholders, and</span></p>

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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_237_zeIixS3RJfD6" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_23F_zzZI4V6r8Mk9" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude><!-- Field: Rule-Page --><ix:exclude><div id="xdx_238_zKZb8b4Ue3Q3" style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div></ix:exclude><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">such
distributions would be taxable as ordinary dividends to the extent of the Fund&#8217;s current and accumulated earnings and profits.
The resulting corporate taxes would materially reduce the Fund&#8217;s net assets and the amount of cash available for distribution
to shareholders. For a more complete discussion of these and other U.S. federal income tax considerations.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_InvestmentDilutionRiskMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_842_ecef--RiskTextBlock_hcef--RiskAxis__custom--InvestmentDilutionRiskMember_dU_zNqUjqhpNjA3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Investment
Dilution Risk. </i></b>The Fund&#8217;s investors do not have preemptive rights to any shares the Fund may issue in the future.
The Fund&#8217;s Agreement and Declaration of Trust authorizes it to issue an unlimited number of shares. The Board may make certain
amendments to the Agreement and Declaration of Trust. After an investor purchases shares, the Fund may sell additional shares
or other classes of shares in the future or issue equity interests in private offerings. To the extent the Fund issues additional
equity interests after an investor purchases its shares, such investor&#8217;s percentage ownership interest in the Fund will
be diluted.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_AntiTakeoverProvisionsMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--AntiTakeoverProvisionsMember_dU_zUyy2m3ISGue" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Anti-Takeover
Provisions. </i></b>The Agreement and Declaration of Trust and By-Laws of the Fund include provisions that could limit the ability
of other entities or persons to acquire control of the Fund or convert the Fund to an open-end fund. See also &#8211; &#8220;Delaware
Statutory Trust Act &#8211; Control Share Acquisitions.&#8221;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_SpecialRisksToHoldersOfNotesMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfNotesMember_dU_z7yFjdllhl4f" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Special Risks
to Holders of Notes</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">An
investment in our notes is subject to special risks. Our notes are not likely to be listed on an exchange or automated quotation
system. We cannot assure you that any market will exist for our notes or if a market does exist, whether it will provide holders
with liquidity. Broker-dealers that maintain a secondary trading market for the notes are not required to maintain this market,
and the Fund is not required to redeem notes if an attempted secondary market sale fails because of a lack of buyers. To the extent
that our notes trade, they may trade at a price either higher or lower than their principal amount depending on interest rates,
the rating (if any) on such notes and other factors.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_SpecialRisksToHoldersOfFixedRatePreferredSharesMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfFixedRatePreferredSharesMember_dU_zhuzlFQVYhY4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Special Risks
to Holders of Fixed Rate Preferred Shares</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Illiquidity
Prior to Exchange Listing. </i></b>Prior to an offering, there will be no public market for any series of fixed rate preferred
shares. In the event any additional series of fixed rate preferred shares are issued, we expect to apply to list such shares on
a national securities exchange, which will likely be the NYSE. However, during an initial period, which is not expected to exceed
30 days after the date of initial issuance, such shares may not be listed on any securities exchange. During such period, the
underwriters may make a market in such shares, though they will have no obligation to do so. Consequently, an investment in such
shares may be illiquid during such period.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Market
Price Fluctuation. </i></b>Fixed rate preferred shares may trade at a premium to or discount from liquidation value for various
reasons, including changes in interest rates, perceived credit quality and other factors.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_SpecialRisksToHoldersOfNotesAndPreferredSharesMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfNotesAndPreferredSharesMember_dU_zrsti7Fsh3c" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Special Risks
to Holders of Notes and Preferred Shares</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Common
Share Repurchases. </i></b>Repurchases of common shares by the Fund may reduce the net asset coverage of the notes and preferred
shares, which could adversely affect their liquidity or market prices.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Common
Share Distribution Policy. </i></b>In the event the Fund does not generate a total return from dividends and interest received
and net realized capital gains in an amount at least equal to its distributions for a given year, the Fund expects that it would
return capital as part of its distribution. This would decrease the asset coverage</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_237_z2YG1X8pGLdd" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_238_zxxKQO39aUA3" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude><!-- Field: Rule-Page --><ix:exclude><div id="xdx_230_z0YSebrtedjd" style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div></ix:exclude><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">per
share with respect to the Fund&#8217;s notes or preferred shares, which could adversely affect their liquidity or market prices.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">During
the fiscal year ended December 31, 2022, the Fund made distributions of $1.20 per common share, or which $0.55 per common share
comprised return of capital. The composition of each distribution is estimated based on earnings as of the record date for the
distribution. The actual composition of each distribution may change based on the Fund&#8217;s investment activity through the
end of the calendar year.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Credit
Quality Ratings. </i></b>The Fund may obtain credit quality ratings for its preferred shares or notes, if desired; however, it
is not required to do so and may issue preferred shares or notes without any rating. If rated, the Fund does not impose any minimum
rating necessary to issue such preferred shares or notes. The Fund&#8217;s portfolio must satisfy over-collateralization tests
established by the relevant rating agencies in order to obtain and maintain attractive credit quality ratings for preferred shares
or borrowings, if desired. These tests are more difficult to satisfy to the extent the Fund&#8217;s portfolio securities are of
lower credit quality, longer maturity or not diversified by issuer and industry.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">These
guidelines could affect portfolio decisions and may be more stringent than those imposed by the 1940 Act. With respect to ratings
(if any) of the notes or preferred shares, a rating by a ratings agency does not eliminate or necessarily mitigate the risks of
investing in our preferred shares or notes, and a rating may not fully or accurately reflect all of the securities&#8217; credit
risks. A rating does not address the liquidity or any other market risks of the securities being rated. A rating agency could
downgrade the rating of our notes or preferred shares, which may make such securities less liquid in the secondary market. If
a rating agency downgrades the rating assigned to our preferred shares or notes, we may alter our portfolio or redeem all or a
portion of the preferred shares or notes that are then redeemable under certain circumstances.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_SpecialRisksOfNotesToHoldersOfPreferredSharesMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksOfNotesToHoldersOfPreferredSharesMember_dU_zn3VPIE2Q34j" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Special Risks
of Notes to Holders of Preferred Shares</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">As
provided in the 1940 Act, and subject to compliance with the Fund&#8217;s investment limitations, the Fund may issue notes. In
the event the Fund were to issue such securities, the Fund&#8217;s obligations to pay dividends or make distributions and, upon
liquidation of the Fund, liquidation payments in respect of its preferred shares would be subordinate to the Fund&#8217;s obligations
to make any principal and interest payments due and owing with respect to its outstanding notes. Accordingly, the Fund&#8217;s
issuance of notes would have the effect of creating special risks for the Fund&#8217;s preferred shareholders that would not be
present in a capital structure that did not include such securities.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_SpecialRisksToHoldersOfCommonSharesMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfCommonSharesMember_dU_zvjqNkvCAzOh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Special Risks
to Holders of Common Shares</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Dilution
Risk. </i></b>If the Fund determines to conduct a rights offering to subscribe for common shares, holders of common shares may
experience dilution of the aggregate net asset value of their common shares. Such dilution will depend upon whether (i) such shareholders
participate in the rights offering and (ii) the Fund&#8217;s net asset value per common share is above or below the subscription
price on the expiration date of the rights offering.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Shareholders
who do not exercise their subscription rights may, at the completion of such an offering, own a smaller proportional interest
in the Fund than if they exercised their subscription rights. As a result of such an offering, a shareholder may experience dilution
in net asset value per share if the subscription price per share is below the net asset value per share on the expiration date.
If the subscription price per share is below the net</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_238_zmfJ8g67w4jb" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_238_zPPiYQZSecii" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude><!-- Field: Rule-Page --><ix:exclude><div id="xdx_238_zNqc69nnXwi7" style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div></ix:exclude><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">asset
value per share of the Fund&#8217;s shares on the expiration date, a shareholder will experience an immediate dilution of the
aggregate net asset value of such shareholder&#8217;s shares if the shareholder does not participate in such an offering and the
shareholder will experience a reduction in the net asset value per share of such shareholder&#8217;s shares whether or not the
shareholder participates in such an offering. The Fund cannot state precisely the extent of this dilution (if any) if the shareholder
does not exercise such shareholder&#8217;s subscription rights because the Fund does not know what the net asset value per share
will be when the offer expires or what proportion of the subscription rights will be exercised.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Leverage
Risk. </i></b>The Fund currently uses financial leverage for investment purposes by issuing preferred shares and is also permitted
to use other types of financial leverage, such as through the issuance of debt securities or additional preferred shares and borrowing
from financial institutions. As provided in the 1940 Act and subject to certain exceptions, the Fund may issue additional senior
securities (which may be stock, such as preferred shares, and/or securities representing debt) only if immediately after such
issuance the value of the Fund&#8217;s total assets, less certain ordinary course liabilities, exceeds 300% of the amount of the
debt outstanding and exceeds 200% of the amount of preferred shares and debt outstanding. As of December 31, 2022, the amount
of leverage represented approximately 39% of the Fund&#8217;s net assets.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund&#8217;s leveraged capital structure creates special risks not associated with unleveraged funds having a similar investment
objective and policies. These include the possibility of greater loss and the likelihood of higher volatility of the net asset
value of the Fund and the asset coverage for the preferred shares. Such volatility may increase the likelihood of the Fund having
to sell investments in order to meet its obligations to make distributions on the preferred shares or principal or interest payments
on debt securities, or to redeem preferred shares or repay debt, when it may be disadvantageous to do so. The Fund&#8217;s use
of leverage may require it to sell portfolio investments at inopportune times in order to raise cash to redeem preferred shares
or otherwise de- leverage so as to maintain required asset coverage amounts or comply with the mandatory redemption terms of any
outstanding preferred shares. The use of leverage magnifies both the favorable and unfavorable effects of price movements in the
investments made by the Fund. To the extent that the Fund employs leverage in its investment operations, the Fund is subject to
substantial risk of loss. The Fund cannot assure you that borrowings or the issuance of notes or preferred shares will result
in a higher yield or return to the holders of the common shares. Also, since the Fund utilizes leverage, a decline in net asset
value could affect the ability of the Fund to make common share distributions and such a failure to make distributions could result
in the Fund ceasing to qualify as a RIC under the Code.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Any
decline in the net asset value of the Fund&#8217;s investments would be borne entirely by the holders of common shares. Therefore,
if the market value of the Fund&#8217;s portfolio declines, the leverage will result in a greater decrease in net asset value
to the holders of common shares than if the Fund were not leveraged. This greater net asset value decrease will also tend to cause
a greater decline in the market price for the common shares. The Fund might be in danger of failing to maintain the required asset
coverage of its borrowings, notes or preferred shares or of losing its ratings on its notes or preferred shares or notes or, in
an extreme case, the Fund&#8217;s current investment income might not be sufficient to meet the distribution or interest requirements
on the borrowings, preferred shares or notes. In order to counteract such an event, the Fund might need to liquidate investments
in order to fund a redemption or repayment of some or all of the borrowings, preferred shares or notes.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_238_zNKus1jofUx" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_238_zgTs1nFvKoFb" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude><!-- Field: Rule-Page --><ix:exclude><div id="xdx_233_zx2gy1KYWUL4" style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div></ix:exclude><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Preferred
Share and Note Risk. </i>The issuance of preferred shares or notes causes the net asset value and market value of the common shares
to become more volatile. If the dividend rate on the preferred shares or the interest rate on the notes approaches the net rate
of return on the Fund&#8217;s investment portfolio, the benefit of leverage to the holders of the common shares would be reduced.
If the dividend rate on the preferred shares or the interest rate on the notes plus the management fee rate exceeds the net rate
of return on the Fund&#8217;s portfolio, the leverage will result in a lower rate of return to the holders of common shares than
if the Fund had not issued preferred shares or notes. If the Fund has insufficient investment income and gains, all or a portion
of the distributions to preferred shareholders or interest payments to note holders would come from the common shareholders&#8217;
capital. Such distributions and interest payments reduce the net assets attributable to common shareholders. The Prospectus Supplement
relating to any sale of preferred shares will set forth dividend rate on such preferred shares.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
addition, the Fund would pay (and the holders of common shares will bear) all costs and expenses relating to the issuance and
ongoing maintenance of the preferred shares or notes, including the advisory fees on the incremental assets attributable to the
preferred shares or notes.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Holders
of preferred shares and notes may have different interests than holders of common shares and may at times have disproportionate
influence over the Fund&#8217;s affairs. As provided in the 1940 Act and subject to certain exceptions, the Fund may issue senior
securities (which may be stock, such as preferred shares, and/or securities representing debt, such as notes) only if immediately
after the issuance the value of the Fund&#8217;s total assets, less certain ordinary course liabilities, exceeds 300% of the amount
of the debt outstanding (i.e., for every dollar of indebtedness outstanding, the Fund is required to have at least three dollars
of assets) and exceeds 200% of the amount of preferred shares and debt outstanding (i.e., for every dollar in liquidation preference
of preferred stock outstanding, the Fund is required to have two dollars of assets), which is referred to as the &#8220;asset
coverage&#8221; required by the 1940 Act. In the event the Fund fails to maintain an asset coverage of 100% for any notes outstanding
for certain periods of time, the 1940 Act requires that either an event of default be declared or that the holders of such notes
have the right to elect a majority of the Fund&#8217;s Trustees until asset coverage recovers to 110%. In addition, holders of
preferred shares, voting separately as a single class, have the right (subject to the rights of noteholders) to elect two members
of the Board at all times and in the event dividends become two full years in arrears would have the right to elect a majority
of the Trustees until such arrearage is completely eliminated. In addition, preferred shareholders have class voting rights on
certain matters, including changes in fundamental investment restrictions and conversion of the Fund to open-end status, and accordingly
can veto any such changes. Further, interest on notes will be payable when due as described in a Prospectus Supplement and if
the Fund does not pay interest when due, it will trigger an event of default and the Fund expects to be restricted from declaring
dividends and making other distributions with respect to common shares and preferred shares. Upon the occurrence and continuance
of an event of default, the holders of a majority in principal amount of a series of outstanding notes or the trustee will be
able to declare the principal amount of that series of notes immediately due and payable upon written notice to the Fund. The
1940 Act also generally restricts the Fund from declaring distributions on, or repurchasing, common or preferred shares unless
notes have an asset coverage of 300% (200% in the case of declaring distributions on preferred shares). The Fund&#8217;s common
shares are structurally subordinated as to income and residual value to any preferred shares or notes in the Fund&#8217;s capital
structure, in terms of priority to income and payment in liquidation.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_239_zSocoVShtkCa" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_232_z3RqH6YbW6h5" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude><!-- Field: Rule-Page --><ix:exclude><div id="xdx_23B_z9q7ghytxUkb" style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div></ix:exclude><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="color: Black">Restrictions
imposed on the declarations and payment of dividends or other distributions to the holders of the Fund&#8217;s common shares and
preferred shares, both by the 1940 Act and by requirements imposed by rating agencies, might impair the Fund&#8217;s ability to
maintain its qualification as a RIC for U.S. federal income tax purposes. While the Fund intends to redeem its preferred shares
or notes to the extent necessary to enable the Fund to distribute its income as required to maintain its qualification as a RIC
under the Code, there can be no assurance that such actions can be effected in time to meet the Code requirements.&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Portfolio Guidelines of
Rating Agencies for Preferred Shares and/or Credit Facility.</i> In order to obtain and maintain attractive credit quality ratings
for preferred shares or borrowings, the Fund must comply with investment quality, diversification and other guidelines established
by the relevant rating agencies. These guidelines could affect portfolio decisions and may be more stringent than those imposed
by the 1940 Act. In the event that a rating on the Fund&#8217;s preferred shares or notes is lowered or withdrawn by the relevant
rating agency, the Fund may also be required to redeem all or part of its outstanding preferred shares or notes, and the common
shares of the Fund will lose the potential benefits associated with a leveraged capital structure.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Impact on Common Shares.
</i>Assuming that leverage will (1) be equal in amount to approximately 39% of the Fund&#8217;s total net assets (the Fund&#8217;s
amount of outstanding financial leverage as of December 31, 2022), and (2) charge interest or involve dividend payments at a projected
blended annual average leverage dividend or interest rate of <span id="xdx_902_ecef--AnnualInterestRatePercent_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_ziwP7djdAgwc"><ix:nonFraction name="cef:AnnualInterestRatePercent" contextRef="From2023-03-092023-03-09_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">4.00</ix:nonFraction>%</span>%, then the total return generated by the Fund&#8217;s portfolio
(net of estimated expenses) must exceed approximately <span id="xdx_90E_ecef--AnnualCoverageReturnRatePercent_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_z1fJuaJqiSw6"><ix:nonFraction name="cef:AnnualCoverageReturnRatePercent" contextRef="From2023-03-092023-03-09_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">1.57</ix:nonFraction>%</span> of the Fund&#8217;s total net assets in order to cover such interest
or dividend payments and other expenses specifically related to leverage. Of course, these numbers are merely estimates, used
for illustration. Actual dividend rates, interest or payment rates may vary frequently and may be significantly higher or lower
than the rate estimated above. The following table is furnished in response to requirements of the SEC. It is designed to illustrate
the effect of leverage on common share total return, assuming investment portfolio total returns (comprised of net investment
income of the Fund, realized gains or losses of the Fund and changes in the value of the securities held in the Fund&#8217;s portfolio)
of -10%, -5%, 0%, 5% and 10%. These assumed investment portfolio returns are hypothetical figures and are not necessarily indicative
of the investment portfolio returns experienced or expected to be experienced by the Fund. The table further reflects leverage
representing 39% of the Fund&#8217;s net assets (the Fund&#8217;s average amount of outstanding financial leverage during the
fiscal year ended December 31, 2022), the Fund&#8217;s current projected blended annual average leverage dividend or interest
rate of <span id="xdx_902_ecef--AnnualInterestRatePercent_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zsaXIReGjCH1"><ix:nonFraction name="cef:AnnualInterestRatePercent" contextRef="From2023-03-092023-03-09_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">4.00</ix:nonFraction>%</span> (the average dividend rate on the Fund&#8217;s outstanding financial leverage as of December 31, 2022), a base management
fee at an annual rate of 0.50% and estimated annual incremental expenses attributable to any outstanding preferred shares of
approximately 0.01% of the Fund&#8217;s net assets attributable to common shares. These assumed investment portfolio returns are
hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced
by the Fund.</span></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse; margin-left: 0.75in">
<tr style="vertical-align: top">
    <td style="width: 40%; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Assumed Return on Portfolio (Net of Expenses)</span></td>
    <td style="width: 12%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(10)%</span></td>
    <td style="width: 12%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5)%</span></td>
    <td style="width: 12%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0%</span></td>
    <td style="width: 11%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5%</span></td>
    <td style="width: 13%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10%</span></td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Corresponding Return to Common Shareholder</span></td>
    <td id="xdx_98F_ecef--ReturnAtMinusTenPercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zaRPw1ma1197" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(<ix:nonFraction name="cef:ReturnAtMinusTenPercent" contextRef="From2023-03-092023-03-09_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Ratio">19.37</ix:nonFraction>)%</span></td>
    <td id="xdx_984_ecef--ReturnAtMinusFivePercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zQcapflVlsZj" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(<ix:nonFraction name="cef:ReturnAtMinusFivePercent" contextRef="From2023-03-092023-03-09_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Ratio">11.14</ix:nonFraction>)%</span></td>
    <td id="xdx_988_ecef--ReturnAtZeroPercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zx2soeleoBLk" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(<ix:nonFraction name="cef:ReturnAtZeroPercent" contextRef="From2023-03-092023-03-09_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Ratio">2.91</ix:nonFraction>)%</span></td>
    <td id="xdx_98F_ecef--ReturnAtPlusFivePercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zeL1nA2JV771" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><ix:nonFraction name="cef:ReturnAtPlusFivePercent" contextRef="From2023-03-092023-03-09_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">5.33</ix:nonFraction>%</span></td>
    <td id="xdx_98C_ecef--ReturnAtPlusTenPercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_z6EPjHyMxt2i" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><ix:nonFraction name="cef:ReturnAtPlusTenPercent" contextRef="From2023-03-092023-03-09_custom_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">13.56</ix:nonFraction>%</span></td></tr>
</table>


<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<ix:exclude><p id="xdx_233_zAQOuwJa8KT" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_23F_zhssjAQVhgi9" style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p></ix:exclude><!-- Field: Rule-Page --><ix:exclude><div id="xdx_231_zyWwIIYyFhH2" style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div></ix:exclude><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Common
share total return is composed of two elements&#8212;the common share distributions paid by the Fund (the amount of which is largely
determined by the taxable income of the Fund (including realized gains or losses) after paying interest on any debt and/or dividends
on any preferred shares) and unrealized gains or losses on the value of the securities the Fund owns. As required by SEC rules,
the table assumes that the Fund is more likely to suffer capital losses than to enjoy total return. For example, to assume a total
return of 0% the Fund must assume that the income it receives on its investments is entirely offset by expenses and losses in
the value of those investments.&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Market Discount Risk.</i>
As described above in &#8220;&#8212;General Risks&#8212;Market Discount Risk,&#8221; common shares of closed-end funds often trade
at a discount to their net asset values and the Fund&#8217;s common shares may trade at such a discount. This risk may be greater
for investors expecting to sell their common shares of the Fund soon after completion of a public offering. The common shares
of the Fund are designed primarily for long-term investors and investors in the shares should not view the Fund as a vehicle
for trading purposes.</span></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-03-092023-03-09_custom_SpecialRiskToHoldersOfSubscriptionRightsMember" escape="true" name="cef:RiskTextBlock"><p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRiskToHoldersOfSubscriptionRightsMember_dU_zVVeo6CduNXi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Special Risk to
Holders of Subscription Rights</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">There
is a risk that changes in market conditions may result in the underlying common or preferred shares purchasable upon exercise
of the subscription rights being less attractive to investors at the conclusion of the subscription period. This may reduce or
eliminate the value of the subscription rights. Investors who receive subscription rights may find that there is no market to
sell rights they do not wish to exercise. If investors exercise only a portion of the rights, the number of common or preferred
shares issued may be reduced, and the common or preferred shares may trade at less favorable prices than larger offerings for
similar securities.</span></p>

</ix:nonNumeric><p id="xdx_85E_zivnMN5aqrS" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B">&#160;</p>

</ix:nonNumeric><p id="xdx_81C_z4dCEMQllbzj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Investment
Policies</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Options.
</i>The Fund may purchase or write call or put options on securities or indices. In the case of call options, the exercise prices
are referred to as &#8220;in-the-money,&#8221; &#8220;at-the-money,&#8221; and &#8220;out-of-the-money,&#8221; respectively. The
Fund may write (a) in-the-money call options when the Investment Adviser expects that the price of the underlying security will
remain stable or decline during the option period, (b) at-the-money call options when&#160;Gabelli Funds, LLC (the &#8220;Investment
Adviser&#8221;) expects that the price of the underlying security will remain stable, decline, or advance moderately during the
option period, and (c) out-of-the-money call options when the Investment Adviser expects that the premiums received from writing
the call option will be greater than the appreciation in the price of the underlying security above the exercise price. By writing
a call option, the Fund limits its opportunity to profit from any increase in the market value of the underlying security above
the exercise price of the option. Out-of-the-money, at-the-money, and in-the-money put options (the reverse of call options as
to the relation of exercise price to market price) may be utilized in the same market environments that such call options are
used in equivalent transactions.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Options
on Securities Indices. </i>The Fund may purchase and sell securities index options. One effect of such transactions may be to
hedge all or part of the Fund&#8217;s securities holdings against a general decline in the securities market or a segment of the
securities market. Options on securities indices are similar to options on stocks except that, rather than the right to take or
make delivery of stock at a specified price, an option on a securities index gives the holder the right to receive, upon exercise
of the option, an amount of cash if the</span></p>

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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p><!-- Field: Rule-Page --><div style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">closing
level of the securities index upon which the option is based is greater than, in the case of a call option, or less than, in the
case of a put option, the exercise price of the option.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund&#8217;s successful use of options on indices depends upon its ability to predict the direction of the market and is subject
to various additional risks. The correlation between movements in the index and the price of the securities being hedged against
is imperfect and the risk from imperfect correlation increases as the composition of the Fund diverges from the composition of
the relevant index. Accordingly, a decrease in the value of the securities being hedged against may not be wholly offset by a
gain on the exercise or sale of a securities index put option held by the Fund.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Options
on Foreign Currencies. </i>Instead of purchasing or selling currency futures (as described below), the Fund may attempt to accomplish
similar objectives by purchasing put or call options on currencies or by writing put options or call options on currencies either
on exchanges or in over-the-counter (&#8220;OTC&#8221;) markets. A put option gives the Fund the right to sell a currency at the
exercise price until the option expires. A call option gives the Fund the right to purchase a currency at the exercise price until
the option expires. Both types of options serve to insure against adverse currency price movements in the underlying portfolio
assets designated in a given currency. The Fund&#8217;s use of options on currencies will be subject to the same limitations as
its use of options on securities, described above. Currency options may be subject to position limits which may limit the ability
of the Fund to fully hedge its positions by purchasing the options.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">As
in the case of interest rate futures contracts and options thereon, described below, the Fund may hedge against the risk of a
decrease or increase in the U.S. dollar value of a foreign currency denominated debt security which the Fund owns or intends to
acquire by purchasing or selling options contracts, futures contracts or options thereon with respect to a foreign currency other
than the foreign currency in which such debt security is denominated, where the values of such different currencies (vis-&#224;-vis
the U.S. dollar) historically have a high degree of positive correlation.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Futures
Contracts and Options on Futures. </i>The Fund may purchase and sell financial futures contracts and options thereon which are
traded on a commodities exchange or board of trade for certain hedging and risk management purposes. A financial futures contract
is an agreement to purchase or sell an agreed amount of securities or currencies at a set price for delivery in the future. These
futures contracts and related options may be on debt securities, financial indices, securities indices, U.S. government securities
and foreign currencies.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">A
&#8220;sale&#8221; of a futures contract (or a &#8220;short&#8221; futures position) means the assumption of a contractual obligation
to deliver the securities underlying the contract at a specified price at a specified future time. A &#8220;purchase&#8221; of
a futures contract (or a &#8220;long&#8221; futures position) means the assumption of a contractual obligation to acquire the
securities underlying the contract at a specified price at a specified future time. Certain futures contracts, including stock
and bond index futures, are settled on a net cash payment basis rather than by the sale and delivery of the securities underlying
the futures contracts.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">No
consideration will be paid or received by the Fund upon the purchase or sale of a futures contract. Initially, the Fund will be
required to deposit with the broker an amount of cash or cash equivalents equal to approximately 1% to 10% of the contract amount
(this amount is subject to change by the exchange or board of trade on which the contract is traded and brokers or members of
such board of trade may charge a higher amount). This amount is known as the &#8220;initial margin&#8221; and is in the nature
of a performance bond or good faith deposit on the</span></p>

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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p><!-- Field: Rule-Page --><div style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">contract.
Subsequent payments, known as &#8220;variation margin,&#8221; to and from the broker will be made daily as the price of the index
or security underlying the futures contract fluctuates. At any time prior to the expiration of the futures contract, the Fund
may elect to close the position by taking an opposite position, which will operate to terminate its existing position in the contract.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">An
option on a futures contract gives the purchaser the right, in return for the premium paid, to assume a position in a futures
contract at a specified exercise price at any time prior to the expiration of the option. Upon exercise of an option, the delivery
of the futures position by the writer of the option to the holder of the option will be accompanied by delivery of the accumulated
balance in the writer&#8217;s futures margin account attributable to that contract, which represents the amount by which the market
price of the futures contract exceeds, in the case of a call option, or is less than, in the case of a put option, the exercise
price of the option on the futures contract.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
potential loss related to the purchase of an option on a futures contract is limited to the premium paid for the option (plus
transaction costs). Because the value of the option purchased is fixed at the point of sale, there are no daily cash payments
by the purchaser to reflect changes in the value of the underlying contract; however, the value of the option does change daily
and that change would be reflected in the net assets of the Fund.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Futures
and options on futures entail certain risks, including, but not limited to, the following: no assurance that futures contracts
or options on futures can be offset at favorable prices, possible reduction of the yield of the Fund due to the use of hedging,
possible reduction in value of both the securities hedged and the hedging instrument, possible lack of liquidity due to daily
limits on price fluctuations, imperfect correlation between the contracts and the securities being hedged, losses from investing
in futures transactions that are potentially unlimited.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Interest
Rate Futures Contracts and Options Thereon. </i>The Fund may purchase or sell interest rate futures contracts to take advantage
of or to protect the Fund against fluctuations in interest rates affecting the value of debt securities which the Fund holds or
intends to acquire. For example, if interest rates are expected to increase, the Fund might sell futures contracts on debt securities,
the values of which historically have a high degree of positive correlation to the values of the Fund&#8217;s portfolio securities.
Such a sale would have an effect similar to selling an equivalent value of the Fund&#8217;s portfolio securities. If interest
rates increase, the value of the Fund&#8217;s portfolio securities will decline, but the value of the futures contracts to the
Fund will increase at approximately an equivalent rate thereby keeping the net asset value of the Fund from declining as much
as it otherwise would have. The Fund could accomplish similar results by selling debt securities with longer maturities and investing
in debt securities with shorter maturities when interest rates are expected to increase. However, since the futures market may
be more liquid than the cash market, the use of futures contracts as a risk management technique allows the Fund to maintain a
defensive position without having to sell its portfolio securities.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Similarly,
the Fund may purchase interest rate futures contracts when it is expected that interest rates may decline. The purchase of futures
contracts for this purpose constitutes a hedge against increases in the price of debt securities (caused by declining interest
rates) which the Fund intends to acquire. Since fluctuations in the value of appropriately selected futures contracts should approximate
that of the debt securities that will be purchased, the Fund can take advantage of the anticipated rise in the cost of the debt
securities without actually</span></p>

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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p><!-- Field: Rule-Page --><div style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">buying
them. Subsequently, the Fund can make its intended purchase of the debt securities in the cash market and liquidate its futures
position.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
purchase of a call option on a futures contract is similar in some respects to the purchase of a call option on an individual
security. Depending on the pricing of the option compared to either the price of the futures contract upon which it is based or
the price of the underlying debt securities, it may or may not be less risky than ownership of the futures contract or underlying
debt securities. As with the purchase of futures contracts, when the Fund is not fully invested it may purchase a call option
on a futures contract to hedge against a market advance due to declining interest rates.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
purchase of a put option on a futures contract is similar to the purchase of protective put options on portfolio securities. The
Fund will purchase a put option on a futures contract to hedge the Fund&#8217;s portfolio against the risk of rising interest
rates and a consequent reduction in the value of portfolio securities.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
writing of a call option on a futures contract constitutes a partial hedge against declining prices of the securities which are
deliverable upon exercise of the futures contract. If the futures price at expiration of the option is below the exercise price,
the Fund will retain the full amount of the option premium which provides a partial hedge against any decline that may have occurred
in the Fund&#8217;s portfolio holdings. The writing of a put option on a futures contract constitutes a partial hedge against
increasing prices of the securities that are deliverable upon exercise of the futures contract. If the futures price at expiration
of the option is higher than the exercise price, the Fund will retain the full amount of the option premium, which provides a
partial hedge against any increase in the price of debt securities that the Fund intends to purchase. If a put or call option
the Fund has written is exercised, the Fund will incur a loss which will be reduced by the amount of the premium it received.
Depending on the degree of correlation between changes in the value of its portfolio securities and changes in the value of its
futures positions, the Fund&#8217;s losses from options on futures it has written may to some extent be reduced or increased by
changes in the value of its portfolio securities.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Currency
Futures and Options Thereon. </i>Generally, foreign currency futures contracts and options thereon are similar to the interest
rate futures contracts and options thereon discussed previously. By entering into currency futures and options thereon, the Fund
will seek to establish the rate at which it will be entitled to exchange U.S. dollars for another currency at a future time. By
selling currency futures, the Fund will seek to establish the number of dollars it will receive at delivery for a certain amount
of a foreign currency. In this way, whenever the Fund anticipates a decline in the value of a foreign currency against the U.S.
dollar, the Fund can attempt to &#8220;lock in&#8221; the U.S. dollar value of some or all of the securities held in its portfolio
that are denominated in that currency. By purchasing currency futures, the Fund can establish the number of dollars it will be
required to pay for a specified amount of a foreign currency in a future month. Thus, if the Fund intends to buy securities in
the future and expects the U.S. dollar to decline against the relevant foreign currency during the period before the purchase
is effected, the Fund can attempt to &#8220;lock in&#8221; the price in U.S. dollars of the securities it intends to acquire.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
purchase of options on currency futures will allow the Fund, for the price of the premium and related transaction costs it must
pay for the option, to decide whether or not to buy (in the case of a call option) or to sell (in the case of a put option) a
futures contract at a specified price at any time during the period before the option expires. If the Investment Adviser, in purchasing
an option, has been correct in its judgment concerning</span></p>

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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p><!-- Field: Rule-Page --><div style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">the
direction in which the price of a foreign currency would move against the U.S. dollar, the Fund may exercise the option and thereby
take a futures position to hedge against the risk it had correctly anticipated or close out the option position at a gain that
will offset, to some extent, currency exchange losses otherwise suffered by the Fund. If exchange rates move in a way the Fund
did not anticipate, however, the Fund will have incurred the expense of the option without obtaining the expected benefit; any
such movement in exchange rates may also thereby reduce rather than enhance the Fund&#8217;s profits on its underlying securities
transactions.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Securities
Index Futures Contracts and Options Thereon. </i>Purchases or sales of securities index futures contracts are used for hedging
purposes to attempt to protect the Fund&#8217;s current or intended investments from broad fluctuations in stock or bond prices.
For example, the Fund may sell securities index futures contracts in anticipation of or during a market decline to attempt to
offset the decrease in market value of the Fund&#8217;s securities portfolio that might otherwise result. If such decline occurs,
the loss in value of portfolio securities may be offset, in whole or part, by gains on the futures position. When the Fund is
not fully invested in the securities market and anticipates a significant market advance, it may purchase securities index futures
contracts in order to gain rapid market exposure that may, in part or entirely, offset increases in the cost of securities that
the Fund intends to purchase. As such purchases are made, the corresponding positions in securities index futures contracts will
be closed out. The Fund may write put and call options on securities index futures contracts for hedging purposes.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Traditional
Preferred Securities. </i>Traditional preferred securities generally pay fixed or adjustable rate dividends to investors and generally
have a &#8220;preference&#8221; over common stock in the payment of dividends and the liquidation of a company&#8217;s assets.
This means that a company must pay dividends on preferred stock before paying any dividends on its common stock. In order to be
payable, distributions on such preferred securities must be declared by the issuer&#8217;s board of directors. Income payments
on typical preferred securities currently outstanding are cumulative, causing dividends and distributions to accumulate even if
not declared by the board of directors or otherwise made payable. In such a case all accumulated dividends must be paid before
any dividend on the common stock can be paid. However, some traditional preferred stocks are non-cumulative, in which case dividends
do not accumulate and need not ever be paid. A portion of the portfolio may include investments in non-cumulative preferred securities,
whereby the issuer does not have an obligation to make up any arrearages to its shareholders. Should an issuer of a non-cumulative
preferred stock held by the Fund determine not to pay dividends on such stock, the amount of dividends the Fund pays may be adversely
affected. There is no assurance that dividends or distributions on the preferred securities in which the Fund invests will be
declared or otherwise made payable.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Preferred
shareholders usually have no right to vote for corporate directors or on other matters. Shares of preferred stock have a liquidation
value that generally equals the original purchase price at the date of issuance. The market value of preferred securities may
be affected by favorable and unfavorable changes impacting companies in which the Fund invests and by actual and anticipated changes
in tax laws, such as changes in corporate income tax rates or the &#8220;Dividends Received Deduction.&#8221; Because the claim
on an issuer&#8217;s earnings represented by preferred securities may become onerous when interest rates fall below the rate payable
on such securities, the issuer may redeem the securities. Thus, in declining interest rate environments in particular, the Fund&#8217;s
holdings, if any, of higher rate-paying fixed rate preferred securities may be reduced and the Fund</span></p>

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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p><!-- Field: Rule-Page --><div style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">may
be unable to acquire securities of comparable credit quality paying comparable rates with the redemption proceeds.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Trust
Preferred Securities. </i>The Fund may invest in trust preferred securities. Trust preferred securities are typically issued by
corporations, generally in the form of interest bearing notes with preferred securities characteristics, or by an affiliated business
trust of a corporation, generally in the form of beneficial interests in subordinated debentures or similarly structured securities.
The trust preferred securities market consists of both fixed and adjustable coupon rate securities that are either perpetual in
nature or have stated maturity dates.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Trust
preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a guarantee that is
junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred securities typically permit
an issuer to defer the payment of income for five years or more without triggering an event of default. Because of their subordinated
position in the capital structure of an issuer, the ability to defer payments for extended periods of time without default consequences
to the issuer, and certain other features (such as restrictions on common dividend payments by the issuer or ultimate guarantor
when full cumulative payments on the trust preferred securities have not been made), these trust preferred securities are often
treated as close substitutes for traditional preferred securities, both by issuers and investors. Trust preferred securities have
many of the key characteristics of equity due to their subordinated position in an issuer&#8217;s capital structure and because
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 Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Trust
preferred securities include but are not limited to trust originated preferred securities (&#8220;TOPRS&#174;&#8221;); monthly
income preferred securities (&#8220;MIPS&#174;&#8221;); quarterly income bond securities (&#8220;QUIBS&#174;&#8221; ); quarterly
income debt securities (&#8220;QUIDS&#174;&#8221;); quarterly income preferred securities (&#8220;QUIPSSM&#8221;); corporate trust
securities (&#8220;CORTS&#174;&#8221;); public income notes (&#8220;PINES&#174;&#8221;); and other trust preferred securities.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Trust
preferred securities are typically issued with a final maturity date, although some are perpetual in nature. In certain instances,
a final maturity date may be extended and/or the final payment of principal may be deferred at the issuer&#8217;s option for a
specified time without default. No redemption can typically take place unless all cumulative payment obligations have been met,
although issuers may be able to engage in open-market repurchases without regard to whether all payments have been paid.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Many
trust preferred securities are issued by trusts or other special purpose entities established by operating companies and are not
a direct obligation of an operating company. At the time the trust or special purpose entity sells such preferred securities to
investors, it purchases debt of the operating company (with terms comparable to those of the trust or special purpose entity securities),
which enables the operating company to deduct for tax purposes the interest paid on the debt held by the trust or special purpose
entity. The trust or special purpose entity is generally required to be treated as transparent for Federal income tax purposes
such that the holders of the trust preferred securities are treated as owning beneficial interests in the underlying debt of the
operating company. Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for Federal
income tax purposes. The trust or special purpose entity in turn would be a holder of the operating company&#8217;s debt and would
have priority with respect to the operating company&#8217;s earnings and profits over the operating company&#8217;s common shareholders,
but would typically be subordinated to other</span></p>

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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p><!-- Field: Rule-Page --><div style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">classes
of the operating company&#8217;s debt. Typically a preferred share has a rating that is slightly below that of its corresponding
operating company&#8217;s senior debt securities.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Convertible
Securities. </i>A convertible security entitles the holder to exchange such security for a fixed number of shares of common stock
or other equity security, usually of the same company, at fixed prices within a specified period of time and to receive the fixed
income of a bond or the dividend preference of a preferred stock until the holder elects to exercise the conversion privilege.
The fixed income or dividend component of a convertible security is referred to as the security&#8217;s &#8220;investment valconvertible
security entitles the holder to exchange such security for a fixed number of shares of common stock or other equity security,
usually of the same company, at fixed prices within a specified period of time and to receive the fixed income of a bond or the
dividend preference of a preferred stock until the holder elects to exercise the conversion privilege. The fixed income or dividend
component of a convertible security is referred to as the security&#8217;s &#8220;investment value.&#8221;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">A
convertible security&#8217;s position in a company&#8217;s capital structure depends upon its particular provisions. In the case
of subordinated convertible debentures, the holder&#8217;s claims on assets and earnings are subordinated to the claims of others
and are senior to the claims of common stockholders.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">To
the degree that the price of a convertible security rises above its investment value because of a rise in price of the underlying
common stock, the value of such security is influenced more by price fluctuations of the underlying common stock and less by its
investment value. The price of a convertible security that is supported principally by its conversion value will rise along with
any increase in the price of the common stock, and such price generally will decline along with any decline in the price of the
common stock except that the security will receive additional support as its price approaches investment value. A convertible
security purchased or held at a time when its price is influenced by its conversion value will produce a lower yield than non-convertible
senior securities with comparable investment values. Convertible securities may be purchased by the Fund at varying price levels
above their investment values and/or their conversion values in keeping with the Fund&#8217;s investment objective.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Many
convertible securities in which the Fund will invest have call provisions entitling the issuer to redeem the security at a specified
time and at a specified price. This is one of the features of a convertible security which affects valuation. Calls may vary from
absolute calls to provisional calls. Convertible securities with superior call protection usually trade at a higher premium. If
long-term interest rates decline, the interest rates of new convertible securities will also decline. Therefore, in a falling
interest rate environment, companies may be expected to call convertible securities with high coupons and the Fund would have
to invest the proceeds from such called issues in securities with lower coupons. Thus, convertible securities with superior call
protection will permit the Fund to maintain a higher yield than with issues without call protection.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Dilution
Risk for Convertible Securities. </i></b>In the absence of adequate anti-dilution provisions in a convertible security, dilution
in the value of the Fund&#8217;s holding may occur in the event the underlying stock is subdivided, additional equity securities
are issued for below market value, a stock dividend is declared, or the issuer enters into another type of corporate transaction
that has a similar effect.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b>Contingent
Convertible Securities. </b>One type of convertible security in which the Fund may invest is contingent convertible securities,
sometimes referred to as &#8220;CoCos.&#8221; CoCos are a form of hybrid debt security issued by banking institutions that are
intended to either automatically convert into equity or have their principal written</span></p>

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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p><!-- Field: Rule-Page --><div style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">down
upon the occurrence of certain &#8220;trigger events,&#8221; which may include a decline in the issuer&#8217;s capital below a
specified threshold level, increase in the issuer&#8217;s risk weighted assets, the share price of the issuer falling to a particular
level for a certain period of time and certain regulatory events. CoCos&#8217; unique equity conversion or principal write-down
features are tailored to the issuing banking institution and its regulatory requirements.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">CoCos
are a newer form of instrument and the regulatory environment for these instruments continues to evolve. Because the market for
such securities is evolving, it is uncertain how the larger market for CoCos would react to a trigger event, coupon cancellation,
write-down of par value or coupon suspension (as described below) applicable to a single issuer. Following conversion of a CoCo,
because the common stock of the issuer may not pay a dividend, investors in such securities could experience reduced yields or
no yields at all.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Loss
Absorption Risk</i>. CoCos have fully discretionary coupons. This means coupons can potentially be cancelled at the banking institution&#8217;s
discretion or at the request of the relevant regulatory authority in order to help the bank absorb losses. The liquidation value
of a CoCo may be adjusted downward to below the original par value or written off entirely under certain circumstances. The write-down
of the security&#8217;s par value may occur automatically and would not entitle holders to institute bankruptcy proceedings against
the issuer. In addition, an automatic write-down could result in a reduced income rate if the dividend or interest payment associated
with the security is based on the security&#8217;s par value. Coupon payments may also be subject to approval by the issuer&#8217;s
regulator and may be suspended in the event there are insufficient distributable reserves. Due to uncertainty surrounding coupon
payments, CoCos may be volatile and their price may decline rapidly in the event that coupon payments are suspended.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Subordinated
Instruments. </i>CoCos will, in the majority of circumstances, be issued in the form of subordinated debt instruments in order
to provide the appropriate regulatory capital treatment prior to a conversion. Accordingly, in the event of liquidation, dissolution
or winding-up of an issuer prior to a conversion having occurred, the rights and claims of the holders of the CoCos, such as the
Fund, against the issuer in respect of or arising under the terms of the CoCos shall generally rank junior to the claims of all
holders of unsubordinated obligations of the issuer. In addition, if the CoCos are converted into the issuer&#8217;s underlying
equity securities following a conversion event (i.e., a &#8220;trigger&#8221;), each holder will be subordinated due to their
conversion from being the holder of a debt instrument to being the holder of an equity instrument. Such conversion may be automatic.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Unpredictable
Market Value Fluctuate. </i>The value of CoCos is unpredictable and will be influenced by many factors including, without limitation:
(i) the creditworthiness of the issuer and/or fluctuations in such issuer&#8217;s applicable capital ratios; (ii) supply and demand
for the CoCos; (iii) general market conditions and available liquidity; and (iv) economic, financial and political events that
affect the issuer, its particular market or the financial markets in general.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Warrants
and Rights. </i>The Fund may invest in warrants and rights (including those acquired in units or attached to other securities)
which entitle the holder to buy equity securities at a specific price for or at the end of a specific period of time. The Fund
will do so only if the underlying equity securities are deemed appropriate by the Investment Adviser for inclusion in the Fund&#8217;s
portfolio.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Investing
in rights and warrants can provide a greater potential for profit or loss than an equivalent investment in the underlying security,
and thus can be a riskier investment. The value of a right or warrant may decline because of a decline in the value of the underlying
security, the passage of time, changes in interest rates or</span></p>

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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p><!-- Field: Rule-Page --><div style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">in
the dividend or other policies of the Fund whose equity underlies the warrant, a change in the perception as to the future price
of the underlying security, or any combination thereof. Rights and warrants generally pay no dividends and confer no voting or
other rights other than the right to purchase the underlying security.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Emerging
Market Countries. </i>The considerations noted in &#8220;Foreign Securities Risk&#8221; are generally intensified for investments
in emerging market countries. Emerging market countries typically have economic and political systems that are less fully developed,
and can be expected to be less stable than those of more developed countries. Investing in securities of companies in emerging
markets may entail special risks relating to potential political and economic instability and the risk of expropriation, nationalization,
confiscation or the imposition of restrictions on foreign investment, the lack of hedging instruments and restrictions on repatriation
of capital invested. Economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation.&#160;Emerging
securities markets are substantially smaller, less developed, less liquid and more volatile than the major securities markets.
The limited size of emerging securities markets and limited trading volume compared to the volume of trading in U.S. securities
could cause prices to be erratic for reasons apart from factors that affect the quality of the securities. For example, limited
market size may cause prices to be unduly influenced by traders who control large positions. Adverse publicity and investors&#8217;
perceptions, whether or not based on fundamental analysis, may decrease the value and liquidity of portfolio securities, especially
in these markets. Other risks include high concentration of market capitalization and trading volume in a small number of issuers
representing a limited number of industries, as well as a high concentration of investors and financial intermediaries; overdependence
on exports, including gold and natural resources exports, making these economies vulnerable to changes in commodity prices; overburdened
infrastructure and obsolete or unseasoned financial systems; environmental problems; less developed legal systems; and less reliable
securities custodial services and settlement practices. Certain emerging markets may also face other significant internal or external
risks, including the risk of war and civil unrest. For all of these reasons, investments in emerging markets may be considered
speculative.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Investing
in Japan. </i>There are special risks associated with investments in Japan. If the Fund invests in Japan, the value of the Fund&#8217;s
shares may vary widely in response to political and economic factors affecting companies in Japan. Political, social or economic
disruptions in Japan or in other countries in the region may adversely affect the values of Japanese securities and thus the Fund&#8217;s
holdings. Additionally, since securities in Japan are denominated and quoted in yen, the value of the Fund&#8217;s Japanese securities
as measured in U.S. dollars may be affected by fluctuations in the value of the Japanese yen relative to the U.S. dollar. Japanese
securities are also subject to the more general risks associated with foreign securities.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Investing
in Latin America. </i>The economies of Latin American countries have in the past experienced considerable difficulties, including
high inflation rates and high interest rates. The emergence of the Latin American economies and securities markets will require
continued economic and fiscal discipline that has been lacking at times in the past, as well as stable political and social conditions.
International economic conditions, particularly those in the United States, as well as world prices for oil and other commodities
may also influence the development of the Latin American economies.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Some
Latin American currencies have experienced steady devaluations relative to the U.S. dollar and certain Latin American countries
have had to make major adjustments in their currencies from time to time. In addition, governments of many Latin American countries
have exercised and continue to exercise substantial influence</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p><!-- Field: Rule-Page --><div style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">over
many aspects of the private sector. Governmental actions in the future could have a significant effect on economic conditions
in Latin American countries, which could affect the companies in which the Fund invests and, therefore, the value of the Fund&#8217;s
shares. As noted, in the past, many Latin American countries have experienced substantial, and in some periods extremely high,
rates of inflation for many years. For companies that keep accounting records in the local currency, inflation accounting rules
in some Latin American countries require, for both tax and accounting purposes, that certain assets and liabilities be restated
on the company&#8217;s balance sheet in order to express items in terms of currency of constant purchasing power. Inflation accounting
may indirectly generate losses or profits for certain Latin American companies. Inflation and rapid fluctuations in inflation
rates have had, and could, in the future, have very negative effects on the economies and securities markets of certain Latin
American countries.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Substantial
limitations may exist in certain countries with respect to the Fund&#8217;s ability to repatriate investment income, capital or
the proceeds of sales of securities. The Fund could be adversely affected by delays in, or a refusal to grant, any required governmental
approval for repatriation of capital, as well as by the application to the Fund of any restrictions on investments.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Certain
Latin American countries have entered into regional trade agreements that are designed to, among other things, reduce barriers
between countries, increase competition among companies and reduce government subsidies in certain industries. No assurances can
be given that these changes will be successful in the long term, or that these changes will result in the economic stability intended.
There is a possibility that these trade arrangements will not be fully implemented, or will be partially or completely unwound.
It is also possible that a significant participant could choose to abandon a trade agreement, which could diminish its credibility
and influence. Any of these occurrences could have adverse effects on the markets of both participating and nonparticipating countries,
including sharp appreciation or depreciation of participants&#8217; national currencies and a significant increase in exchange
rate volatility, a resurgence in economic protectionism, an undermining of confidence in the Latin American markets, an undermining
of Latin American economic stability, the collapse or slowdown of the drive towards Latin American economic unity, and/or reversion
of the attempts to lower government debt and inflation rates that were introduced in anticipation of such trade agreements. Such
developments could have an adverse impact on the Fund&#8217;s investments in Latin America generally or in specific countries
participating in such trade agreements.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Other
Latin American market risks include foreign exchange controls, difficulties in pricing securities, defaults on sovereign debt,
difficulties in enforcing favorable legal judgments in local courts and political and social instability. Legal remedies available
to investors in certain Latin American countries may be less extensive than those available to investors in the United States
or other foreign countries.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Investing
in Asia-Pacific Countries. </i>In addition to the risks of investing in foreign securities and the risks of investing in emerging
markets, the developing market Asia-Pacific countries are subject to certain additional or specific risks. In many of these markets,
there is a high concentration of market capitalization and trading volume in a small number of issuers representing a limited
number of industries, as well as a high concentration of investors and financial intermediaries. Many of these markets also may
be affected by developments with respect to more established markets in the region such as in Japan and Hong Kong. Brokers in
developing market Asia-Pacific countries typically are fewer in number and less well capitalized than brokers in the United States.</span></p>

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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p><!-- Field: Rule-Page --><div style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Many
of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political and social instability
than is the case in the United States and Western European countries. Such instability may result from, among other things: (i)
authoritarian governments or military involvement in political and economic decision-making, including changes in government through
extra-constitutional means; (ii) popular unrest associated with demands for improved political, economic and social conditions;
(iii) internal insurgencies; (iv) hostile relations with neighboring countries; and (v) ethnic, religious and racial disaffection.
In addition, the governments of many of such countries, such as Indonesia, have a substantial role in regulating and supervising
the economy.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Another
risk common to most such countries is that the economy is heavily export oriented and, accordingly, is dependent upon international
trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks in certain countries, as
do environmental problems. Certain economies also depend to a significant degree upon exports of primary commodities and, therefore,
are vulnerable to changes in commodity prices that, in turn, may be affected by a variety of factors.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
rights of investors in developing market Asia-Pacific companies may be more limited than those of shareholders of U.S. corporations.
It may be difficult or impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Some
developing Asia-Pacific countries prohibit or impose substantial restrictions on investments in their capital markets, particularly
their equity markets, by foreign entities. For example, certain countries may require governmental approval prior to investments
by foreign persons or limit the amount of investment by foreign persons in a particular company.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Loans
of Portfolio Securities Risk. </i>Consistent with applicable regulatory requirements and the Fund&#8217;s investment restrictions,
the Fund may lend its portfolio securities to securities broker-dealers or financial institutions, provided that such loans are
callable at any time by the Fund (subject to notice provisions described below), and are at all times collateralized by cash or
cash equivalents, which are maintained at all times in an amount equal to at least 100% of the market value, determined daily,
of the loaned securities. The advantage of such loans is that the Fund continues to receive the income on the loaned securities
while at the same time earning interest on the cash amounts deposited as collateral, which will be invested in short-term highly
liquid obligations. The Fund will not lend its portfolio securities if such loans are not permitted by the laws or regulations
of any state in which its shares are qualified for sale. The Fund&#8217;s loans of portfolio securities will be collateralized
in accordance with applicable regulatory requirements, which means that &#8220;cash equivalents&#8221; accepted as collateral
will be limited to securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities or irrevocable
letters of credit issued by a bank (other than the Fund&#8217;s bank lending agent, if any, or a borrower of the Fund&#8217;s
portfolio securities or any affiliate of such bank or borrower) which qualifies as a custodian bank for an investment company
under the 1940 Act, and no loan will cause the value of all loaned securities to exceed 20% of the value of the Fund&#8217;s total
assets. The Fund&#8217;s ability to lend portfolio securities may be limited by rating agency guidelines (if any).</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">A
loan may generally be terminated by the borrower on one business day&#8217;s notice, or by the Fund at any time thereby requiring
the borrower to redeliver the borrowed securities within the normal and customary settlement time for securities transactions.
If the borrower fails to deliver the loaned securities within the normal and</span></p>

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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p><!-- Field: Rule-Page --><div style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">customary
settlement time for securities transactions, the Fund could use the collateral to replace the securities while holding the borrower
liable for any excess of replacement cost over the value of the collateral pledged by the borrower. As with any extensions of
credit, there are risks of delay in recovery and in some cases even loss of rights in the collateral should the borrower of the
securities violate the terms of the loan or fail financially. However, these loans of portfolio securities will only be made to
firms deemed by the Investment Adviser to be creditworthy and when the income which can be earned from such loans justifies the
attendant risks. The Board will oversee the creditworthiness of the contracting parties on an ongoing basis. Upon termination
of the loan, the borrower is required to return the securities to the Fund. Any gain or loss in the market price during the loan
period would inure to the Fund.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
risks associated with loans of portfolio securities are substantially similar to those associated with repurchase agreements.
Thus, if the counter party to the loan petitions for bankruptcy or becomes subject to the United States Bankruptcy Code, the law
regarding the rights of the Fund is unsettled. As a result, under extreme circumstances, there may be a restriction on the Fund&#8217;s
ability to sell the collateral and the Fund would suffer a loss. Moreover, because the Fund will reinvest any cash collateral
it receives, as described above, the Fund is subject to the risk that the value of the investments it makes will decline and result
in losses to the Fund.&#160;These losses, in extreme circumstances such as the 2007-2009 financial crisis, could be substantial
and have a significant adverse impact on the Fund and its shareholders.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">When
voting or consent rights which accompany loaned securities pass to the borrower, the Fund will follow the policy of calling the
loaned securities, to be delivered within one day after notice, to permit the exercise of such rights if the matters involved
would have a material effect on the Fund&#8217;s investment in such loaned securities. The Fund will pay reasonable finder&#8217;s,
administrative and custodial fees in connection with a loan of its securities, and may also pay fees to one or more securities
lending agents and/or pay other fees or rebates to borrowers.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Risks
Relating to Derivative Investments</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Special
Risk Considerations Relating to Futures and Options Thereon. </i></b>The Fund&#8217;s ability to establish and close out positions
in futures contracts and options thereon will be subject to the development and maintenance of liquid markets. Although the Fund
generally will purchase or sell only those futures contracts and options thereon for which there appears to be a liquid market,
there is no assurance that a liquid market on an exchange will exist for any particular futures contract or option thereon at
any particular time. In the event no liquid market exists for a particular futures contract or option thereon in which the Fund
maintains a position, it will not be possible to effect a closing transaction in that contract or to do so at a satisfactory price
and the Fund would have to either make or take delivery under the futures contract or, in the case of a written option, wait to
sell the underlying securities until the option expires or is exercised or, in the case of a purchased option, exercise the option.
In the case of a futures contract or an option thereon which the Fund has written and which the Fund is unable to close, the Fund
would be required to maintain margin deposits on the futures contract or option thereon and to make variation margin payments
until the contract is closed.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Successful
use of futures contracts and options thereon and forward contracts by the Fund is subject to the ability of the Investment Adviser
to predict correctly movements in the direction of interest and foreign currency rates. If the Investment Adviser&#8217;s expectations
are not met, the Fund will be in a worse position than if a hedging</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p><!-- Field: Rule-Page --><div style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">strategy
had not been pursued. For example, if the Fund has hedged against the possibility of an increase in interest rates that would
adversely affect the price of securities in its portfolio and the price of such securities increases instead, the Fund will lose
part or all of the benefit of the increased value of its securities because it will have offsetting losses in its futures positions.
In addition, in such situations, if the Fund has insufficient cash to meet daily variation margin requirements, it may have to
sell securities to meet the requirements. These sales may be, but will not necessarily be, at increased prices which reflect the
rising market. The Fund may have to sell securities at a time when it is disadvantageous to do so.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Additional
Risks of Foreign Options, Futures Contracts, Options on Futures Contracts and Forward Contracts. </i></b>Options, futures contracts
and options thereon and forward contracts on securities and currencies may be traded on foreign exchanges. Such transactions may
not be regulated as effectively as similar transactions in the United States, may not involve a clearing mechanism and related
guarantees, and are subject to the risk of governmental actions affecting trading in, or the prices of, foreign securities. The
value of such positions also could be adversely affected by (i) other complex foreign political, legal and economic factors, (ii)
lesser availability than in the United States of data on which to make trading decisions, (iii) delays in the Fund&#8217;s ability
to act upon economic events occurring in the foreign markets during non-business hours in the United States, (iv) the imposition
of different exercise and settlement terms and procedures and margin requirements than in the United States and (v) less trading
volume.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Exchanges
on which options, futures and options on futures are traded may impose limits on the positions that the Fund may take in certain
circumstances.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Repurchase
Agreements. </i></b>The Fund may enter into repurchase agreements. A repurchase agreement is an instrument under which the purchaser,
i.e., the Fund, acquires a debt security and the seller agrees, at the time of the sale, to repurchase the obligation at a mutually
agreed-upon time and price, thereby determining the yield during the purchaser&#8217;s holding period. This results in a fixed
rate of return insulated from market fluctuations during such period. The underlying securities are ordinarily U.S. Treasury or
other government obligations or high quality money market instruments. The Fund will require that the value of such underlying
securities, together with any other collateral held by the Fund, always equals or exceeds the amount of the repurchase obligations
of the counter party. The Fund&#8217;s risk is primarily that, if the seller defaults, the proceeds from the disposition of the
underlying securities and other collateral for the seller&#8217;s obligation are less than the repurchase price. If the seller
becomes insolvent, the Fund might be delayed in or prevented from selling the collateral. In the event of a default or bankruptcy
by a seller, the Fund will promptly seek to liquidate the collateral. To the extent that the proceeds from any sale of such collateral
upon a default in the obligation to repurchase are less than the repurchase price, the Fund will experience a loss.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">If
the financial institution which is a party to the repurchase agreement petitions for bankruptcy or becomes subject to the United
States Bankruptcy Code, the law regarding the rights of the Fund is unsettled. As a result, under extreme circumstances, there
may be a restriction on the Fund&#8217;s ability to sell the collateral and the Fund would suffer a loss.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="color: Black"><b>INVESTMENT
RESTRICTIONS</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 172pt; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund operates under the following restrictions that constitute fundamental policies under the 1940 Act and that, except as otherwise
noted, cannot be changed without the affirmative vote of the holders of a majority</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p><!-- Field: Rule-Page --><div style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">of
the outstanding voting securities of the Fund voting together as a single class (which for this purpose and under the 1940 Act
means the lesser of (i) 67% of the shares represented at a meeting at which more than 50% of the outstanding shares are represented
or (ii) more than 50% of the outstanding shares). In addition, pursuant to the statements of preferences of the Series A Preferred
Shares and Series B Preferred Shares, the affirmative vote of the holders of a majority of the outstanding preferred shares of
the Fund voting as a separate class (which for this purpose and under the 1940 Act means the lesser of (i) 67% of the preferred
shares, as a single class, represented at a meeting at which more than 50% of the Fund&#8217;s outstanding preferred shares are
represented or (ii) more than 50% of the outstanding preferred shares), is also required to change a fundamental policy. Except
as otherwise noted, all percentage limitations set forth below apply immediately after a purchase or initial investment and any
subsequent change in any applicable percentage resulting from market fluctuations does not require any action. The Fund may not:</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">1)
invest more than 25% of its total assets, taken at market value at the time of each investment, in the securities of issuers in
any particular industry. This restriction does not apply to investments in U.S. government securities and investments in the Utilities
Industry;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">2)
purchase commodities or commodity contracts if such purchase would result in regulation of the Fund as a commodity pool operator;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">3)
purchase or sell real estate, provided the Fund may invest in securities and other instruments secured by real estate or interests
therein or issued by companies that invest in real estate or interests therein;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">4)
make loans of money or other property, except that (i) the Fund may acquire debt obligations of any type (including through extensions
of credit), enter into repurchase agreements and lend portfolio assets and (ii) the Fund may lend money or other property to other
investment companies advised by the Investment Adviser pursuant to a common lending program to the extent permitted by applicable
law;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">5) borrow money,
except to the extent permitted by applicable law;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">6) issue senior securities,
except to the extent permitted by applicable law; or</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">7)
underwrite securities of other issuers, except insofar as the Fund may be deemed an underwriter under applicable law in selling
portfolio securities; provided, however, this restriction shall not apply to securities of any investment company organized by
the Fund that are to be distributed pro rata as a dividend to its shareholders.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="color: Black">In addition, it is
a fundamental policy of the Fund to invest 25% or more of its assets in the Utilities Industry. Unless specifically stated as
such, no policy of the Fund is fundamental and each policy may be changed by the Board of Trustees without shareholder approval.
The percentage and ratings limitations stated herein apply only at the time of investment and are not considered violated as a
result of subsequent changes to the value, or downgrades to the ratings, of the Fund&#8217;s portfolio investments.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">With
respect to investment restriction (2), the Fund may only sell commodities or commodity contracts to the extent consistent with
maintaining its or the Investment Adviser&#8217;s exclusion from &#8220;commodity pool operator&#8221; status under CFTC Rule
4.5.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">With
respect to investment restriction (5), the 1940 Act permits the Fund to borrow money in amounts of up to one-third of the Fund&#8217;s
total assets from banks for any purpose, and to borrow up to 5% of the Fund&#8217;s total</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p><!-- Field: Rule-Page --><div style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">assets
from banks or other lenders for temporary purposes. The Fund&#8217;s total assets include the amounts being borrowed. To limit
the risks attendant to borrowing, the 1940 Act requires the Fund to maintain at all times an &#8220;asset coverage&#8221; of at
least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund&#8217;s total assets (including
amounts borrowed), minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Borrowing money to
increase portfolio holdings is known as &#8220;leveraging.&#8221;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
investment restriction in (5) above will be interpreted to permit the Fund to (a) engage in securities lending in accordance with
SEC staff guidance and interpretations and (b) settle securities transactions within the ordinary settlement cycle for such transactions.
Practices and investments that may involve leverage but are not considered to be borrowings are not subject to the policy.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">With
respect to investment restriction (6), under the 1940 Act, the Fund may issue senior securities (which may be stock, such as preferred
shares, and/or securities representing debt, such as notes) only if immediately after such issuance the value of the Fund&#8217;s
total assets, less certain ordinary course liabilities, exceeds 300% of the amount of the debt outstanding and exceeds 200% of
the amount of preferred shares (measured by liquidation value) and debt outstanding, which is referred to as the &#8220;asset
coverage&#8221; required by the 1940 Act. The 1940 Act also generally restricts the Fund from declaring cash distributions on,
or repurchasing, common or preferred shares unless outstanding debt securities have an asset coverage of 300% (200% in the case
of declaring distributions on preferred shares), or from declaring cash distributions on, or repurchasing, common shares unless
preferred shares have an asset coverage of 200% (in each case, after giving effect to such distribution or repurchase).</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Unaudited) (Continued)</b></span></p><!-- Field: Rule-Page --><div style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="color: Black"><b>MANAGEMENT OF
THE FUND</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 181pt; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Trustees and Officers</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="color: Black">The business and
affairs of the Fund are managed under the direction of the Fund&#8217;s Board of Trustees. Information pertaining to the Trustees
and Officers of the Fund is set forth below. The Fund&#8217;s Statement of Additional Information includes additional information
about the Fund&#8217;s Trustees and is available without charge, upon request, by calling 800-GABELLI (800-422-3554) or by writing
to The Gabelli Global Utility &amp; Income Trust at One Corporate Center, Rye, NY 10580-1422.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="text-align: center; vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; width: 20%"><b>Name, Position(s)</b><br />
<b>Address<sup>1</sup></b><br />
<b>and Year of Birth</b></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 14%; text-align: center"><b>Term of Office</b><br />
<b>and</b><br />
<b>Length of</b><br />
<b>Time Served<sup>2</sup></b></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 12%; text-align: center"><b>Number of</b><br />
<b>Funds</b><br />
<b>in Fund</b><br />
<b>Complex</b><br />
<b>Overseen</b><br />
<b>by Trustee<sup>3</sup></b></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 25%"><b>Principal Occupation(s)</b><br />
<b>During Past Five Years</b></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 25%; text-align: center"><b>Other Directorships</b><br />
<b>Held by Trustee<sup>3</sup></b></td></tr>
<tr style="vertical-align: top">
    <td colspan="9" style="padding-top: 8pt"><b><span style="text-decoration: underline">INDEPENDENT TRUSTEES<sup>4</sup>:</span></b></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 8pt"><b>Calgary Avansino</b><br />
Trustee <br />
1975</td>
    <td style="padding-top: 8pt">&#160;</td>
    <td style="padding-top: 8pt; text-align: center">Since 2021**</td>
    <td style="padding-top: 8pt">&#160;</td>
    <td style="padding-top: 8pt; text-align: center">5</td>
    <td style="padding-top: 8pt">&#160;</td>
    <td style="padding-top: 8pt">Chief Executive Officer, Glamcam (2018- 2020)</td>
    <td style="padding-top: 8pt">&#160;</td>
    <td style="padding-top: 8pt; text-align: left">Trustee, Cate School; Trustee, the E.L. Wiegand Foundation; Member, the Common Sense Media Advisory Council</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 8pt"><b>James P. Conn<sup>5</sup></b><br />
Trustee <br />
1938</td>
    <td style="padding-top: 8pt">&#160;</td>
    <td style="padding-top: 8pt; text-align: center">Since 2004**</td>
    <td style="padding-top: 8pt">&#160;</td>
    <td style="padding-top: 8pt; text-align: center">23</td>
    <td style="padding-top: 8pt">&#160;</td>
    <td style="padding-top: 8pt">Former Managing Director and Chief Investment Officer of Financial Security Assurance Holdings Ltd. (1992-1998)</td>
    <td style="padding-top: 8pt">&#160;</td>
    <td style="padding-top: 8pt; text-align: center">&#8212;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 8pt"><b>Vincent D. Enright<sup>6</sup></b><br />
Trustee<br />
1943</td>
    <td style="padding-top: 8pt">&#160;</td>
    <td style="padding-top: 8pt; text-align: center">Since 2004***</td>
    <td style="padding-top: 8pt">&#160;</td>
    <td style="padding-top: 8pt; text-align: center">17</td>
    <td style="padding-top: 8pt">&#160;</td>
    <td style="padding-top: 8pt">Former Senior Vice President and Chief Financial Officer of KeySpan Corp. (public utility) (1994-1998)</td>
    <td style="padding-top: 8pt">&#160;</td>
    <td style="padding-top: 8pt; text-align: left">Director of Echo Therapeutics, Inc. (therapeutics and diagnostics) (2008-2014); Director of The LGL Group, Inc. (diversified manufacturing) (2011-2014)</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 8pt"><b>Leslie F. Foley<sup>5,7</sup></b><br />
Trustee <br />
1968</td>
    <td style="padding-top: 8pt">&#160;</td>
    <td style="padding-top: 8pt; text-align: center">Since 2018*</td>
    <td style="padding-top: 8pt">&#160;</td>
    <td style="padding-top: 8pt; text-align: center">15</td>
    <td style="padding-top: 8pt">&#160;</td>
    <td style="padding-top: 8pt">Attorney; Serves on the Boards of the Addison Gallery of American Art at Phillips Academy Andover, Vice President, Global Ethics &amp; Compliance and Associate General Counsel for News Corporation (2008-2010)</td>
    <td style="padding-top: 8pt">&#160;</td>
    <td style="padding-top: 8pt; text-align: center">&#8212;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 8pt"><b>Michael J. Melarkey</b><br />
Trustee <br />
1949</td>
    <td style="padding-top: 8pt">&#160;</td>
    <td style="padding-top: 8pt; text-align: center">Since 2004***</td>
    <td style="padding-top: 8pt">&#160;</td>
    <td style="padding-top: 8pt; text-align: center">23</td>
    <td style="padding-top: 8pt">&#160;</td>
    <td style="padding-top: 8pt">Of Counsel in the law firm of McDonald Carano Wilson LLP; Partner in the law firm of Avansino, Melarkey, Knobel, Mulligan &amp; McKenzie (1980-2015)</td>
    <td style="padding-top: 8pt">&#160;</td>
    <td style="padding-top: 8pt; text-align: left">Chairman of Southwest Gas Corporation (natural gas utility)</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 8pt"><b>Kuni Nakamura</b><br />
Trustee <br />
1968</td>
    <td style="padding-top: 8pt">&#160;</td>
    <td style="padding-top: 8pt; text-align: center">Since 2021*</td>
    <td style="padding-top: 8pt">&#160;</td>
    <td style="padding-top: 8pt; text-align: center">36</td>
    <td style="padding-top: 8pt">&#160;</td>
    <td style="padding-top: 8pt">President of Advanced Polymer, Inc. (chemical manufacturing company); President of KEN Enterprises, Inc. (real estate); Trustee on Long Island University Board of Trustees; Trustee on Fordham Preparatory School Board of Trustees</td>
    <td style="padding-top: 8pt">&#160;</td>
    <td style="padding-top: 8pt; text-align: center">&#8212;</td></tr>
</table>


<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Unaudited) (Continued)</b></span></p><!-- Field: Rule-Page --><div style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="text-align: center; vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; width: 20%"><b>Name, Position(s)</b><br />
<b>Address<sup>1</sup></b><br />
<b>and Year of Birth</b></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 14%; text-align: center"><b>Term of Office</b><br />
<b>and</b><br />
<b>Length of</b><br />
<b>Time Served<sup>2</sup></b></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 12%; text-align: center"><b>Number of</b><br />
<b>Funds</b><br />
<b>in Fund</b><br />
<b>Complex</b><br />
<b>Overseen</b><br />
<b>by Trustee<sup>3</sup></b></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 25%"><b>Principal Occupation(s)</b><br />
<b>During Past Five Years</b></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 25%"><b>Other Directorships</b><br />
<b>Held by Trustee<sup>3</sup></b></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 8pt"><b>Salvatore M. Salibello<sup>6</sup></b><br />
Trustee <br />
1945</td>
    <td style="padding-top: 8pt">&#160;</td>
    <td style="text-align: center; padding-top: 8pt">Since 2004**</td>
    <td style="padding-top: 8pt">&#160;</td>
    <td style="text-align: center; padding-top: 8pt">6</td>
    <td style="padding-top: 8pt">&#160;</td>
    <td style="padding-top: 8pt">Senior Partner of Bright Side Consulting (consulting); Certified Public Accountant and Managing Partner of the certified public accounting firm of Salibello &amp; Broder LLP (1978-2012); Partner of BDO Seidman, LLP (2012-2013)</td>
    <td style="padding-top: 8pt">&#160;</td>
    <td style="padding-top: 8pt">Director of Nine West, Inc. (consumer products) (2002- 2014); Director of LICT Corp. (Telecommunications)</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 8pt"><b>Salvatore J. Zizza<sup>6,8</sup></b><br />
Trustee <br />
1945</td>
    <td style="padding-top: 8pt">&#160;</td>
    <td style="text-align: center; padding-top: 8pt">Since 2004*</td>
    <td style="padding-top: 8pt">&#160;</td>
    <td style="text-align: center; padding-top: 8pt">34</td>
    <td style="padding-top: 8pt">&#160;</td>
    <td style="padding-top: 8pt">President of Zizza &amp; Associates Corp. (private holding company); Chairman of Bergen Cove Realty Inc. (residential real estate)</td>
    <td style="padding-top: 8pt">&#160;</td>
    <td style="padding-top: 8pt">Director and Chairman of Trans-Lux Corporation (business services); Director and Chairman of Harbor Diversified Inc. (pharmaceuticals) (2009-2018); Retired Chairman of BAM (semiconductor and aerospace manufacturing)</td></tr>
</table>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Unaudited) (Continued)</b></span></p><!-- Field: Rule-Page --><div style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

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<table cellspacing="0" cellpadding="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; width: 20%; text-align: center"><b>Name, Position(s)</b><br />
<b>Address<sup>1</sup></b><br />
<b>and Year of Birth</b></td>
    <td style="width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center"><b>Term of Office</b><br />
<b>and Length of</b><br />
<b>Time Served<sup>2</sup></b></td>
    <td style="width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 63%; text-align: center; vertical-align: bottom"><b>Principal Occupation(s)</b><br />
<b>During Past Five Years</b></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 8pt"><b><span style="text-decoration: underline">OFFICERS:</span></b></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 8pt"><b>John C. Ball</b><br />
President and<br />
Treasurer <br />
1976</td>
    <td>&#160;</td>
    <td style="text-align: center; padding-top: 8pt">Since 2017</td>
    <td>&#160;</td>
    <td style="padding-top: 8pt">Officer of registered investment companies within the Gabelli Fund Complex since 2017; Vice President and Assistant Treasurer of AMG Funds, 2014-2017; Chief Executive Officer, G.distributors, LLC since December 2020</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 8pt"><b>Peter Goldstein</b><br />
Secretary and Vice<br />
President<br />
1953</td>
    <td>&#160;</td>
    <td style="text-align: center; padding-top: 8pt">Since 2020</td>
    <td>&#160;</td>
    <td style="padding-top: 8pt">General Counsel, GAMCO Investors, Inc. and Chief Legal Officer, Associated Capital Group, Inc.
    since 2021; General Counsel and Chief Compliance Officer, Buckingham Capital Management, Inc. (2012-2020); Chief Legal
    Officer     and Chief Compliance Officer, The Buckingham Research Group, Inc. (2012-2020)</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 8pt"><b>Richard J. Walz</b><br />
Chief Compliance<br />
Officer<br />
1959</td>
    <td>&#160;</td>
    <td style="text-align: center; padding-top: 8pt">Since 2015</td>
    <td>&#160;</td>
    <td style="padding-top: 8pt">Chief Compliance Officer of registered investment companies within the Fund Complex since 2013</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 8pt"><b>Adam E. Tokar</b><br />
Vice President and<br />
Ombudsman <br />
1980</td>
    <td>&#160;</td>
    <td style="text-align: center; padding-top: 8pt">Since 2011</td>
    <td>&#160;</td>
    <td style="padding-top: 8pt">Vice President and/or Ombudsman of closed-end funds within the Gabelli Fund Complex</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 8pt"><b>David I. Schachter</b><br />
Vice President <br />
1953</td>
    <td>&#160;</td>
    <td style="text-align: center; padding-top: 8pt">Since 2004</td>
    <td>&#160;</td>
    <td style="padding-top: 8pt">Vice President and/or Ombudsman of closed-end funds within the Gabelli Fund Complex; Senior Vice President (since 2015) and Vice President (1999-2015) of G.research, LLC</td></tr>
</table>


<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 8pt; color: Black"><sup>1</sup></span></td><td style="text-align: justify"><span style="font-size: 8pt; color: Black">Address:
                                         One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 8pt; color: Black"><sup>2</sup></span></td><td style="text-align: justify"><span style="font-size: 8pt; color: Black">The
                                         Fund&#8217;s Board of Trustees is divided into three classes, each class having a term
                                         of three years. Each year the term of office of one class expires and the successor or
                                         successors elected to such class serve for a three year term. The three year term for
                                         each class expires as follows:</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 8pt; color: Black"><sup>*</sup></span></td><td style="text-align: justify"><span style="font-size: 8pt; color: Black">Term
                                         expires at the Fund&#8217;s 2023 Annual Meeting of Shareholders or until their successors
                                         are duly elected and qualified.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 8pt; color: Black"><sup>**</sup></span></td><td style="text-align: justify"><span style="font-size: 8pt; color: Black">Term
                                         expires at the Fund&#8217;s 2024 Annual Meeting of Shareholders or until their successors
                                         are duly elected and qualified.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 8pt; color: Black"><sup>***</sup></span></td><td style="text-align: justify"><span style="font-size: 8pt; color: Black">Term
                                         expires at the Fund&#8217;s 2025 Annual Meeting of Shareholders or until their successors
                                         are duly elected and qualified.</span></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B"><span style="font-size: 8pt; color: Black">Each
officer will hold office for an indefinite term until the date he or she resigns or retires or until his or her successor is elected
and qualified.</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 8pt; color: Black"><sup>3</sup></span></td><td style="text-align: justify"><span style="font-size: 8pt; color: Black">This
                                         column includes only directorships of companies required to report to the SEC under the
                                         Securities Exchange Act of 1934, as amended, i.e., public companies, or other investment
                                         companies registered under the 1940 Act.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 8pt; color: Black"><sup>4</sup></span></td><td style="text-align: justify"><span style="font-size: 8pt; color: Black">Trustees
                                         who are not considered to be &#8220;interested persons&#8221; of the Fund as defined
                                         in the 1940 Act are considered to be &#8220;Independent&#8221; Trustees.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 8pt; color: Black"><sup>5</sup></span></td><td style="text-align: justify"><span style="font-size: 8pt; color: Black">This
                                         Trustee is elected solely by and represents the shareholders of the preferred shares
                                         issued by the Fund.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 8pt; color: Black"><sup>6</sup></span></td><td style="text-align: justify"><span style="font-size: 8pt; color: Black">Mr.
                                         Enright is a Director of the LGL Group, Inc., Mr. Salibello is a director of LICT Corp.,
                                         and Mr. Zizza is an independent director of Gabelli International Ltd., all of which
                                         may be deemed to be controlled by Mario J. Gabelli and/or affiliates and in that event
                                         would be deemed to be under common control with the Fund&#8217;s Adviser.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 8pt; color: Black"><sup>7</sup></span></td><td style="text-align: justify"><span style="font-size: 8pt; color: Black">Ms.
                                         Foley&#8217;s father, Frank J. Fahrenkopf, Jr., serves as a director of other funds in
                                         the Fund Complex.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 8pt; color: Black"><sup>8</sup></span></td><td style="text-align: justify"><span style="font-size: 8pt; color: Black">On
                                         September 9, 2015, Mr. Zizza entered into a settlement with the SEC to resolve an inquiry
                                         relating to an alleged violation regarding the making of false statements or omissions
                                         to the accountants of a company concerning a related party transaction. The company in
                                         question is not an affiliate of, nor has any connection to, the Fund. Under the terms
                                         of the settlement, Mr. Zizza, without admitting or denying the SEC&#8217;s findings and
                                         allegation, paid $150,000 and agreed to cease and desist committing or causing any future
                                         violations of Rule 13b2-2 of the Securities Exchange Act of 1934, as amended. The Board
                                         has discussed this matter and has determined that it does not disqualify Mr. Zizza from
                                         serving as an Independent Trustee.</span></td>
</tr></table>

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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p><!-- Field: Rule-Page --><div style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>General</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund&#8217;s Board (who, with the Fund&#8217;s officers (the &#8220;Officers&#8221;)) has overall responsibility for the management
of the Fund. The Board of Trustees decides upon matters of general policy and reviews the actions of the&#160;Investment Adviser,
Gabelli Funds, LLC, One Corporate Center, Rye, New York 10580-1422, and the Sub-Administrator (as defined below). Pursuant to
an investment advisory agreement between the Fund and the&#160;Investment Adviser (the &#8220;Investment Advisory Agreement&#8221;),
the Investment Adviser, under the supervision of the Fund&#8217;s Board, provides a continuous investment program for the Fund&#8217;s
portfolio; provides investment research and makes and executes recommendations for the purchase and sale of securities; and provides
all facilities and personnel, including officers required for its administrative management, and pays the compensation of Trustees
of the Fund who are officers or employees of the Investment Adviser or its affiliates. As compensation for its services rendered
and the related expenses borne by the Investment Adviser, the Fund pays the Investment Adviser a fee at an annual rate of 0.50%
of the Fund&#8217;s average weekly net assets, plus assets attributable to any outstanding senior securities, with no deduction
for the liquidation preference of any outstanding preferred shares or the principal amount of any outstanding notes. The Fund&#8217;s
total assets for purposes of calculating the level of the management fee will include assets attributable to any outstanding senior
securities, such as preferred shares (including the aggregate liquidation preference of any preferred shares and accumulated dividends,
if any), or indebtedness, such as notes (including the aggregate principal amount of any such debt securities, plus accrued and
unpaid interest thereon), as well as assets attributable to derivatives transactions or other investment management techniques,
if any, which have the effect of leveraging the common shares. Consequently, since the Fund has preferred shares outstanding and
may invest in derivatives and use other investment management techniques that involve leverage, the investment management fees
and other expenses as a percentage of total assets attributable to common shares may be higher than if the Fund did not utilize
a leveraged capital structure or engage in transactions that leverage the common shares.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Because
the investment advisory fees are based on a percentage of total assets, which includes assets attributable to the Fund&#8217;s
use of leverage, the Investment Adviser may have a conflict of interest in the input it provides to the Board regarding whether
to use or increase the Fund&#8217;s use of leverage. The Board bases its decision, with input from the Investment Adviser, regarding
whether and how much leverage to use for the Fund on its assessment of whether such use of leverage is in the best interests of
the Fund. The Board seeks to manage the Investment Adviser&#8217;s potential conflict of interest by retaining the final decision
on these matters and by periodically reviewing the Fund&#8217;s performance and use of leverage.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Investment
Adviser</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Investment Adviser is a New York limited liability company which serves as an investment adviser to registered investment companies
with combined aggregate net assets of approximately $18.5 billion as of December 31, 2022. The Investment Adviser is a registered
investment adviser under the Investment Advisers Act of 1940, as amended, and is a wholly owned subsidiary of GAMCO Investors,
Inc. (&#8220;GAMI&#8221;). Mr. Gabelli owns a majority of the stock of GGCP, Inc. (&#8220;GGCP&#8221;) which holds a majority
of the capital stock and voting power of GAMI. The Investment Adviser has several affiliates that provide investment advisory
services: GAMCO Asset Management Inc., a wholly owned subsidiary of GAMI, acts as investment adviser for individuals, pension
trusts, profit sharing trusts, and endowments, and as a sub-adviser to certain third-party investment funds, which include registered
investment companies, having assets under management of approximately of $10.7</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p><!-- Field: Rule-Page --><div style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">billion
as of December 31, 2022; Teton Advisors, LLC (previously Teton Advisors, Inc.) and its wholly owned investment adviser, Keeley
Teton Advisers, LLC, with assets under management of approximately $1.4 billion as of December 31, 2022, acts as investment adviser
to The TETON Westwood Funds, the KEELEY Funds, and separately managed accounts; and Gabelli &amp; Company Investment Advisers,
Inc. (formerly, Gabelli Securities, Inc.), a wholly owned subsidiary of Associated Capital Group, Inc. (&#8220;Associated Capital&#8221;),
acts as investment adviser for certain alternative investment products, consisting primarily of risk arbitrage and merchant banking
limited partnerships and offshore companies, with assets under management of approximately $1.8 billion as of December 31, 2022.
Teton Advisors, Inc., was spun off by GAMI in March 2009 and is an affiliate of GAMI by virtue of Mr. Gabelli&#8217;s ownership
of GGCP, the principal shareholder of Teton Advisors, Inc., as of December 31, 2022. Effective December 31, 2021, Teton Advisors,
Inc. completed a reorganization by transferring its entire business operations and personnel to a new wholly-owned subsidiary,
Teton Advisors, LLC. Associated Capital was spun off from GAMI on November 30, 2015, and is an affiliate of GAMI by virtue of
Mr. Gabelli&#8217;s ownership of GGCP, the principal shareholder of Associated Capital.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="color: Black">A discussion regarding
the basis for the Fund&#8217;s Board approval of the Investment Advisory Agreement with the Investment Adviser is available in
this Annual Report.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Payment of Expenses</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Investment Adviser is obligated to pay expenses associated with providing the services contemplated by the Investment Advisory
Agreement including compensation of and office space for its officers and employees connected with investment and economic research,
trading and investment management and administration of the Fund (but excluding costs associated with the calculation of the net
asset value and allocated costs of the chief compliance officer function and officers of the Fund who are employed by the Fund
and are not employed by the Investment Adviser although such officers may receive incentive-based variable compensation from affiliates
of the Investment Adviser), as well as the fees of all Trustees of the Fund who are officers or employees of the Investment Adviser
or its affiliates. </span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
addition to the fees of the Investment Adviser, the Fund, and indirectly the holders of its common shares, is responsible for
the payment of all its other expenses incurred in the operation of the Fund, which include, among other things, underwriting compensation
and reimbursements in connection with sales of the Fund&#8217;s securities, expenses for legal and the Fund&#8217;s independent
registered public accounting firm&#8217;s services, stock exchange listing fees and expenses, costs of printing proxies, share
certificates and shareholder reports, charges of the Fund&#8217;s Custodian, any sub-custodian and any transfer agent and distribution
disbursing agent, expenses in connection with the Automatic Dividend Reinvestment Plan and the Voluntary Cash Purchase Plan, SEC
fees and preparation of filings with the SEC, fees and expenses of Trustees who are not officers or employees of the Investment
Adviser or its affiliates, accounting and printing costs, the Fund&#8217;s pro rata portion of membership fees in trade organizations,
compensation and other expenses of officers and employees of the Fund (including, but not limited to, the Chief Compliance Officer,
Vice President and Ombudsman) as approved by the Fund&#8217;s Trustees, fidelity bond coverage for the Fund&#8217;s officers and
employees, Trustees&#8217; and officers&#8217; errors and omissions insurance coverage, interest, brokerage costs, taxes, expenses
of qualifying the Fund&#8217;s shares for sale in various states, expenses of personnel performing shareholder servicing functions,
rating agency fees, organizational expenses, litigation and other extraordinary or non-recurring expenses and other expenses properly
payable by the Fund.</span></p>

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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p><!-- Field: Rule-Page --><div style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Selection of Securities
Brokers</b></span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Investment Advisory Agreement contains provisions relating to the selection of securities brokers to effect the portfolio transactions
of the Fund. Under those provisions, the Investment Adviser may (i) direct Fund portfolio brokerage to G.research, LLC (&#8220;G.research&#8221;),
an affiliate of the Investment Adviser, or to other broker-dealer affiliates of the Investment Adviser and (ii) pay commissions
to brokers other than G.research that are higher than might be charged by another qualified broker to obtain brokerage and/or
research services considered by the Investment Adviser to be useful or desirable for its investment management of the Fund and/or its other investment advisory accounts or those of any investment adviser affiliated with it. The SAI contains further information
about the Investment Advisory Agreement, including a more complete description of the investment advisory and expense arrangements,
exculpatory and brokerage provisions, as well as information on the brokerage practices of the Fund.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Portfolio Managers</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Mario
J. Gabelli, CFA, is currently and has been responsible for the day-to-day management of the Fund since its inception. Mr. Gabelli
serves as Chairman and Chief Executive Officer of GAMCO Investors, Inc., Chief Investment Officer&#8212;Value Portfolios for GAMI,
the Investment Adviser and GAMCO Asset Management Inc. (&#8220;GAMCO&#8221;), Chief Executive Officer and Chief Investment Officer
of GGCP, Executive Chairman of Associated Capital, and a director or officer of other companies affiliated with GAMI. Mr. Gabelli
serves as portfolio manager for and is a director of several funds in the Gabelli fund family. Because of the diverse nature of
Mr. Gabelli&#8217;s responsibilities, he will devote less than all of his time to the day-to-day management of the Fund. Mr. Gabelli
is a summa cum laude graduate of Fordham University and holds an MBA degree from Columbia Business School and Honorary Doctorates
from Fordham University and Roger Williams University.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Timothy
Winter has served as a portfolio manager of the Fund since 2020. He joined Gabelli in 2009 and covers the utility industry. He
has over 25 years of experience as an equity research analyst covering the industry. Currently, he continues to specialize in
the utility industry and serves as a portfolio manager of Gabelli Funds, LLC. Mr. Winter received his BA in Economics in 1991
from Rollins College and MBA in Finance from Notre Dame in 1992.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Hendi
Susanto has served as a portfolio manager of the Fund since 2021. He joined Gabelli Funds in 2007 as the lead technology research
analyst. He spent his early career in supply chain management consulting and operations in the technology industry. He currently
is a portfolio manager of Gabelli Funds, LLC and a Vice President of Associated Capital Group Inc. Mr. Susanto received a BS degree
summa cum laude from the University of Minnesota, an MS from Massachusetts Institute of Technology, and an MBA from the Wharton
School of Business.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Sub-Administrator</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Investment Adviser has entered into a sub-administration agreement with BNY Mellon Investment Servicing (US) Inc. (the &#8220;Sub-Administrator&#8221;)
pursuant to which the Sub-Administrator provides certain administrative services necessary for the Fund&#8217;s operations which
do not include the investment and portfolio management services provided by the Investment Adviser. For these services and the
related expenses borne by the Sub-</span></p>

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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p><!-- Field: Rule-Page --><div style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Administrator,
the Investment Adviser pays an annual fee based on the value of the aggregate average daily net assets of all funds under its
administration managed by the Investment Adviser, GAMCO and Teton Advisors, Inc. as follows: 0.0275%&#8212;first $10 billion,
0.0125%&#8212;exceeding $10 billion but less than $15 billion, 0.01%&#8212;over $15 billion but less than $20 billion and 0.008%
over $20 billion. The Sub-Administrator has its principal office at 301 Bellevue Parkway, Wilmington, Delaware, 19809.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="color: Black"><b>NET
ASSET VALUE</b></span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
net asset value of the Fund&#8217;s shares is computed based on the market value of the securities it holds and is determined
daily as of the close of the regular trading day on the NYSE. For purposes of determining the Fund&#8217;s net asset value per
share, portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter
market for which market quotations are readily available are valued at the last quoted sale price or a market&#8217;s official
closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security
is valued at the mean of the closing bid and asked prices, or, if there were no asked prices quoted on that day, then the security
is valued at the closing bid price on that day. If no bid or ask prices are quoted on such day, the security will be valued based
on written or standing instructions from the Investment Adviser, which has been appointed Valuation Designee pursuant to Rule
2a-5 under the 1940 Act (&#8220;Rule 2a-5&#8221;) by the Board. Portfolio securities traded on more than one national securities
exchange or market are valued according to the broadest and most representative market, as determined by the Valuation Designee.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Portfolio
securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the
relevant market, but may be fair valued by the Valuation Designee under procedures adopted pursuant to Rule 2a-5 if market conditions
change significantly after the close of the foreign market but prior to the close of business on the day the securities are being
valued. Debt instruments with remaining maturities of 60 days or less that are not credit impaired are valued at amortized cost,
unless the Valuation&#160;Designee determines such amount does not reflect the securities&#8217; fair value, in which case these
securities will be fair valued as determined by the Valuation Designee. Debt instruments having a maturity greater than 60 days
for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were
no asked prices quoted on such day, the security is valued using the closing bid price. Futures contracts are valued at the closing
settlement price of the exchange or board of trade on which the applicable contract is traded.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Options
are valued using market quotations. When market quotations are not readily available, options are valued from broker quotes. In
limited circumstances when neither market quotations nor broker quotes are readily available, options are valued using a Black
Scholes model.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Securities
and assets for which market quotations are not readily available are fair valued as determined by the Valuation Designee. Fair
valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial
information about the company; comparisons to the valuation and changes in valuation of similar securities, including a comparison
of foreign securities to the equivalent U.S. dollar value ADR securities at the close of the U.S. exchange; and evaluation of
any other information that could be indicative of the value of the security.</span></p>

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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p><!-- Field: Rule-Page --><div style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund obtains valuations on the basis of prices provided by a pricing service monitored by the Valuation Designee. All other investment
assets, including restricted and not readily marketable securities, are valued in good faith at fair value by the Valuation Designee
under procedures adopted pursuant to Rule 2a-5.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
addition, whenever developments in one or more securities markets after the close of the principal markets for one or more portfolio
securities and before the time as of which the Fund determines its net asset value would, if such developments had been reflected
in such principal markets, likely have more than a minimal effect on the Fund&#8217;s net asset value per share, the Valuation
Designee may fair value such portfolio securities based on available market information as of the time the Fund determines its
net asset value.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">NYSE
American Closings. The holidays (as observed) on which the NYSE American is closed, and therefore days upon which shareholders
will not be able to purchase or sell common shares currently are: New Year&#8217;s&#160;Day, Martin Luther King, Jr. Day, Presidents&#8217;
Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day, and on the preceding
Friday or subsequent Monday when a holiday falls on a Saturday or Sunday, respectively.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="color: Black">AUTOMATIC
DIVIDEND REINVESTMENT</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="color: Black">AND VOLUNTARY
CASH PURCHASE PLANS</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="color: Black">Under the Fund&#8217;s
Automatic Dividend Reinvestment Plan and Voluntary Cash Purchase Plan (the &#8220;Plan&#8221;), a Shareholder whose shares of
common stock are registered in his or her own name will have all distributions reinvested automatically by Computershare Trust
Company, N.A. (&#8220;Computershare&#8221;), which is an agent under the Plan, unless the shareholder elects to receive cash.
Distributions with respect to shares registered in the name of a broker-dealer or other nominee (that is, in &#8220;street name&#8221;)
will be reinvested by the broker or nominee in additional shares under the Plan, unless the service is not provided by the broker
or nominee or the Shareholder elects to receive distributions in cash. Investors who own shares of common stock registered in
street name should consult their broker-dealers for details regarding reinvestment. All distributions to investors who do not
participate in the Plan will be paid by check mailed directly to the record holder by Computershare as dividend-disbursing agent.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="color: Black">Enrollment
in the Plan</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">It
is the policy of The Gabelli Global Utility &amp; Income Trust (the &#8220;Fund&#8221;) to automatically reinvest dividends payable
to common shareholders. As a &#8220;registered&#8221; shareholder you automatically become a participant in the Fund&#8217;s Automatic
Dividend Reinvestment Plan (the &#8220;Plan&#8221;). The Plan authorizes the Fund to credit common shares to participants upon
an income dividend or a capital gains distribution regardless of whether the shares are trading at a discount or a premium to
net asset value. All distributions to shareholders whose shares are registered in their own names will be automatically reinvested
pursuant to the Plan in additional shares of the Fund. Plan</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p><!-- Field: Rule-Page --><div style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">participants
may send their share certificates to Computershare Trust Company, N.A. (&#8220;Computershare&#8221;) to be held in their dividend
reinvestment account. Registered shareholders wishing to receive their distributions in cash may submit this request through the
Internet, by telephone or in writing to:</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="color: Black">The
Gabelli Global Utility &amp; Income Trust</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="color: Black">c/o Computershare</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="color: Black">P.O. Box
505000</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="color: Black">Louisville,
KY 40233-5000</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="color: Black">Telephone:
(800) 336-6983</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="color: Black">Website: www.computershare.com/investor</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Shareholders
requesting this cash election must include the shareholder&#8217;s name and address as they appear on the Fund&#8217;s records.
Shareholders with additional questions regarding the Plan or requesting a copy of the terms of the Plan, may contact Computershare
at the website or telephone number above.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">If
your shares are held in the name of a broker, bank, or nominee, you should contact such institution. If such institution is not
participating in the Plan, your account will be credited with a cash dividend. In order to participate in the Plan through such
institution, it may be necessary for you to have your shares taken out of &#8220;street name&#8221; and re-registered in your
own name. Once registered in your own name your distributions will be automatically reinvested. Certain brokers participate in
the Plan. Shareholders holding shares in &#8220;street name&#8221; at participating institutions will have dividends automatically
reinvested. Shareholders wishing a cash dividend at such institution must contact their broker to make this change.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
number of common shares distributed to participants in the Plan in lieu of cash dividends is determined in the following manner.
Under the Plan, whenever the market price of the Fund&#8217;s common shares is equal to or exceeds net asset value at the time
shares are valued for purposes of determining the number of shares equivalent to the cash dividends or capital gains distribution,
participants are issued common shares valued at the greater of (i) the net asset value as most recently determined or (ii) 95%
of the then current market price of the Fund&#8217;s common shares. The valuation date is the dividend or distribution payment
date or, if that date is not a NYSE American trading day, the next trading day. If the net asset value of the common shares at
the time of valuation exceeds the market price of the common shares, participants will receive common shares from the Fund valued
at market price. If the Fund should declare a dividend or capital gains distribution payable only in cash, Computershare will
buy common shares in the open market, or on the NYSE American or elsewhere, for the participants&#8217; accounts, except that
Computershare will endeavor to terminate purchases in the open market and cause the Fund to issue shares at net asset value if,
following the commencement of such purchases, the market value of the common shares exceeds the then current net asset value.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
automatic reinvestment of dividends and capital gains distributions will not relieve participants of any income tax which may
be payable on such distributions. A participant in the Plan will be treated for federal income tax</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p><!-- Field: Rule-Page --><div style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">purposes
as having received, on a dividend payment date, a dividend or distribution in an amount equal to the cash the participant could
have received instead of shares.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="color: Black">Voluntary
Cash Purchase Plan</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Voluntary Cash Purchase Plan is yet another vehicle for our shareholders to increase their investment in the Fund. In order to
participate in the Voluntary Cash Purchase Plan, shareholders must have their shares registered in their own name.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Participants
in the Voluntary Cash Purchase Plan have the option of making additional cash payments to Computershare for investments in the
Fund&#8217;s shares at the then current market price. Shareholders may send an amount from $250 to $10,000. Computershare will
use these funds to purchase shares in the open market on or about the 1st and 15th of each month. Computershare will charge each
shareholder who participates $0.75, plus a per share fee (currently $0.02 per share). Per share fees include any applicable brokerage
commissions Computershare is required to pay and fees for such purchases are expected to be less than the usual fees for such
transactions. It is suggested that any voluntary cash payments be sent to Computershare, P.O. Box 6006,&#160;Carol Stream, IL
60197-6006 such that Computershare receives such payments approximately two business days before the 1st and 15th of the month.
Funds not received at least two business days before the investment date shall be held for investment until the next purchase
date. A payment may be withdrawn without charge if notice is received by Computershare at least two business days before such
payment is to be invested.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Shareholders
wishing to liquidate shares held at Computershare may do so through the Internet, in writing or by telephone to the above-mentioned
website, address or telephone number. Include in your request your name, address, and account number. Computershare will sell
such shares through a broker-dealer selected by Computershare within 5 business days of receipt of the request. The sale price
will equal the weighted average price of all shares sold through the Plan on the day of the sale, less applicable fees Participants
should note that Computershare is unable to accept instructions to sell on a specific date or at a specific price. The cost to
liquidate shares is $2.50 per transaction as well as the per share fee (currently $0.10 per share) Per share fees include any
applicable brokerage commissions Computershare is required to pay and are expected to be less than the usual fees for such transactions.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">For
more information regarding the Automatic Dividend Reinvestment Plan and Voluntary Cash Purchase Plan, brochures are available
by calling (914) 921-5070 or by writing directly to the Fund.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund reserves the right to amend or terminate the Plan as applied to any voluntary cash payments made and any dividend or distribution
paid subsequent to written notice of the change sent to the members of the Plan at least 30 days before the record date for such
dividend or distribution. The Plan also may be amended or terminated by Computershare on at least 30 days written notice to participants
in the Plan.</span></p>

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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Unaudited)</b></span></p><!-- Field: Rule-Page --><div style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->


<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Delaware Statutory
Trust Act &#8211; Control Share Acquisitions</b></span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund is organized as a Delaware statutory trust and thus is subject to the control share acquisition statute contained in Subchapter
III of the Delaware Statutory Trust Act (the DSTA Control Share Statute). The DSTA Control Share Statute applies to any closed-end
investment company organized as a Delaware statutory trust and listed on a national securities exchange, such as the Fund. The
DSTA Control Share Statute became automatically applicable to the Fund on August 1, 2022.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
DSTA Control Share Statute defines &#8220;control beneficial interests&#8221; (referred to as &#8220;control shares&#8221; herein)
by reference to a series of voting power thresholds and provides that a holder of control shares acquired in a control share acquisition
has no voting rights under the Delaware Statutory Trust Act (DSTA) or the Fund&#8217;s Governing Documents (as used herein, &#8220;Governing
Documents&#8221; means the Fund&#8217;s Agreement and Declaration of Trust and By-Laws, together with any amendments or supplements
thereto, including any Statement of Preferences establishing a series of preferred shares) with respect to the control shares
acquired in the control share acquisition, except to the extent approved by the Fund&#8217;s shareholders by the affirmative vote
of two&#8211;thirds of all the votes entitled to be cast on the matter, excluding all interested shares (generally, shares held
by the acquiring person and their associates and shares held by Fund insiders).</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
DSTA Control Share Statute provides for a series of voting power thresholds above which shares are considered control shares.
Whether one of these thresholds of voting power is met is determined by aggregating the holdings of the acquiring person as well
as those of his, her or its &#8220;associates.&#8221; These thresholds are:&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">10% or more, but less than
15% of all voting power;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">15% or more, but less than
20% of all voting power;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">20% or more, but less than
25% of all voting power;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">25% or more, but less than
30% of all voting power;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">30% or more, but less than
a majority of all voting power; or</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">a majority or more of all
voting power.</span></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 192pt 0pt 0.25in; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Under
the DSTA Control Share Statute, once a threshold is reached, an acquirer has no voting rights with respect to shares in excess
of that threshold (i.e., the &#8220;control shares&#8221;) until approved by a vote of shareholders, as described above, or otherwise
exempted by the Fund&#8217;s Board of Trustees. The DSTA Control Share Statute contains a statutory process for an acquiring person
to request a shareholder meeting for the purpose of considering the voting rights to be accorded control shares. An acquiring
person must repeat this process at each threshold level.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Under
the DSTA Control Share Statute, an acquiring person&#8217;s &#8220;associates&#8221; are broadly defined to include, among others,
relatives of the acquiring person, anyone in a control relationship with the acquiring person, any investment fund or other collective
investment vehicle that has the same investment adviser as the acquiring person, any investment adviser of an acquiring person
that is an investment fund or other collective investment vehicle and any other person acting or intending to act jointly or in
concert with the acquiring person.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Voting
power under the DSTA Control Share Statute is the power (whether such power is direct or indirect or through any contract, arrangement,
understanding, relationship or otherwise) to directly or indirectly exercise or direct the exercise of the voting power of shares
of the Fund in the election of the Fund&#8217;s Trustees (either</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>The Gabelli Global
Utility &amp; Income Trust</b></span></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Additional Fund
Information (Continued) (Unaudited)</b></span></p><!-- Field: Rule-Page --><div style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">generally
or with respect to any subset, series or class of trustees, including any Trustees elected solely by a particular series or class
of shares, such as the preferred shares). Thus, Fund preferred shares, including the Series A and Series B Preferred Shares, acquired
in excess of the above thresholds would be considered control shares with respect to the preferred share class vote for two Trustees.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Any
control shares of the Fund acquired before August 1, 2022 are not subject to the DSTA Control Share Statute; however, any further
acquisitions on or after August 1, 2022 are considered control shares subject to the DSTA Control Share Statute.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
DSTA Control Share Statute requires shareholders to disclose to the Fund any control share acquisition within 10 days of such
acquisition, and also permits the Fund to require a shareholder or an associate of such person to disclose the number of shares
owned or with respect to which such person or an associate thereof can directly or indirectly exercise voting power. Further,
the DSTA Control Share Statute requires a shareholder or an associate of such person to provide to the Fund within 10 days of
receiving a request therefor from the Fund any information that the Fund&#8217;s Trustees reasonably believe is necessary or desirable
to determine whether a control share acquisition has occurred.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
DSTA Control Share Statute permits the Fund&#8217;s Board of Trustees, through a provision in the Fund&#8217;s Governing Documents
or by Board action alone, to eliminate the application of the DSTA Control Share Statute to the acquisition of control shares
in the Fund specifically, generally, or generally by types, as to specifically identified or unidentified existing or future beneficial
owners or their affiliates or associates or as to any series or classes of shares. The DSTA Control Share Statute does not provide
that the Fund can generally &#8220;opt out&#8221; of the application of the DSTA Control Share Statute; rather, specific acquisitions
or classes of acquisitions may be exempted by the Fund&#8217;s Board of Trustees, either in advance or retroactively, but other
aspects of the DSTA Control Share Statute, which are summarized above, would continue to apply. The DSTA Control Share Statute
further provides that the Board of Trustees is under no obligation to grant any such exemptions.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
foregoing is only a summary of the material terms of the DSTA Control Share Statute. Shareholders should consult their own counsel
with respect to the application of the DSTA Control Share Statute to any particular circumstance.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-size: 12pt; color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-size: 12pt; color: Black"><b>THE
GABELLI GLOBAL UTILITY &amp; INCOME TRUST</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-size: 12pt; color: Black"><b>INCOME
TAX INFORMATION (Unaudited)</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-size: 9pt; color: Black"><b>December
31, 2022</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 202pt; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-size: 9pt; color: Black"><b>Cash
Dividends and Distributions</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="text-align: center; vertical-align: bottom">
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Date</b></td>
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Date</b></td>
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Investment<br />
Income (a)</b></td>
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Capital<br />
Gains</b></td>
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Capital (b)</b></td>
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    <td style="border-bottom: Black 1pt solid; width: 10%"><b>Total Amount<br />
Paid<br />
Per Share (c)</b></td>
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Price</b></p></td></tr>
<tr style="vertical-align: top">
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    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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<tr style="vertical-align: top">
    <td>&#160;</td>
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<tr style="vertical-align: top">
    <td>&#160;</td>
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    <td>&#160;</td>
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<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">03/17/22</td>
    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">0.02350</td>
    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">0.03070</td>
    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">0.04580</td>
    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">0.10000</td>
    <td>&#160;</td>
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<tr style="vertical-align: top">
    <td>&#160;</td>
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    <td style="text-align: right; vertical-align: bottom">0.02350</td>
    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">0.03070</td>
    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">0.04580</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">0.02350</td>
    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">0.03070</td>
    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">0.04580</td>
    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">0.10000</td>
    <td>&#160;</td>
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<tr style="vertical-align: top">
    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">0.02350</td>
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    <td style="text-align: right; vertical-align: bottom">0.03070</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">0.10000</td>
    <td>&#160;</td>
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<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">0.02350</td>
    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">0.03070</td>
    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">0.04580</td>
    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">0.10000</td>
    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">16.05040</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">08/17/22</td>
    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">0.02350</td>
    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">0.03070</td>
    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">0.04580</td>
    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">0.10000</td>
    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">16.45490</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">09/16/22</td>
    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">0.02350</td>
    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">0.03070</td>
    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">0.04580</td>
    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">0.10000</td>
    <td>&#160;</td>
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<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">10/17/22</td>
    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">0.02350</td>
    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">0.03070</td>
    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">0.04580</td>
    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">0.10000</td>
    <td>&#160;</td>
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<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">11/15/22</td>
    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">0.02350</td>
    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">0.03070</td>
    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">0.04580</td>
    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">0.10000</td>
    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">14.51000</td></tr>
<tr style="vertical-align: top">
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    <td style="padding-bottom: 1pt; text-align: right; vertical-align: bottom">12/16/22</td>
    <td style="padding-bottom: 1pt">&#160;</td>
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    <td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">0.02350</td>
    <td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">0.03070</td>
    <td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">0.04580</td>
    <td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">0.10000</td>
    <td style="padding-bottom: 1pt">&#160;</td>
    <td style="padding-bottom: 1pt; text-align: right; vertical-align: bottom">14.67000</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td style="text-align: right; vertical-align: bottom">$0.28200</td>
    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">$0.36840</td>
    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">$0.54960</td>
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    <td style="text-align: right; vertical-align: bottom">$1.20000</td>
    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">&#160;</td></tr>
<tr style="vertical-align: top">
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    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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<tr style="vertical-align: top">
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    <td>&#160;</td>
    <td style="text-align: right; vertical-align: bottom">0.2061000</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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<tr style="vertical-align: top">
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    <td>&#160;</td>
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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    <td>&#160;</td>
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    <td>&#160;</td>
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
    <td>&#160;</td>
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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</table>


<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt; color: #1D1D1B"><span style="font-size: 9pt; color: Black">A
Form 1099-DIV has been mailed to all shareholders of record for the distributions mentioned above, setting forth specific amounts
to be included in the 2022 tax returns. Ordinary income distributions include net investment income and net realized short term
capital gains, if any. Ordinary income is reported in box 1a of Form 1099-DIV. Capital gain distributions are reported in box
2a of Form 1099-DIV. The long term gain distributions for the year ended December 31, 2022 were $2,089,648 or the maximum allowable.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt; color: #1D1D1B"><span style="font-size: 9pt; color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt; color: #1D1D1B"><span style="font-size: 9pt; color: Black">Auction
Rate Preferred Stocks pay dividends weekly based on the maximum rate. The distributions derived from long term gains for the Series
A Cumulative Preferred and Series B Cumulative Preferred Shares were $1,393,395.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt; color: #1D1D1B"><span style="font-size: 9pt; color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-size: 9pt; color: Black"><b>Corporate
Dividends Received Deduction, Qualified Dividend Income, and U.S. Government Securities Income</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font-size: 9pt; color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt; color: #1D1D1B"><span style="font-size: 9pt; color: Black">In
2022, the Fund paid to common, Series A Cumulative Preferred and Series B Cumulative Preferred shareholders ordinary income dividends
of $0.2820, $0.8244, and $0.8680 per share, respectively. For the year ended December 31, 2022, 62.15% of the ordinary dividend
qualified for the dividend received deduction available to corporations, 100% of the ordinary income distribution was qualified
dividend income, 10.76% of the</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>&#160;</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font: 12pt Arial, Helvetica, Sans-Serif; color: Black"><b>THE
GABELLI GLOBAL UTILITY &amp; INCOME TRUST</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>INCOME
TAX INFORMATION (Unaudited) (Continued)</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black"><b>December
31, 2022</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 202pt; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">ordinary
dividend distribution was qualified interest income. The percentage of ordinary income dividends paid by the Fund during 2022
derived from U.S. Government securities was 11.07%. Such income is exempt from state and local taxes in all states. However, many
states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has
invested at least 50% of its assets at the end of each quarter of its year in U.S. Government securities. The percentage of U.S.
Government securities held as of December 31, 2022 was 21.2%.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>


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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>THE
GABELLI GLOBAL UTILITY &amp; INCOME TRUST</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black"><b>INCOME
TAX INFORMATION (Unaudited) (Continued)</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black"><b>December
31, 2022</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
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<tr style="text-align: center; vertical-align: bottom">
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Income (a)</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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Capital<br />
Gains (a)</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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Capital<br />
Gains</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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Capital (b)</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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Distributions (c)</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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to Cost<br />
Basis (d)</td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: right">&#160;</td><td>&#160;</td>
    <td style="text-align: right">&#160;</td><td>&#160;</td>
    <td style="text-align: right">&#160;</td><td>&#160;</td>
    <td style="text-align: right">&#160;</td><td>&#160;</td>
    <td style="text-align: right">&#160;</td><td>&#160;</td>
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    <td style="width: 10%; text-align: right">&#8211;</td><td style="width: 1%">&#160;</td>
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    <td style="width: 10%; text-align: right">$0.54960</td><td style="width: 1%">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="text-align: left">2021</td><td>&#160;</td>
    <td style="text-align: right">0.25440</td><td>&#160;</td>
    <td style="text-align: right">&#8211;</td><td>&#160;</td>
    <td style="text-align: right">0.21600</td><td>&#160;</td>
    <td style="text-align: right">0.72960</td><td>&#160;</td>
    <td style="text-align: right">1.20000</td><td>&#160;</td>
    <td style="text-align: right">0.72960</td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: right">&#8211;</td><td>&#160;</td>
    <td style="text-align: right">&#8211;</td><td>&#160;</td>
    <td style="text-align: right">&#8211;</td><td>&#160;</td>
    <td style="text-align: right">1.20000</td><td>&#160;</td>
    <td style="text-align: right">1.20000</td><td>&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: right">0.27720</td><td>&#160;</td>
    <td style="text-align: right">$0.09240</td><td>&#160;</td>
    <td style="text-align: right">0.41880</td><td>&#160;</td>
    <td style="text-align: right">0.41160</td><td>&#160;</td>
    <td style="text-align: right">1.20000</td><td>&#160;</td>
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    <td style="text-align: right">0.47520</td><td>&#160;</td>
    <td style="text-align: right">0.06810</td><td>&#160;</td>
    <td style="text-align: right">0.57770</td><td>&#160;</td>
    <td style="text-align: right">0.07900</td><td>&#160;</td>
    <td style="text-align: right">1.20000</td><td>&#160;</td>
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    <td style="text-align: right">0.44280</td><td>&#160;</td>
    <td style="text-align: right">&#8211;</td><td>&#160;</td>
    <td style="text-align: right">0.75720</td><td>&#160;</td>
    <td style="text-align: right">&#8211;</td><td>&#160;</td>
    <td style="text-align: right">1.20000</td><td>&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: right">0.59040</td><td>&#160;</td>
    <td style="text-align: right">0.01920</td><td>&#160;</td>
    <td style="text-align: right">0.46680</td><td>&#160;</td>
    <td style="text-align: right">0.12360</td><td>&#160;</td>
    <td style="text-align: right">1.20000</td><td>&#160;</td>
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    <td style="text-align: right">0.19320</td><td>&#160;</td>
    <td style="text-align: right">0.06840</td><td>&#160;</td>
    <td style="text-align: right">&#8211;</td><td>&#160;</td>
    <td style="text-align: right">0.93840</td><td>&#160;</td>
    <td style="text-align: right">1.20000</td><td>&#160;</td>
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    <td style="text-align: right">0.39216</td><td>&#160;</td>
    <td style="text-align: right">0.13020</td><td>&#160;</td>
    <td style="text-align: right">0.19884</td><td>&#160;</td>
    <td style="text-align: right">0.47880</td><td>&#160;</td>
    <td style="text-align: right">1.20000</td><td>&#160;</td>
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    <td style="text-align: right">0.05760</td><td>&#160;</td>
    <td style="text-align: right">0.09120</td><td>&#160;</td>
    <td style="text-align: right">0.79680</td><td>&#160;</td>
    <td style="text-align: right">1.20000</td><td>&#160;</td>
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    <td style="text-align: right">&#160;</td><td>&#160;</td>
    <td style="text-align: right">&#160;</td><td>&#160;</td>
    <td style="text-align: right">&#160;</td><td>&#160;</td>
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    <td style="text-align: right">&#8211;</td><td>&#160;</td>
    <td style="text-align: right">$1.07560</td><td>&#160;</td>
    <td style="text-align: right">&#8211;</td><td>&#160;</td>
    <td style="text-align: right">$1.90000</td><td>&#160;</td>
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    <td style="text-align: right">1.02960</td><td>&#160;</td>
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    <td style="text-align: right">0.87040</td><td>&#160;</td>
    <td style="text-align: right">&#8211;</td><td>&#160;</td>
    <td style="text-align: right">1.90000</td><td>&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: right">1.73400</td><td>&#160;</td>
    <td style="text-align: right">&#8211;</td><td>&#160;</td>
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    <td style="text-align: right">1.90000</td><td>&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: right">$0.22200</td><td>&#160;</td>
    <td style="text-align: right">1.01040</td><td>&#160;</td>
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    <td style="text-align: right">1.90000</td><td>&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: right">0.80670</td><td>&#160;</td>
    <td style="text-align: right">0.11500</td><td>&#160;</td>
    <td style="text-align: right">0.97830</td><td>&#160;</td>
    <td style="text-align: right">&#8211;</td><td>&#160;</td>
    <td style="text-align: right">1.90000</td><td>&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: right">0.70160</td><td>&#160;</td>
    <td style="text-align: right">&#8211;</td><td>&#160;</td>
    <td style="text-align: right">1.19840</td><td>&#160;</td>
    <td style="text-align: right">&#8211;</td><td>&#160;</td>
    <td style="text-align: right">1.90000</td><td>&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: right">0.93260</td><td>&#160;</td>
    <td style="text-align: right">0.03080</td><td>&#160;</td>
    <td style="text-align: right">0.73660</td><td>&#160;</td>
    <td style="text-align: right">&#8211;</td><td>&#160;</td>
    <td style="text-align: right">1.70000</td><td>&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="text-align: left">2015</td><td>&#160;</td>
    <td style="text-align: right">1.10920</td><td>&#160;</td>
    <td style="text-align: right">0.39080</td><td>&#160;</td>
    <td style="text-align: right">&#8211;</td><td>&#160;</td>
    <td style="text-align: right">&#8211;</td><td>&#160;</td>
    <td style="text-align: right">1.50000</td><td>&#160;</td>
    <td style="text-align: right">&#8211;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: right">1.22340</td><td>&#160;</td>
    <td style="text-align: right">0.40620</td><td>&#160;</td>
    <td style="text-align: right">0.62040</td><td>&#160;</td>
    <td style="text-align: right">&#8211;</td><td>&#160;</td>
    <td style="text-align: right">2.25000</td><td>&#160;</td>
    <td style="text-align: right">&#8211;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: right">0.98366</td><td>&#160;</td>
    <td style="text-align: right">0.22196</td><td>&#160;</td>
    <td style="text-align: right">0.35268</td><td>&#160;</td>
    <td style="text-align: right">&#8211;</td><td>&#160;</td>
    <td style="text-align: right">1.55830</td><td>&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">Series B Cumulative Preferred Shares</td><td>&#160;</td>
    <td style="text-align: right">&#160;</td><td>&#160;</td>
    <td style="text-align: right">&#160;</td><td>&#160;</td>
    <td style="text-align: right">&#160;</td><td>&#160;</td>
    <td style="text-align: right">&#160;</td><td>&#160;</td>
    <td style="text-align: right">&#160;</td><td>&#160;</td>
    <td style="text-align: right">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">2022</td><td>&#160;</td>
    <td style="text-align: right">$0.86800</td><td>&#160;</td>
    <td style="text-align: right">&#8211;</td><td>&#160;</td>
    <td style="text-align: right">$1.13200</td><td>&#160;</td>
    <td style="text-align: right">&#8211;</td><td>&#160;</td>
    <td style="text-align: right">$2.00000</td><td>&#160;</td>
    <td style="text-align: right">&#8211;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">2021</td><td>&#160;</td>
    <td style="text-align: right">1.08400</td><td>&#160;</td>
    <td style="text-align: right">&#8211;</td><td>&#160;</td>
    <td style="text-align: right">0.91600</td><td>&#160;</td>
    <td style="text-align: right">&#8211;</td><td>&#160;</td>
    <td style="text-align: right">2.00000</td><td>&#160;</td>
    <td style="text-align: right">&#8211;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">2020</td><td>&#160;</td>
    <td style="text-align: right">1.82514</td><td>&#160;</td>
    <td style="text-align: right">&#8211;</td><td>&#160;</td>
    <td style="text-align: right">&#8211;</td><td>&#160;</td>
    <td style="text-align: right">$0.17486</td><td>&#160;</td>
    <td style="text-align: right">2.00000</td><td>&#160;</td>
    <td style="text-align: right">$0.17486</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">2019</td><td>&#160;</td>
    <td style="text-align: right">1.25357</td><td>&#160;</td>
    <td style="text-align: right">$0.41655</td><td>&#160;</td>
    <td style="text-align: right">1.89793</td><td>&#160;</td>
    <td style="text-align: right">&#8211;</td><td>&#160;</td>
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</table>



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<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #12110B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 8pt; color: Black">(a)</span></td><td style="text-align: justify"><span style="font-size: 8pt; color: Black">Taxable
                                         as ordinary income for Federal tax purposes.</span></td>
</tr></table>



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<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 8pt; color: Black">(b)</span></td><td style="text-align: justify"><span style="font-size: 8pt; color: Black">Non-taxable.</span></td>
</tr></table>



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<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 8pt; color: Black">(c)</span></td><td style="text-align: justify"><span style="font-size: 8pt; color: Black">Total
                                         amounts may differ due to rounding.</span></td>
</tr></table>



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<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 8pt; color: Black">(d)</span></td><td style="text-align: justify"><span style="font-size: 8pt; color: Black">Decrease
                                         in cost basis.</span></td>
</tr></table>



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<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 8pt; color: Black">(e)</span></td><td style="text-align: justify"><span style="font-size: 8pt; color: Black">On
                                         November 12, 2018, the Fund also distributed rights equivalent to $0.5465 per share based
                                         upon full subscription of all issued common and preferred shares.</span></td>
</tr></table>



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<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 8pt; color: Black">(f)</span></td><td style="text-align: justify"><span style="font-size: 8pt; color: Black">On
                                         May 7, 2013, the Fund also distributed rights equivalent to $1.0458 per share based upon
                                         full subscription of all issued common and preferred shares.</span></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="color: Black">&#160;</span></p>
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt; color: #1D1D1B"><span style="color: Black">All
designations are based on financial information available as of the date of this annual report and, accordingly, are subject to
change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code
and the regulations thereunder.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: Black"><b>THE
GABELLI GLOBAL UTILITY &amp; INCOME TRUST</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: Black"><b>One
Corporate Center</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: Black"><b>Rye,
NY 10580-1422</b></span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: Black"><b>Portfolio
Management Team Biographies</b></span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black"><b>Mario
J. Gabelli, CFA,</b> is Chairman, Chief Executive Officer, and Chief Investment Officer - Value Portfolios of GAMCO Investors,
Inc. that he founded in 1977, and Chief Investment Officer - Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management
Inc. He is also Executive Chairman of Associated Capital Group, Inc. Mr. Gabelli is a summa cum laude graduate of Fordham University
and holds an MBA degree from Columbia Business School and Honorary Doctorates from Fordham University and Roger Williams University.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #12110B"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black"><b>Timothy
M. Winter, CFA,</b> joined Gabelli in 2009 and covers the utility industry. He has over 25 years of experience as an equity research
analyst covering the industry. Currently, he continues to specialize in the utility industry and also serves as a portfolio manager
of Gabelli Funds, LLC. Mr. Winter received his BA in Economics from Rollins College and an MBA degree in Finance from Notre Dame.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Black"><b>Hendi
Susanto </b>joined Gabelli in 2007 as the lead technology research analyst. He spent his early career in supply chain management
consulting and operations in the technology industry. He currently is a portfolio manager of Gabelli Funds, LLC and a Vice President
of Associated Capital Group Inc. Mr. Susanto received a BS degree summa cum laude from the University of Minnesota, an MS from
Massachusetts Institute of Technology, and an MBA degree from the Wharton School of Business.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #12110B"><span style="color: Black">&#160;</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #12110B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #12110B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #12110B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #12110B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #12110B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #12110B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Net Asset Value per share appears in the Publicly Traded Funds column, under the heading &#8220;Specialized Equity Funds,&#8221;
in Monday&#8217;s The Wall Street Journal. It is also listed in Barron&#8217;s Mutual Funds/Closed End Funds section under the
heading &#8220;Specialized Equity Funds.&#8221;</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">The Net Asset Value
per share may be obtained each day by calling (914) 921-5070 or visiting www.gabelli.com.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">The NASDAQ symbol
for the Net Asset Value is &#8220;XGLUX.&#8221;</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: left">
    <td style="border: Black 1pt solid; padding: 3pt; width: 100%; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Notice
    is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that the Fund may from
    time to time purchase its common shares in the open market when the Fund&#8217;s shares are trading at a discount of 10% or
    more from the net asset value of the shares. The Fund may also, from time to time, purchase its preferred shares in the open
    market when the preferred shares are trading at a discount to the liquidation value.</span></td></tr>
</table>

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<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not
                                            applicable.</span></td></tr></table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Item
2. Code of Ethics.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-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="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
                                            registrant, as of the end of the period covered by this report, has adopted a code of ethics
                                            that applies to the registrant&#8217;s principal executive officer, principal financial officer,
                                            principal accounting officer or controller, or persons performing similar functions, regardless
                                            of whether these individuals are employed by the registrant or a third party.</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="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">There
                                            have been no amendments, during the period covered by this report, to a provision of the
                                            code of ethics that applies to the registrant&#8217;s principal executive officer, principal
                                            financial officer, principal accounting officer or controller, or persons performing similar
                                            functions, regardless of whether these individuals are employed by the registrant or a third
                                            party, and that relates to any element of the code of ethics description.</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="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
                                            registrant has not granted any waivers, including an implicit waiver, from a provision of
                                            the code of ethics that applies to the registrant&#8217;s principal executive officer, principal
                                            financial officer, principal accounting officer or controller, or persons performing similar
                                            functions, regardless of whether these individuals are employed by the registrant or a third
                                            party, that relates to one or more of the items set forth in paragraph (b) of this item&#8217;s
                                            instructions.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Item
3. Audit Committee Financial Expert.</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: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
of the end of the period covered by the report, the registrant&#8217;s Board of Trustees has determined that Vincent D. Enright is qualified
to serve as an audit committee financial expert serving on its audit committee and that he is &#8220;independent,&#8221; as defined by
Item 3 of Form N-CSR.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Item
4. Principal Accountant Fees and Services.</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: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-decoration: underline">Audit
Fees</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-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="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
                                            aggregate fees billed for each of the last two fiscal years for professional services rendered
                                            by the principal accountant for the audit of the registrant&#8217;s annual financial statements
                                            or services that are normally provided by the accountant in connection with statutory and
                                            regulatory filings or engagements for those fiscal years are $44,367 for 2021 and $46,585
                                            for 2022.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-decoration: underline">Audit-Related
Fees</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-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="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
                                            aggregate fees billed in each of the last two fiscal years for assurance and related services
                                            by the principal accountant that are reasonably related to the performance of the audit of
                                            the registrant&#8217;s financial statements and are not reported under paragraph (a) of this
                                            Item are $0 for 2021 and $0 for 2022.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-decoration: underline">Tax
Fees</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-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="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
                                            aggregate fees billed in each of the last two fiscal years for professional services rendered
                                            by the principal accountant for tax compliance, tax advice, and tax planning are $4,335 for
                                            2021 and $4,550 for 2022. Tax fees represent tax compliance services provided in connection
                                            with the review of the Registrant&#8217;s tax returns.</span></td></tr></table>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-decoration: underline">All
Other Fees</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-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="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
                                            aggregate fees billed in each of the last two fiscal years for products and services provided
                                            by the principal accountant, other than the services reported in paragraphs (a) through (c)
                                            of this Item are $7,500 for 2021 and $0 for 2022.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-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="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)(1)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Disclose
                                            the audit committee&#8217;s pre-approval policies and procedures described in paragraph (c)(7)
                                            of Rule 2-01 of Regulation S-X.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Pre-Approval
Policies and Procedures. The Audit Committee (&#8220;Committee&#8221;) of the registrant is responsible for pre-approving (i) all audit
and permissible non-audit services to be provided by the independent registered public accounting firm to the registrant and (ii) all
permissible non-audit services to be provided by the independent registered public accounting firm to the Adviser, Gabelli Funds, LLC,
and any affiliate of Gabelli Funds, LLC (&#8220;Gabelli&#8221;) that provides services to the registrant (a &#8220;Covered Services Provider&#8221;)
if the independent registered public accounting firm&#8217;s engagement related directly to the operations and financial reporting of
the registrant. The Committee may delegate its responsibility to pre-approve any such audit and permissible non-audit services to the
Chairperson of the Committee, and the Chairperson must report to the Committee, at its next regularly scheduled meeting after the Chairperson&#8217;s
pre-approval of such services, his or her decision(s). The Committee may also establish detailed pre-approval policies and procedures
for pre-approval of such services in accordance with applicable laws, including the delegation of some or all of the Committee&#8217;s
pre-approval responsibilities to the other persons (other than Gabelli or the registrant&#8217;s officers). Pre-approval by the Committee
of any permissible non-audit services is not required so long as: (i) the permissible non-audit services were not recognized by the registrant
at the time of the engagement to be non-audit services; and (ii) such services are promptly brought to the attention of the Committee
and approved by the Committee or Chairperson prior to the completion of the audit.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-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="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)(2)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
                                            percentage of services described in each of paragraphs (b) through (d) of this Item that
                                            were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation
                                            S-X are as follows:</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-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="vertical-align: top">
<td style="width: 3.5in"></td><td style="width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-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="vertical-align: top">
<td style="width: 3.5in"></td><td style="width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0%</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-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="vertical-align: top">
<td style="width: 3.5in"></td><td style="width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0%</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-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="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
                                            percentage of hours expended on the principal accountant&#8217;s engagement to audit the
                                            registrant&#8217;s financial statements for the most recent fiscal year that were attributed
                                            to work performed by persons other than the principal accountant&#8217;s full-time, permanent
                                            employees was less than fifty percent.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-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="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
                                            aggregate non-audit fees billed by the registrant&#8217;s accountant for services rendered
                                            to the registrant, and rendered to the registrant&#8217;s investment adviser (not including
                                            any sub-adviser whose role is primarily portfolio management and is subcontracted with or
                                            overseen by another investment adviser), and any entity controlling, controlled by, or under
                                            common control with the adviser that provides ongoing services to the registrant for each
                                            of the last two fiscal years of the registrant was $7,500 for 2021 and $0 for 2022.</span></td></tr></table>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-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="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(h)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
                                            registrant&#8217;s audit committee of the board of directors has considered whether the provision
                                            of non-audit services that were rendered to the registrant&#8217;s investment adviser (not
                                            including any sub-adviser whose role is primarily portfolio management and is subcontracted
                                            with or overseen by another investment adviser), and any entity controlling, controlled by,
                                            or under common control with the investment adviser that provides ongoing services to the
                                            registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation
                                            S-X is compatible with maintaining the principal accountant&#8217;s independence.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></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: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not
                                            Applicable.</span></td>
</tr></table>

<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: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></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: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(j)</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
                                            registrant is not a foreign issuer.</span></td>
</tr></table>

<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: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Item
5. Audit Committee of Listed Registrants.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-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="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
                                            registrant has a separately designated audit committee consisting of the following members:
                                            Vincent D. Enright, Michael J. Melarkey, Salvatore M. Salibello, and Salvatore J. Zizza.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-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="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not
                                            applicable.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Item
6. Investments.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-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="vertical-align: top">
<td style="width: 0"></td><td style="width: 22.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal">(a)</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal">Schedule
                                            of Investments in securities of unaffiliated issuers as of the close of the reporting period
                                            is included as part of the report to shareholders filed under Item 1(a) of this form.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-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="vertical-align: top">
<td style="width: 0"></td><td style="width: 22.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not
                                            applicable due to no such divestments during the semi-annual period covered since the previous
                                            Form N-CSR filing.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-indent: -40.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Item
7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-indent: -40.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Proxy Voting Policies are attached herewith.</span></p>

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

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

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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">SECTION
HH</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>The
Voting of Proxies on Behalf of Clients</b>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><i>(This
section pertains to all affiliated SEC registered investment advisers)</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">&#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: Arial, Helvetica, Sans-Serif">Rule
206(4)-6 under the Investment Advisers Act of 1940 and Rule 30b1-4 under the Investment Company Act of 1940 require investment advisers
to adopt written policies and procedures governing the voting of proxies on behalf of their clients.</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: Arial, Helvetica, Sans-Serif">&#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: Arial, Helvetica, Sans-Serif">These
procedures will be used by GAMCO Asset Management Inc., Gabelli Funds, LLC, Gabelli &amp; Company Investment Advisers, Inc., and Teton
Advisors, Inc. (collectively, the &#8220;Advisers&#8221;) to determine how to vote proxies relating to portfolio securities held by their
clients, including the procedures that the Advisers use when a vote presents a conflict between the interests of the shareholders of
an investment company managed by one of the Advisers, on the one hand, and those of the Advisers; the principal underwriter; or any affiliated
person of the investment company, the Advisers, or the principal underwriter. These procedures will not apply where the Advisers do not
have voting discretion or where the Advisers have agreed to with a client to vote the client&#8217;s proxies in accordance with specific
guidelines or procedures supplied by the client (to the extent permitted by ERISA).</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: Arial, Helvetica, Sans-Serif">&#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: Arial, Helvetica, Sans-Serif"><b>I.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Proxy
Voting Committee</b></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: Arial, Helvetica, Sans-Serif">&#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: Arial, Helvetica, Sans-Serif">The
Proxy Voting Committee was originally formed in April 1989 for the purpose of formulating guidelines and reviewing proxy statements within
the parameters set by the substantive proxy voting guidelines originally published in 1988 and updated periodically, a copy of which
are appended as Exhibit A. The Committee will include representatives of Research, Administration, Legal, and the Advisers. Additional
or replacement members of the Committee will be nominated by the Chairman and voted upon by the entire Committee.</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: Arial, Helvetica, Sans-Serif">&#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: Arial, Helvetica, Sans-Serif">Meetings
are held on an as needed basis to form views on the manner in which the Advisers should vote proxies on behalf of their clients.</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: Arial, Helvetica, Sans-Serif">&#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: Arial, Helvetica, Sans-Serif">In
general, the Director of Proxy Voting Services, using the Proxy Guidelines, and the analysts of GAMCO Investors, Inc. (&#8220;GBL&#8221;),
will determine how to vote on each issue. For non-controversial matters, the Director of Proxy Voting Services may vote the proxy if
the vote is: (1) consistent with the recommendations of the issuer's Board of Directors and not contrary to the Proxy Guidelines; (2)
consistent with the recommendations of the issuer's Board of Directors and is a non-controversial issue not covered by the Proxy Guidelines;
or (3) the vote is contrary to the recommendations of the Board of Directors but is consistent with the Proxy Guidelines. In those instances,
the Director of Proxy Voting Services or the Chairman of the Committee may sign and date the proxy statement indicating how each issue
will be voted.</span></p>

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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">Revised: April
6, 2022</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase">Internal
Use Only</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-family: Arial, Helvetica, Sans-Serif">&#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: Arial, Helvetica, Sans-Serif">All
matters identified by the Chairman of the Committee, the Director of Proxy Voting Services or the Legal Department as controversial,
taking into account the recommendations of the analysts of GBL, will be presented to the Proxy Voting Committee. If the Chairman of the
Committee, the Director of Proxy Voting Services or the Legal Department has identified the matter as one that (1) is controversial;
(2) would benefit from deliberation by the Proxy Voting Committee; or (3) may give rise to a conflict of interest between the Advisers
and their clients, the Chairman of the Committee will initially determine what vote to recommend that the Advisers should cast and the
matter will go before the Committee.</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: Arial, Helvetica, Sans-Serif">&#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="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>A.</b></span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Conflicts
                                            of Interest.</b></span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">The
Advisers have implemented these proxy voting procedures in order to prevent conflicts of interest from influencing their proxy voting
decisions. By following the Proxy Guidelines and the analysts of GBL, the Advisers are able to avoid, wherever possible, the influence
of potential conflicts of interest. Nevertheless, circumstances may arise in which one or more of the Advisers are faced with a conflict
of interest or the appearance of a conflict of interest in connection with its vote. In general, a conflict of interest may arise when
an Adviser knowingly does business with an issuer, and may appear to have a material conflict between its own interests and the interests
of the shareholders of an investment company managed by one of the Advisers regarding how the proxy is to be voted. A conflict also may
exist when an Adviser has actual knowledge of a material business arrangement between an issuer and an affiliate of the Adviser.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif">In
practical terms, a conflict of interest may arise, for example, when a proxy is voted for a company that is a client of one of the Advisers,
such as GAMCO Asset Management Inc. A conflict also may arise when a client of one of the Advisers has made a shareholder proposal in
a proxy to be voted upon by one or more of the Advisers. The Director of Proxy Voting Services, together with the Legal Department, will
scrutinize all proxies for these or other situations that may give rise to a conflict of interest with respect to the voting of proxies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>B.</b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;<b>Operation
of Proxy Voting Committee</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">For
matters submitted to the Committee, each member of the Committee will receive, prior to the meeting, a copy of the proxy statement, a
summary of any views provided by the Chief Investment Officer and any recommendations by GBL analysts. The Chief Investment Officer or
the GBL analysts may be invited to present their viewpoints. If the Director of Proxy Voting Services or the Legal Department believe
that the matter before the committee is one with respect to which a conflict of interest may exist between the Advisers and their clients,
counsel may provide an opinion to the Committee concerning the conflict. If the matter is one in which the interests of the clients of
one or more of the Advisers may diverge, counsel may so advise and the Committee may make different recommendations as to different clients.
For any matters where the recommendation may trigger appraisal rights, counsel may provide an opinion concerning the likely risks and
merits of such an appraisal action.</span></p>

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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">Revised: April
6, 2022</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase">Internal
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">&#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: Arial, Helvetica, Sans-Serif">Each
matter submitted to the Committee will be determined by the vote of a majority of the members present at the meeting. Should the vote
concerning one or more recommendations be tied in a vote of the Committee, the Chairman of the Committee will cast the deciding vote.
The Committee will notify the proxy department of its decisions and the proxies will be voted accordingly.</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: Arial, Helvetica, Sans-Serif">&#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: Arial, Helvetica, Sans-Serif">Although
the Proxy Guidelines express the normal preferences for the voting of any shares not covered by a contrary investment guideline provided
by the client, the Committee is not bound by the preferences set forth in the Proxy Guidelines and will review each matter on its own
merits. The Advisers subscribe to Institutional Shareholder Services Inc (&#8220;ISS&#8221;) and Glass Lewis &amp; Co., LLC (&#8220;Glass
Lewis&#8221;), which supply current information on companies, matters being voted on, regulations, trends in proxy voting and information
on corporate governance issues. The information provided by ISS and GL is for informational purposes only.</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: Arial, Helvetica, Sans-Serif">&#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: Arial, Helvetica, Sans-Serif">If
the vote cast either by the analyst or as a result of the deliberations of the Proxy Voting Committee runs contrary to the recommendation
of the Board of Directors of the issuer, the matter may be referred to legal counsel to determine whether an amendment to the most recently
filed Schedule 13D is appropriate.</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: Arial, Helvetica, Sans-Serif">&#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="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>II.</b></span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Social
                                            Issues and Other Client Guidelines</b></span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif">&#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: Arial, Helvetica, Sans-Serif">If
a client has provided and the Advisers have accepted special instructions relating to the voting of proxies, they should be noted in
the client&#8217;s account file and forwarded to the proxy department. This is the responsibility of the investment professional or sales
assistant for the client. In accordance with Department of Labor guidelines, the Advisers&#8217; policy is to vote on behalf of ERISA
accounts in the best interest of the plan participants with regard to social issues that carry an economic impact. Where an account is
not governed by ERISA, the Advisers will vote shares held on behalf of the client in a manner consistent with any individual investment/voting
guidelines provided by the client. Otherwise the Advisers may abstain with respect to those shares.</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: Arial, Helvetica, Sans-Serif">&#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: Arial, Helvetica, Sans-Serif">Specific
to the Gabelli ESG Fund and the Gabelli Love Our Planet &amp; People ETF, the Proxy Voting Committee will rely on the advice of the portfolio
managers of the Gabelli ESG Fund and the Gabelli Love Our Planet &amp; People ETF to provide voting recommendations on the securities
held in the portfolios.</span></p>

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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">Revised: April
6, 2022</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase">Internal
Use Only</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-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>III.</b></span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Client
                                            Retention of Voting Rights</b></span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;&#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: Arial, Helvetica, Sans-Serif">If
a client chooses to retain the right to vote proxies or if there is any change in voting authority, the following should be notified
by the investment professional or sales assistant for the client.</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: Arial, Helvetica, Sans-Serif">&#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: Arial, Helvetica, Sans-Serif">-
Operations&#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: Arial, Helvetica, Sans-Serif">-
Proxy Department&#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: Arial, Helvetica, Sans-Serif">-
Investment professional assigned to the account</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: Arial, Helvetica, Sans-Serif">&#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: Arial, Helvetica, Sans-Serif">In
the event that the Board of Directors (or a Committee thereof) of one or more of the investment companies managed by one of the Advisers
has retained direct voting control over any security, the Proxy Voting Department will provide each Board Member (or Committee member)
with a copy of the proxy statement together with any other relevant information.</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: Arial, Helvetica, Sans-Serif">&#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="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>IV.</b></span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Proxies
                                            of Certain Non-U.S. Issuers</b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif">&#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: Arial, Helvetica, Sans-Serif">Proxy
voting in certain countries requires &#8220;share-blocking.&#8221; Shareholders wishing to vote their proxies must deposit their shares
shortly before the date of the meeting with a designated depository. During the period in which the shares are held with a depository,
shares that will be voted at the meeting cannot be sold until the meeting has taken place and the shares are returned to the clients&#8217;
custodian. Absent a compelling reason to the contrary, the Advisers believe that the benefit to the client of exercising the vote is
outweighed by the cost of voting and therefore, the Advisers will not typically vote the securities of non-U.S. issuers that require
share-blocking.</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: Arial, Helvetica, Sans-Serif">&#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: Arial, Helvetica, Sans-Serif">In
addition, voting proxies of issuers in non-U.S. markets may also give rise to a number of administrative issues or give rise to circumstances
under which voting would impose a cost (real or implied) on its client which may cause the Advisers to abstain from voting such proxies.
For example, the Advisers may receive the notices for shareholder meetings without adequate time to consider the proposals in the proxy
or after the cut-off date for voting. Other markets require the Advisers to provide local agents with power of attorney prior to implementing
their respective voting instructions on the proxy. Other markets may require disclosure of certain ownership information in excess of
what is required to vote in the U.S. market. Although it is the Advisers&#8217; policies to vote the proxies for its clients for which
they have proxy voting authority, in the case of issuers in non-U.S. markets, we vote client proxies on a best efforts basis.</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: Arial, Helvetica, Sans-Serif">&#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="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>V.</b></span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Voting
                                            Records</b></span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif">&#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: Arial, Helvetica, Sans-Serif">The
Proxy Voting Department will retain a record of matters voted upon by the Advisers for their clients. The Advisers will supply information
on how they voted a client&#8217;s proxy upon request from the client.</span></p>

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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">Revised: April
6, 2022</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase">Internal
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif">&#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: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif">The
complete voting records for each registered investment company (the &#8220;Fund&#8221;) that is managed by the Advisers will be filed
on Form N-PX for the twelve months ended June 30th, no later than August 31st of each year. A description of the Fund&#8217;s proxy voting
policies, procedures, and how the Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i)
calling 800-GABELLI (800-422-3554); (ii) writing to Gabelli Funds, LLC at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting
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-indent: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif">.</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: Arial, Helvetica, Sans-Serif">The
Advisers&#8217; proxy voting records will be retained in compliance with Rule 204-2 under the Investment Advisers Act.</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: Arial, Helvetica, Sans-Serif">&#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="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>VI.</b></span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Voting
                                            Procedures</b></span></td>
</tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">1.
Custodian banks, outside brokerage firms and clearing firms are responsible for forwarding proxies directly to the Advisers.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Proxies
are received in one of two forms:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">&#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="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Shareholder
                                            Vote Instruction Forms (&#8220;VIFs&#8221;) - Issued by Broadridge Financial Solutions, Inc.
                                            (&#8220;Broadridge&#8221;). Broadridge is an outside service contracted by the various institutions
                                            to issue proxy materials.</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="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Proxy
                                            cards which may be voted directly.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">2.
Upon receipt of the proxy, the number of shares each form represents is logged into the proxy system, electronically or manually, according
to security.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">3.
Upon receipt of instructions from the proxy committee, the votes are cast and recorded for each account.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Records
have been maintained on the ProxyEdge system.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif">Security
Name and CUSIP Number&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif">Date
and Type of Meeting (Annual, Special, Contest)</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif">Directors&#8217;
Recommendation (if any)&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif">How
the Adviser voted for the client on item</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">4.
VIFs are kept alphabetically by security. Records for the current proxy season are located in the Proxy Voting Department office. In
preparation for the upcoming season, files are transferred to an offsite storage facility during January/February.</span></p>

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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">Revised: April
6, 2022</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase">Internal
Use Only</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: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">5.
If a proxy card or VIF is received too late to be voted in the conventional matter, every attempt is made to vote including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">&#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="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">When
                                            a solicitor has been retained, the solicitor is called. At the solicitor&#8217;s direction,
                                            the proxy is faxed or sent electronically.</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="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">In
                                            some circumstances VIFs can be faxed or sent electronically to Broadridge up until the time
                                            of the meeting.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">6.
In the case of a proxy contest, records are maintained for each opposing entity.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">7.
Voting in Person</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">a)
At times it may be necessary to vote the shares in person. In this case, a &#8220;legal proxy&#8221; is obtained in the following manner:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">&#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="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Banks
                                            and brokerage firms using the services at Broadridge:</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Broadridge
is notified that we wish to vote in person. Broadridge issues individual legal proxies and sends them back via email or overnight (or
the Adviser can pay messenger charges). A lead-time of at least two weeks prior to the meeting is needed to do this. Alternatively, the
procedures detailed below for banks not using Broadridge may be implemented.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">&#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="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Banks
                                            and brokerage firms issuing proxies directly:</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif">The
bank is called and/or faxed and a legal proxy is requested.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">All
legal proxies should appoint:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>&#8220;Representative
of [Adviser name] with full power of substitution.&#8221;</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">b)
The legal proxies are given to the person attending the meeting along with the limited power of attorney.</span></p>

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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">Revised: April
6, 2022</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase">Internal
Use Only</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: Arial, Helvetica, Sans-Serif"><b>Appendix
A</b></span></p>

<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: Arial, Helvetica, Sans-Serif"><b>Proxy
Guidelines</b></span></p>

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

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">PROXY
VOTING GUIDELINES</span></p>

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

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">General
Policy Statement</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">It
is the policy of GAMCO Investors, Inc, and its affiliated advisers (collectively &#8220;the Advisers&#8221;) to vote in the best economic
interests of our clients. As we state in our Magna Carta of Shareholders Rights, established in May 1988, we are neither <i>for</i> nor
<i>against</i> management. We are for shareholders.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">At
our first proxy committee meeting in 1989, it was decided that each proxy statement should be evaluated on its own merits within the
framework first established by our Magna Carta of Shareholders Rights. The attached guidelines serve to enhance that broad framework.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">We
do not consider any issue routine. We take into consideration all of our research on the company, its directors, and their short and
long-term goals for the company. In cases where issues that we generally do not approve of are combined with other issues, the negative
aspects of the issues will be factored into the evaluation of the overall proposals but will not necessitate a vote in opposition to
the overall proposals.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><i>Board
of Directors</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">We
do not consider the election of the Board of Directors a routine issue. Each slate of directors is evaluated on a case-by-case basis.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Factors
taken into consideration include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">&#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="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Historical
                                            responsiveness to shareholders</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif">This
may include such areas as:</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif">-Failure
to adopt shareholder resolutions receiving a majority of shareholder votes</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Qualifications</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="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Nominating
                                            committee in place</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="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Number
                                            of outside directors on the board</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="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Attendance
                                            at meetings</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="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Overall
                                            performance</span></td></tr></table>

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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">Revised: April
6, 2022</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase">Internal
Use Only</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>
    <!-- Field: /Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><i>Selection
of Auditors</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">In
general, we support the Board of Directors&#8217; recommendation for auditors.</span></p>

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

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">Blank
Check Preferred Stock</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">We
oppose the issuance of blank check preferred stock.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Blank
check preferred stock allows the company to issue stock and establish dividends, voting rights, etc. without further shareholder approval.</span></p>

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

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">Classified
Board</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">A
classified board is one where the directors are divided into classes with overlapping terms. A different class is elected at each annual
meeting.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">While
a classified board promotes continuity of directors facilitating long range planning, we feel directors should be accountable to shareholders
on an annual basis. We will look at this proposal on a case-by-case basis taking into consideration the board&#8217;s historical responsiveness
to the rights of shareholders.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Where
a classified board is in place we will generally not support attempts to change to an annually elected board.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">When an annually
elected board is in place, we generally will not support attempts to classify the board.</span></p>

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

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">Increase
Authorized Common Stock</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">The
request to increase the amount of outstanding shares is considered on a case-by-case basis.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Factors
taken into consideration include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">&#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="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Future
                                            use of additional shares</span></td></tr></table>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif">-Stock
option or other executive compensation plan</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif">-Finance
growth of company/strengthen balance sheet</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif">-Improve
credit rating</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Arial, Helvetica, Sans-Serif">-Implement
a poison pill or other takeover defense</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Amount
                                            of stock currently authorized but not yet issued or reserved for stock option plans</span></td></tr></table>

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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">Revised: April
6, 2022</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase">Internal
Use Only</span></p>





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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif">&#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="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Amount
                                            of additional stock to be authorized and its dilutive effect</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">We will support
this proposal if a detailed and verifiable plan for the use of the additional shares is contained in the proxy statement.</span></p>

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

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">Confidential
Ballot</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">We support
the idea that a shareholder&#8217;s identity and vote should be treated with confidentiality.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">However, we
look at this issue on a case-by-case basis.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">In order to
promote confidentiality in the voting process, we endorse the use of independent Inspectors of Election.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><i>Cumulative
Voting</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">In
general, we support cumulative voting.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Cumulative
voting is a process by which a shareholder may multiply the number of directors being elected by the number of shares held on record
date and cast the total number for one candidate or allocate the voting among two or more candidates.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Where
cumulative voting is in place, we will vote against any proposal to rescind this shareholder right.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">Cumulative
voting may result in a minority block of stock gaining representation on the board. When a proposal is made to institute cumulative voting,
the proposal will be reviewed on a case-by-case basis. While we feel that each board member should represent all shareholders, cumulative
voting provides minority shareholders an opportunity to have their views represented.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><i>Director
Liability and Indemnification</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">We
support efforts to attract the best possible directors by limiting the liability and increasing the indemnification of directors, except
in the case of insider dealing.</span></p>

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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">Revised: April
6, 2022</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase">Internal
Use Only</span></p>






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<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">Equal
Access to the Proxy</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">The SEC&#8217;s
rules provide for shareholder resolutions. However, the resolutions are limited in scope and there is a 500 word limit on proponents&#8217;
written arguments. Management has no such limitations. While we support equal access to the proxy, we would look at such variables as
length of time required to respond, percentage of ownership, etc.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><i>Fair
Price Provisions</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Charter
provisions requiring a bidder to pay all shareholders a fair price are intended to prevent two-tier tender offers that may be abusive.
Typically, these provisions do not apply to board-approved transactions.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">We
support fair price provisions because we feel all shareholders should be entitled to receive the same benefits.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">Reviewed on
a case-by-case basis.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><i>Golden
Parachutes</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Golden
parachutes are severance payments to top executives who are terminated or demoted after a takeover.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">We
support any proposal that would assure management of its own welfare so that they may continue to make decisions in the best interest
of the company and shareholders even if the decision results in them losing their job. We do not, however, support excessive golden parachutes.
Therefore, each proposal will be decided on a case-by- case basis.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><i>Anti-Greenmail
Proposals</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">We do not
support greenmail. An offer extended to one shareholder should be extended to all shareholders equally across the board.</span></p>

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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">Revised: April
6, 2022</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase">Internal
Use Only</span></p>






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<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">Limit
Shareholders&#8217; Rights to Call Special Meetings</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">We support
the right of shareholders to call a special meeting.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">Reviewed on
a case-by-case basis.</span></p>

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

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">Consideration
of Nonfinancial Effects of a Merger</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">This proposal
releases the directors from only looking at the financial effects of a merger and allows them the opportunity to consider the merger&#8217;s
effects on employees, the community, and consumers.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">As a fiduciary,
we are obligated to vote in the best economic interests of our clients. In general, this proposal does not allow us to do that. Therefore,
we generally cannot support this proposal.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">Reviewed on
a case-by-case basis.</span></p>

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

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">Mergers,
Buyouts, Spin-Offs, Restructurings</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">Each of the
above is considered on a case-by-case basis. According to the Department of Labor, we are not required to vote for a proposal simply
because the offering price is at a premium to the current market price. We may take into consideration the long term interests of the
shareholders.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><i>Military
Issues</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">Shareholder
proposals regarding military production must be evaluated on a purely economic set of criteria for our ERISA clients. As such, decisions
will be made on a case-by-case basis.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">In voting
on this proposal for our non-ERISA clients, we will vote according to the client&#8217;s direction when applicable. Where no direction
has been given, we will vote in the best economic interests of our clients. It is not our duty to impose our social judgment on others.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><i>Northern
Ireland</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Shareholder
proposals requesting the signing of the MacBride principles for the purpose of countering the discrimination of Catholics in hiring practices
must be evaluated on a purely economic set of criteria for our ERISA clients. As such, decisions will be made on a case-by-case basis.</span></p>

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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">Revised: April
6, 2022</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase">Internal
Use Only</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: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">In
voting on this proposal for our non-ERISA clients, we will vote according to client direction when applicable. Where no direction has
been given, we will vote in the best economic interests of our clients. It is not our duty to impose our social judgment on others.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><i>Opt
Out of State Anti-Takeover Law</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">This
shareholder proposal requests that a company opt out of the coverage of the state&#8217;s takeover statutes. Example: Delaware law requires
that a buyer must acquire at least 85% of the company&#8217;s stock before the buyer can exercise control unless the board approves.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">We
consider this on a case-by-case basis. Our decision will be based on the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">&#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="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">State
                                            of Incorporation</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="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Management
                                            history of responsiveness to shareholders</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="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Other
                                            mitigating factors</span></td></tr></table>

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

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">Poison
Pill</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">In
general, we do not endorse poison pills.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">In
certain cases where management has a history of being responsive to the needs of shareholders and the stock is very liquid, we will reconsider
this position.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><i>Reincorporation</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Generally,
we support reincorporation for well-defined business reasons. We oppose reincorporation if proposed solely for the purpose of reincorporating
in a state with more stringent anti-takeover statutes that may negatively impact the value of the stock.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><i>Stock
Incentive Plans</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Director
and Employee Stock incentive plans are an excellent way to attract, hold and motivate directors and employees. However, each incentive
plan must be evaluated on its own merits, taking into consideration the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">&#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="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Dilution
                                            of voting power or earnings per share by more than 10%.</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="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Kind
                                            of stock to be awarded, to whom, when and how much.</span></td></tr></table>

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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">Revised: April
6, 2022</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase">Internal
Use Only</span></p>





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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif">&#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="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Method
                                            of payment.</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="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Amount
                                            of stock already authorized but not yet issued under existing stock plans.</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="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">The
                                            successful steps taken by management to maximize shareholder value.</span></td></tr></table>

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

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">Supermajority
Vote Requirements</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">Supermajority
vote requirements in a company&#8217;s charter or bylaws require a level of voting approval in excess of a simple majority of the outstanding
shares. In general, we oppose supermajority-voting requirements. Supermajority requirements often exceed the average level of shareholder
participation. We support proposals&#8217; approvals by a simple majority of the shares voting.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Reviewed
on a case-by-case basis.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><i>Limit
Shareholders Right to Act by Written Consent</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Written
consent allows shareholders to initiate and carry on a shareholder action without having to wait until the next annual meeting or to
call a special meeting. It permits action to be taken by the written consent of the same percentage of the shares that would be required
to effect proposed action at a shareholder meeting.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Reviewed
on a case-by-case basis.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><i>&#8220;Say-on-Pay&#8221;
/ &#8220;Say-When-on-Pay&#8221; / &#8220;Say-on-Golden-Parachutes&#8221;</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">Required under
the Dodd-Frank Act; these proposals are non-binding advisory votes on executive compensation.&#160; We will generally vote with the Board
of Directors&#8217; recommendation(s) on advisory votes on executive compensation (&#8220;Say-on-Pay&#8221;), advisory votes on the frequency
of voting on executive compensation (&#8220;Say-When-on-Pay&#8221;) and advisory votes relating to extraordinary transaction executive
compensation (&#8220;Say-on-Golden-Parachutes&#8221;).&#160; In those instances when we believe that it is in our clients&#8217; best
interest, we may abstain or vote against executive compensation and/or the frequency of votes on executive compensation and/or extraordinary
transaction executive compensation advisory votes.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><i>Proxy
Access</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">Proxy access
is a tool used to attempt to promote board accountability by requiring that a company&#8217;s proxy materials contain not only the names
of management nominees, but also any candidates nominated by long-term shareholders holding at least a certain stake in the company.
We will review proposals regarding proxy access on a case-by-case basis taking into account the provisions of the proposal, the company&#8217;s
current governance structure, the successful steps taken by management to maximize shareholder value, as well as other applicable factors.</span></p>

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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">Revised: April
6, 2022</span></p>

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

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

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    <!-- Field: /Page -->

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Item
8. Portfolio Managers of Closed-End Management Investment Companies.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-decoration: underline"><b>PORTFOLIO
MANAGERS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mario
J. Gabelli, CFA, is Chairman and Chief Executive Officer of GAMCO Investors, Inc. and Executive Chairman of Associated Capital Group,
Inc., and Chief Investment Officer &#8211; Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc. Mr. Gabelli is a summa
cum laude graduate of Fordham University and holds an MBA degree from Columbia Business School and Honorary Doctorates from Fordham University
and Roger Williams University.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Timothy
Winter joined Gabelli in 2009 and covers the utility industry. He has over 25 years of experience as an equity research analyst covering
the industry. Currently, he continues to specialize in the utility industry and serves as a portfolio manager of Gabelli Funds, LLC.
Mr. Winter received his BA in Economics in 1991 from Rollins College and MBA in Finance from Notre Dame in 1992.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hendi
Susanto joined Gabelli in 2007 as the lead technology research analyst. He spent his early career in supply chain management consulting
and operations in the technology industry. He currently is a portfolio manager of Gabelli Funds, LLC and a Vice President of Associated
Capital Group Inc. Mr. Susanto received a BS degree summa cum laude from the University of Minnesota, an MS from M.I.T., and an MBA from
the Wharton School of Business.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-decoration: underline"><b>MANAGEMENT
OF OTHER ACCOUNTS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
table below shows the number of other accounts managed by the portfolio managers and the total assets in each of the following categories:
registered investment companies, other paid investment vehicles and other accounts as of December 31, 2022. For each category, the table
also shows the number of accounts and the total assets in the accounts with respect to which the advisory fee is based on account performance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-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="vertical-align: bottom">
    <td style="border: Black 1pt solid; width: 24%; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><br />
    Name of Portfolio Manager</b></span></td>
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 17%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font-size: 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Type
    of Accounts</b></span></td>
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 16%; padding-right: 5.75pt; padding-left: 5.75pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total</b></span></p>
        <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: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>No.
        of Accounts Managed</b></span></p></td>
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 13%; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Assets</b></span></td>
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font-size: 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>No.
    of Accounts where Advisory Fee is Based on Performance</b></span></td>
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font-size: 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Assets in Accounts where Advisory Fee is Based on Performance</b></span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mario
    J. Gabelli, CFA</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Registered
    Investment Companies:</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$16.4
                                            billion</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$5.2
                                            billion</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
    Pooled Investment Vehicles:</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1.0
                                            billion</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$937
                                            million</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
    Accounts:</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">881</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$6.1
                                            billion</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p></td></tr>
<tr style="vertical-align: top; background-color: White">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font-size: 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font-size: 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font-size: 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font-size: 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="background-color: White">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Timothy
    M. Winter</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Registered
    Investment Companies:</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2.3
                                            billion</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$342.5
                                            million</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p></td></tr>
<tr style="background-color: White">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt"></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
    Pooled Investment Vehicles:</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p></td></tr>
<tr style="background-color: White">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
    Accounts:</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1.1
                                            million</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p></td></tr>
<tr style="background-color: White">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font-size: 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font-size: 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font-size: 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; font-size: 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="background-color: rgb(204,238,255)">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hendi
    Susanto</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Registered
    Investment Companies:</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$4.9
                                            billion</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$4.5
                                            billion</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p></td></tr>
<tr style="background-color: rgb(204,238,255)">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
    Pooled Investment Vehicles:</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p></td></tr>
<tr style="background-color: rgb(204,238,255)">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
    Accounts:</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$7.1
                                            million</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&#160;</b></span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-decoration: underline"><b>POTENTIAL
CONFLICTS OF INTEREST</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
reflected above, the Portfolio Managers manage accounts in addition to the Fund. Actual or apparent conflicts of interest may arise when
a Portfolio Manager also has day to day management responsibilities with respect to one or more other accounts. These potential conflicts
include:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ALLOCATION
OF LIMITED TIME AND ATTENTION.</b>&#160;As indicated above, the Portfolio Managers manage multiple accounts. As a result, he/she will
not be able to devote all of their time to the management of the Trust. The Portfolio Managers, therefore, may not be able to formulate
as complete a strategy or identify equally attractive investment opportunities for each of those accounts as might be the case if he/she
were to devote all of their attention to the management of only the Fund.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ALLOCATION
OF LIMITED INVESTMENT OPPORTUNITIES.</b>&#160;As indicated above, the Portfolio Managers manage managed accounts with investment strategies
and/or policies that are similar to the Trust. In these cases, if the Portfolio Manager identifies an investment opportunity that may
be suitable for multiple accounts, a fund may not be able to take full advantage of that opportunity because the opportunity may be allocated
among all or many of these accounts or other accounts managed primarily by other Portfolio Managers of the Adviser, and their affiliates.
In addition, in the event a Portfolio Manager determines to purchase a security for more than one account in an aggregate amount that
may influence the market price of the security, accounts that purchased or sold the security first may receive a more favorable price
than accounts that made subsequent transactions.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SELECTION
OF BROKER/DEALERS.</b>&#160;Because of Mr.&#160;Gabelli&#8217;s indirect majority ownership interest in G.research, LLC, he may have
an incentive to use G.research to execute portfolio transactions for a fund.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>PURSUIT
OF DIFFERING STRATEGIES.</b>&#160;At times, the Portfolio Managers may determine that an investment opportunity may be appropriate for
only some of the accounts for which he/she exercises investment responsibility, or may decide that certain of the funds or accounts should
take differing positions with respect to a particular security. In these cases, the Portfolio Manager may execute differing or opposite
transactions for one or more accounts which may affect the market price of the security or the execution of the transaction, or both,
to the detriment of one or more other accounts.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>VARIATION
IN COMPENSATION.</b>&#160;A conflict of interest may arise where the financial or other benefits available to the Portfolio Manager differs
among the accounts that they manage. If the structure of the Adviser&#8217;s management fee or the Portfolio Manager&#8217;s compensation
differs among accounts (such as where certain accounts pay higher management fees or performance-based management fees), the portfolio
managers may be motivated to favor certain accounts over others. The portfolio managers also may be motivated to favor accounts in which
they have an investment interest, or in which the Adviser, or their affiliates have investment interests. Similarly, the desire to maintain
assets under management or to enhance a Portfolio Manager&#8217;s performance record or to derive other rewards, financial or otherwise,
could influence the Portfolio Manager in affording preferential treatment to those accounts that could most significantly benefit the
Portfolio Manager. For example, as reflected above, if the Portfolio Manager manages accounts which have performance fee arrangements,
certain portions of his/her compensation will depend on the achievement of performance milestones on those accounts. The Portfolio Manager
could be incented to afford preferential treatment to those accounts and thereby be subject to a potential conflict of interest.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Adviser, and the Funds have adopted compliance policies and procedures that are designed to address the various conflicts of interest
that may arise for the Adviser and their staff members. However, there is no guarantee that such policies and procedures will be able
to detect and prevent every situation in which an actual or potential conflict may arise.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-decoration: underline"><b>COMPENSATION
STRUCTURE FOR MARIO J. GABELLI</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mr.&#160;Gabelli
receives incentive-based variable compensation based on a percentage of net revenues received by the Adviser for managing the Trust.
Net revenues are determined by deducting from gross investment management fees the firm&#8217;s expenses (other than Mr.&#160;Gabelli&#8217;s
compensation) allocable to this Fund. Four&#160;closed-end&#160;registered investment companies managed by Mr.&#160;Gabelli have arrangements
whereby the Adviser will only receive its investment advisory fee attributable to the liquidation value of outstanding preferred stock
(and Mr.&#160;Gabelli would only receive his percentage of such advisory fee) if certain performance levels are met. Additionally, he
receives similar incentive based variable compensation for managing other accounts within the firm and its affiliates. This method of
compensation is based on the premise that superior long-term performance in managing a portfolio should be rewarded with higher compensation
as a result of growth of assets through appreciation and net investment activity. The level of compensation is not determined with specific
reference to the performance of any account against any specific benchmark. One of the other&#160;closed-end&#160;registered investment
companies managed by Mr.&#160;Gabelli has a performance (fulcrum) fee arrangement for which his compensation is adjusted up or down based
on the performance of the investment company relative to an index. Mr.&#160;Gabelli manages other accounts with performance fees. Compensation
for managing these accounts has two components. One component is based on a percentage of net revenues to the investment adviser for
managing the account. The second component is based on absolute performance of the account, with respect to which a percentage of such
performance fee is paid to Mr.&#160;Gabelli. As an executive officer of the Adviser&#8217;s parent company, GBL, Mr.&#160;Gabelli also
receives ten percent of the net operating profits of the parent company. He receives no base salary, no annual bonus, and no stock options.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-decoration: underline"><b>COMPENSATION
STRUCTURE FOR THE PORTFOLIO MANAGERS OTHER THAN MR. GABELLI</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
compensation for the Portfolio Managers other than Mr.&#160;Gabelli for the Trust is structured to enable the Adviser to attract and
retain highly qualified professionals in a competitive environment. The Portfolio Managers other than Mr.&#160;Gabelli receive a compensation
package that includes a minimum draw or base salary, equity-based incentive compensation via awards of restricted stock, and incentive
based variable compensation based on a percentage of net revenue received by the Adviser for managing the Trust to the extent that the
amount exceeds a minimum level of compensation. Net revenues are determined by deducting from gross investment management fees certain
of the firm&#8217;s expenses (other than the Portfolio Managers&#8217; compensation) allocable to the Trust (the incentive-based variable
compensation for managing other accounts is also based on a percentage of net revenues to the investment adviser for managing the account).
This method of compensation is based on the premise that superior long-term performance in managing a portfolio should be rewarded with
higher compensation as a result of growth of assets through appreciation and net investment activity. The level of equity-based incentive
and incentive-based variable compensation is based on an evaluation by the Adviser&#8217;s parent, GBL, of quantitative and qualitative
performance evaluation criteria. This evaluation takes into account, in a broad sense, the performance of the accounts managed by the
Portfolio Managers, but the level of compensation is not determined with specific reference to the performance of any account against
any specific benchmark. Generally, greater consideration is given to the performance of larger accounts and to longer term performance
over smaller accounts and short-term performance.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-decoration: underline"><b>OWNERSHIP
OF SHARES IN THE FUND</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mario
J. Gabelli, Timothy Winter, and Hendi Susanto each owned over $1,000,000, $0, and $0, respectively, of shares of the Fund as of December
31, 2022.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)
Not applicable.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-indent: -40.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Item
9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-indent: -40.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>REGISTRANT
PURCHASES OF EQUITY SECURITIES</b></span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border: Gray 1pt solid; text-indent: 0; padding: 2pt 0.1in; width: 11%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Period
    </b></span></td>
    <td style="border-top: Gray 1pt solid; text-indent: 0; border-right: Gray 1pt solid; border-bottom: Gray 1pt solid; padding: 2pt 0.1in; width: 20%; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>(a)
                                            Total Number of Shares</b></span></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>(or
                                            Units) Purchased</b></span></p></td>
    <td style="border-top: Gray 1pt solid; text-indent: 0; border-right: Gray 1pt solid; border-bottom: Gray 1pt solid; padding: 2pt 0.1in; width: 20%; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>(b)
                                            Average Price Paid</b></span></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>per
                                            Share (or Unit)</b></span></p></td>
    <td style="border-top: Gray 1pt solid; text-indent: 0; border-right: Gray 1pt solid; border-bottom: Gray 1pt solid; padding: 2pt 0.1in; width: 20%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>(c)
    Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs</b></span></td>
    <td style="border-top: Gray 1pt solid; text-indent: 0; border-right: Gray 1pt solid; border-bottom: Gray 1pt solid; padding: 2pt 0.1in; width: 29%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>(d)
    Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs</b></span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-right: Gray 1pt solid; text-indent: 0; border-bottom: Gray 1pt solid; border-left: Gray 1pt solid; padding: 2pt 0.1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Month
    #1<br />
    07/01/2022 through 07/31/2022</span></td>
    <td style="border-right: Gray 1pt solid; text-indent: 0; border-bottom: Gray 1pt solid; padding: 2pt 0.1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; N/A<br />
    <br />
    Preferred Series A &#8211; N/A<br />
    <br />
    Preferred Series B &#8211; N/A</span></td>
    <td style="border-right: Gray 1pt solid; text-indent: 0; border-bottom: Gray 1pt solid; padding: 2pt 0.1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; N/A<br />
    <br />
    Preferred Series A &#8211; N/A<br />
    <br />
    Preferred Series B &#8211; N/A</span></td>
    <td style="border-right: Gray 1pt solid; text-indent: 0; border-bottom: Gray 1pt solid; padding: 2pt 0.1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; N/A<br />
    <br />
    Preferred Series A &#8211; N/A<br />
    <br />
    Preferred Series B &#8211; N/A</span></td>
    <td style="border-right: Gray 1pt solid; text-indent: 0; border-bottom: Gray 1pt solid; padding: 2pt 0.1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; 5,968,911<br />
    <br />
    Preferred Series A &#8211; 27,599<br />
    <br />
    Preferred Series B &#8211; 1,258,029</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="border-right: Gray 1pt solid; text-indent: 0; border-bottom: Gray 1pt solid; border-left: Gray 1pt solid; padding: 2pt 0.1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Month
    #2<br />
    08/01/2022 through 08/31/2022</span></td>
    <td style="border-right: Gray 1pt solid; text-indent: 0; border-bottom: Gray 1pt solid; padding: 2pt 0.1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; N/A<br />
    <br />
    Preferred Series A &#8211; N/A<br />
    <br />
    Preferred Series B &#8211; N/A</span></td>
    <td style="border-right: Gray 1pt solid; text-indent: 0; border-bottom: Gray 1pt solid; padding: 2pt 0.1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; N/A<br />
    <br />
    Preferred Series A &#8211; N/A<br />
    <br />
    Preferred Series B &#8211; N/A</span></td>
    <td style="border-right: Gray 1pt solid; text-indent: 0; border-bottom: Gray 1pt solid; padding: 2pt 0.1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; N/A<br />
    <br />
    Preferred Series A &#8211; N/A<br />
    <br />
    Preferred Series B &#8211; N/A</span></td>
    <td style="border-right: Gray 1pt solid; text-indent: 0; border-bottom: Gray 1pt solid; padding: 2pt 0.1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; 5,968,911<br />
    <br />
    Preferred Series A &#8211; 27,599<br />
    <br />
    Preferred Series B &#8211; 1,258,029</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-right: Gray 1pt solid; text-indent: 0; border-bottom: Gray 1pt solid; border-left: Gray 1pt solid; padding: 2pt 0.1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Month
    #3<br />
    09/01/2022 through 09/30/2022</span></td>
    <td style="border-right: Gray 1pt solid; text-indent: 0; border-bottom: Gray 1pt solid; padding: 2pt 0.1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; N/A<br />
    <br />
    Preferred Series A &#8211; N/A<br />
    <br />
    Preferred Series B &#8211; N/A</span></td>
    <td style="border-right: Gray 1pt solid; text-indent: 0; border-bottom: Gray 1pt solid; padding: 2pt 0.1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; N/A<br />
    <br />
    Preferred Series A &#8211; N/A<br />
    <br />
    Preferred Series B &#8211; N/A</span></td>
    <td style="border-right: Gray 1pt solid; text-indent: 0; border-bottom: Gray 1pt solid; padding: 2pt 0.1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; N/A<br />
    <br />
    Preferred Series A &#8211; N/A<br />
    <br />
    Preferred Series B &#8211; N/A</span></td>
    <td style="border-right: Gray 1pt solid; text-indent: 0; border-bottom: Gray 1pt solid; padding: 2pt 0.1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; 5,968,911<br />
    <br />
    Preferred Series A &#8211; 27,599<br />
    <br />
    Preferred Series B &#8211; 1,258,029</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="border-right: Gray 1pt solid; text-indent: 0; border-bottom: Gray 1pt solid; border-left: Gray 1pt solid; padding: 2pt 0.1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Month
    #4<br />
    10/01/2022 through 10/31/2022</span></td>
    <td style="border-right: Gray 1pt solid; text-indent: 0; border-bottom: Gray 1pt solid; padding: 2pt 0.1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; N/A<br />
    <br />
    Preferred Series A &#8211; N/A<br />
    <br />
    Preferred Series B &#8211; N/A</span></td>
    <td style="border-right: Gray 1pt solid; text-indent: 0; border-bottom: Gray 1pt solid; padding: 2pt 0.1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; N/A<br />
    <br />
    Preferred Series A &#8211; N/A<br />
    <br />
    Preferred Series B &#8211; N/A</span></td>
    <td style="border-right: Gray 1pt solid; text-indent: 0; border-bottom: Gray 1pt solid; padding: 2pt 0.1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; N/A<br />
    <br />
    Preferred Series A &#8211; N/A<br />
    <br />
    Preferred Series B &#8211; N/A</span></td>
    <td style="border-right: Gray 1pt solid; text-indent: 0; border-bottom: Gray 1pt solid; padding: 2pt 0.1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; 5,968,911<br />
    <br />
    Preferred Series A &#8211; 27,599<br />
    <br />
    Preferred Series B &#8211; 1,258,029</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-right: Gray 1pt solid; text-indent: 0; border-bottom: Gray 1pt solid; border-left: Gray 1pt solid; padding: 2pt 0.1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Month
    #5<br />
    11/01/2022 through 11/30/2022</span></td>
    <td style="border-right: Gray 1pt solid; text-indent: 0; border-bottom: Gray 1pt solid; padding: 2pt 0.1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; N/A<br />
    <br />
    Preferred Series A &#8211; 4,767<br />
    <br />
    Preferred Series B &#8211; N/A</span></td>
    <td style="border-right: Gray 1pt solid; text-indent: 0; border-bottom: Gray 1pt solid; padding: 2pt 0.1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; N/A<br />
    <br />
    Preferred Series A &#8211; $45.8566<br />
    <br />
    Preferred Series B &#8211; N/A</span></td>
    <td style="border-right: Gray 1pt solid; text-indent: 0; border-bottom: Gray 1pt solid; padding: 2pt 0.1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; N/A<br />
    <br />
    Preferred Series A &#8211; 4,767<br />
    <br />
    Preferred Series B &#8211; N/A</span></td>
    <td style="border-right: Gray 1pt solid; text-indent: 0; border-bottom: Gray 1pt solid; padding: 2pt 0.1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; 5,968,911<br />
    <br />
    Preferred Series A &#8211; 27,599 - 4,767 = 22,832<br />
    <br />
    Preferred Series B &#8211; 1,258,029</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="border-right: Gray 1pt solid; text-indent: 0; border-bottom: Gray 1pt solid; border-left: Gray 1pt solid; padding: 2pt 0.1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Month
    #6<br />
    12/01/2022 through 12/31/2022</span></td>
    <td style="border-right: Gray 1pt solid; text-indent: 0; border-bottom: Gray 1pt solid; padding: 2pt 0.1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; N/A<br />
    <br />
    Preferred Series A &#8211; 1,745<br />
    <br />
    Preferred Series B &#8211; N/A</span></td>
    <td style="border-right: Gray 1pt solid; text-indent: 0; border-bottom: Gray 1pt solid; padding: 2pt 0.1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; N/A<br />
    <br />
    Preferred Series A &#8211; $46.6160<br />
    <br />
    Preferred Series B &#8211; N/A</span></td>
    <td style="border-right: Gray 1pt solid; text-indent: 0; border-bottom: Gray 1pt solid; padding: 2pt 0.1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; N/A<br />
    <br />
    Preferred Series A &#8211; 1,745<br />
    <br />
    Preferred Series B &#8211; N/A</span></td>
    <td style="border-right: Gray 1pt solid; text-indent: 0; border-bottom: Gray 1pt solid; padding: 2pt 0.1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; 5,968,911<br />
    <br />
    Preferred Series A &#8211; 29,462 - 1,745 = 21,087<br />
    <br />
    Preferred Series B &#8211; 1,206,061</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-right: Gray 1pt solid; text-indent: 0; border-bottom: Gray 1pt solid; border-left: Gray 1pt solid; padding: 2pt 0.1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total</span></td>
    <td style="border-right: Gray 1pt solid; text-indent: 0; border-bottom: Gray 1pt solid; padding: 2pt 0.1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; N/A<br />
    <br />
    Preferred Series A &#8211; 6,512<br />
    <br />
    Preferred Series B &#8211; N/A</span></td>
    <td style="border-right: Gray 1pt solid; text-indent: 0; border-bottom: Gray 1pt solid; padding: 2pt 0.1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; N/A<br />
    <br />
    Preferred Series A &#8211; $46.2018<br />
    <br />
    Preferred Series B &#8211; N/A</span></td>
    <td style="border-right: Gray 1pt solid; text-indent: 0; border-bottom: Gray 1pt solid; padding: 2pt 0.1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    &#8211; N/A<br />
    <br />
    Preferred Series A &#8211; 6,512<br />
    <br />
    Preferred Series B &#8211; N/A</span></td>
    <td style="border-right: Gray 1pt solid; text-indent: 0; border-bottom: Gray 1pt solid; padding: 2pt 0.1in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Footnote
columns (c) and (d) of the table, by disclosing the following information in the aggregate for all plans or programs publicly announced:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></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: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
                                            date each plan or program was announced &#8211; The notice of the potential repurchase of
                                            common and preferred shares occurs semiannually in the Fund&#8217;s reports to shareholders
                                            in accordance with Section 23(c) of the Investment Company Act of 1940, as amended.</span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
                                            dollar amount (or share or unit amount) approved &#8211; Any or all common shares outstanding
                                            may be repurchased when the Fund&#8217;s common shares are trading at a discount of 10% or
                                            more from the net asset value of the shares. Any or all preferred shares outstanding may
                                            be repurchased when the Fund&#8217;s preferred shares are trading at a discount to the liquidation
                                            value of $50.00.</span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"></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: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
                                            expiration date (if any) of each plan or program &#8211; The Fund&#8217;s repurchase plans
                                            are ongoing.</span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></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: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">d.</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Each
                                            plan or program that has expired during the period covered by the table &#8211; The Fund&#8217;s
                                            repurchase plans are ongoing.</span></td>
</tr></table>

<p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

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

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<p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></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: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">e.</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Each
                                            plan or program the registrant has determined to terminate prior to expiration, or under
                                            which the registrant does not intend to make further purchases. &#8211; The Fund&#8217;s
                                            repurchase plans are ongoing.</span></td>
</tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Item
10. Submission of Matters to a Vote of Security Holders.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">There
have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant&#8217;s Board of Trustees,
where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv)
of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Item
11. Controls and Procedures.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-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="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
                                            registrant&#8217;s principal executive and principal financial officers, or persons performing
                                            similar functions, have concluded that the registrant&#8217;s disclosure controls and procedures
                                            (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the &#8220;1940
                                            Act&#8221;) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing
                                            date of the report that includes the disclosure required by this paragraph, based on their
                                            evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act
                                            (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act
                                            of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-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="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">There
                                            were no changes in the registrant&#8217;s internal control over financial reporting (as defined
                                            in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period
                                            covered by this report that has materially affected, or is reasonably likely to materially
                                            affect, the registrant&#8217;s internal control over financial reporting.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -45pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Item
12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -45pt"><span style="font-family: Arial, Helvetica, Sans-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: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)
If the registrant is a closed-end management investment company, provide the following dollar amounts of income and fees/compensation
related to the securities lending activities of the registrant during its most recent fiscal year:</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: Arial, Helvetica, Sans-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)
Gross income from securities lending activities; $0</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)
All fees and/or compensation for each of the following securities lending activities and related services: any share of revenue generated
by the securities lending program paid to the securities lending agent(s) (&#8220;revenue split&#8221;); fees paid for cash collateral
management services (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue
split; administrative fees that are not included in the revenue split; fees for indemnification that are not included in the revenue
split; rebates paid to borrowers; and any other fees relating to the securities lending program that are not included in the revenue
split, including a description of those other fees; $0</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)
The aggregate fees/compensation disclosed pursuant to paragraph (2); $0 and</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4)
Net income from securities lending activities (i.e., the dollar amount in paragraph (1) minus the dollar amount in paragraph (3)). $0</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-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="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If
                                            the registrant is a closed-end management investment company, describe the services provided
                                            to the registrant by the securities lending agent in the registrant&#8217;s most recent fiscal
                                            year. N/A</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Item
13. Exhibits.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-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="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.75in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><a href="ex99-a1.htm">(a)(1)</a></span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><a href="ex99-a1.htm">Code
                                            of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2
                                            is attached hereto.</a></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-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="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.75in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><a href="ex99-a2.htm">(a)(2)</a></span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><a href="ex99-a2.htm">Certifications
                                            pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of
                                            2002 are attached hereto.</a></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-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="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.75in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)(2)(1)</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not
                                            applicable. </span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-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="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.75in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)(2)(2)</span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not
                                            applicable.</span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-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="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.75in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><a href="ex99-b.htm">(b)</a></span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><a href="ex99-b.htm">Certifications
                                            pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of
                                            2002 are attached hereto.</a></span></td>
</tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.75in; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><a href="ex99-c.htm">(c)</a></span></td><td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><a href="ex99-c.htm">Consent
                                            of Independent Registered Public Accounting Firm.</a></span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SIGNATURES</b><br />
<br /></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-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="vertical-align: top">
    <td style="width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Registrant)</span></td>
    <td style="border-bottom: Black 1pt solid; width: 14%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; width: 58%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
    Gabelli Global Utility &amp; Income Trust</span></td>
    <td style="width: 20%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 17%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By (Signature and Title)*</span></td>
    <td style="border-bottom: Black 1pt solid; width: 5%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; width: 58%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/s/
    John C. Ball</span></td>
    <td style="width: 20%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">John C. Ball, Principal Executive Officer</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 17%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date</span></td>
    <td style="border-bottom: Black 1pt solid; width: 5%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; width: 58%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">March
    9, 2023</span></td>
    <td style="width: 20%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below
by the following persons on behalf of the registrant and in the capacities and on the dates indicated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-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="vertical-align: top">
    <td style="width: 17%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By (Signature and Title)*</span></td>
    <td style="border-bottom: Black 1pt solid; width: 5%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; width: 58%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/s/
    John C. Ball</span></td>
    <td style="width: 20%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">John C. Ball, Principal Executive Officer</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 17%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date</span></td>
    <td style="border-bottom: Black 1pt solid; width: 5%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; width: 58%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">March
    9, 2023</span></td>
    <td style="width: 20%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 17%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By (Signature and Title)*</span></td>
    <td style="border-bottom: Black 1pt solid; width: 5%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; width: 58%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/s/
    John C. Ball</span></td>
    <td style="width: 20%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">John C. Ball, Principal Financial Officer and Treasurer</span></td>
    <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 17%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date</span></td>
    <td style="border-bottom: Black 1pt solid; width: 5%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; width: 58%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">March
    9, 2023</span></td>
    <td style="width: 20%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><sup>*
</sup>Print the name and title of each signing officer under his or her signature.</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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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(A)(1)
<SEQUENCE>2
<FILENAME>ex99-a1.htm
<DESCRIPTION>CODE OF ETHICS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">


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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="glu-ncsr_123122.htm">The Gabelli Global Utility &amp; Income Trust N-CSR</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><b>EX-99.(a)(1)</b></p>

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

<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"><B>Joint Code of Ethics for Chief Executive
</B></P>

<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"><B>and Senior Financial Officers of the
Gabelli/GAMCO/TETON Funds </B></P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Each affiliated registered
investment company (each a &ldquo;<U>Company</U>&rdquo;) is committed to conducting business in accordance with applicable laws,
rules and regulations and the highest standards of business ethics, and to full and accurate disclosure -- financial and otherwise
-- in compliance with applicable law. This Code of Ethics, applicable to each Company&rsquo;s Chief Executive Officer, President,
Chief Financial Officer and Treasurer (or persons performing similar functions) (together, &ldquo;<U>Senior Officers</U>&rdquo;),
sets forth policies to guide you in the performance of your duties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">As a Senior Officer,
you must comply with applicable law. You also have a responsibility to conduct yourself in an honest and ethical manner. You have
leadership responsibilities that include creating a culture of high ethical standards and a commitment to compliance, maintaining
a work environment that encourages the internal reporting of compliance concerns and promptly addressing compliance concerns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Code of Ethics recognizes
that the Senior Officers are subject to certain conflicts of interest inherent in the operation of investment companies, because
the Senior Officers currently or may in the future serve as Senior Officers of each of the Companies, as officers or employees
of the investment advisor to the Companies or service providers thereof (the &ldquo;<U>Advisor</U>&rdquo;) and/or affiliates of
the Advisor (the &ldquo;Advisory Group&rdquo;) and as officers or trustees/directors of other registered investment companies and
unregistered investment funds advised by the Advisory Group. This Code of Ethics also recognizes that certain laws and regulations
applicable to, and certain policies and procedures adopted by, the Companies or the Advisory Group govern your conduct in connection
with many of the conflict of interest situations that arise in connection with the operations of the Companies, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the Investment Company Act of 1940, and the rules and regulation promulgated thereunder by the
Securities and Exchange Commission (the &ldquo;<U>1940 Act</U>&rdquo;);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the Investment Advisers Act of 1940, and the rules and regulations promulgated thereunder by the
Securities and Exchange Commission (the &ldquo;<U>Advisers Act</U>&rdquo;);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the Code of Ethics adopted by each Company pursuant to Rule 17j-1(c) under the 1940 Act (collectively,
the &ldquo;<U>Trust&rsquo;s 1940 Act Code of Ethics</U>&rdquo;);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">one or more codes of ethics adopted by the Advisory Group that have been reviewed and approved
by those trustees/directors (the &ldquo;<U>Directors</U>&rdquo;) of each Company that are not &ldquo;interested persons&rdquo;
of such Company (the &ldquo;<U>Independent Directors</U>&rdquo;) within the meaning of the 1940 Act (the &ldquo;<U>Advisory Group&rsquo;s
1940 Act Code of Ethics</U>&rdquo; and, together with such Company&rsquo;s 1940 Act Code of Ethics, the &ldquo;<U>1940 Act Codes of Ethics</U>&rdquo;);</TD></TR></TABLE>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Revised: July 30, 2014</P>

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







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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the policies and procedures adopted by each Company to address conflict of interest situations,
such as procedures under Rule 10f-3, Rule 17a-7 and Rule 17e-1 under the 1940 Act (collectively, the &ldquo;<U>Conflict Policies</U>&rdquo;);
and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the Advisory Group&rsquo;s policies and procedures to address, among other things, conflict of interest
situations and related matters (collectively, the &ldquo;<U>Advisory Policies</U>&rdquo;).</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The provisions of the
1940 Act, the Advisers Act, the 1940 Act Codes of Ethics, the Conflict Policies and the Advisory Policies are referred to herein
collectively as the &ldquo;<U>Additional Conflict Rules</U>&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Code of Ethics is
different from, and is intended to supplement, the Additional Conflict Rules. Accordingly, a violation of the Additional Conflict
Rules by a Senior Officer is hereby deemed not to be a violation of this Code of Ethics, unless and until the Directors shall determine
that any such violation of the Additional Conflict Rules is also a violation of this Code of Ethics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Senior Officers Should Act Honestly
and Candidly</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Each Senior Officer has
a responsibility to each Company to act with integrity. Integrity requires, among other things, being honest and candid. Deceit
and subordination of principle are inconsistent with integrity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Each Senior Officer must:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">act with integrity, including being honest and candid while still maintaining the confidentiality
of information where required by law or the Additional Conflict Rules;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">comply with the laws, rules and regulations that govern the conduct of each Company&rsquo;s operations
and report any suspected violations thereof in accordance with the section below entitled &ldquo;Compliance With Code Of Ethics&rdquo;;
and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">adhere to a high standard of business ethics.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">A conflict of interest
for the purpose of this Code of Ethics occurs when your private interests interfere in any way, or even appear to interfere, with
the interests of a Company.</P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Revised: July 30, 2014</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Senior Officers are expected
to use objective and unbiased standards when making decisions that affect each Company, keeping in mind that Senior Officers are
subject to certain inherent conflicts of interest because Senior Officers of a Company also are or may be officers of other Companies
and/or the Advisory Group (as a result of which it is incumbent upon you to be familiar with and to seek to comply with the Additional
Conflict Rules).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">You are required to conduct
the business of each Company in an honest and ethical manner, including the ethical handling of actual or apparent conflicts of
interest between personal and business relationships. When making any investment, accepting any position or benefits, participating
in any transaction or business arrangement or otherwise acting in a manner that creates or appears to create a conflict of interest
with respect to each Company where you are receiving a personal benefit, you should act in accordance with the letter and spirit
of this Code of Ethics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If you are in doubt as
to the application or interpretation of this Code of Ethics to you as a Senior Officer of a Company, you should make full disclosure
of all relevant facts and circumstances to the Chief Compliance Officer of the Advisory Group (the &ldquo;CCO&rdquo;) and obtain
the approval of the CCO prior to taking action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Some conflict of interest
situations that should always be approved by the CCO, if material, include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the receipt of any entertainment or non-nominal gift by the Senior Officer, or a member of his
or her family, from any company with which a Company has current or prospective business dealings (other than the Advisory Group),
unless such entertainment or gift is business related, reasonable in cost, appropriate as to time and place, and not so frequent
as to raise any question of impropriety;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">any ownership interest in, or any consulting or employment relationship with, of any of the Companies&rsquo;
service providers, other than the Advisory Group; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">a direct or indirect financial interest in commissions, transaction charges or spreads paid by
a Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Senior
Officer&rsquo;s employment by the Advisory Group, such as compensation or equity ownership.</TD></TR></TABLE>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Revised: July 30, 2014</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">It is the policy of each
Company to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations
in all reports and documents that such Company files with, or submits to, the Securities and Exchange Commission or a national
securities exchange and in all other public communications made by such Company. As a Senior Officer, you are required to promote
compliance with this policy and to abide by such Company &rsquo;s standards, policies and procedures designed to promote compliance
with this policy. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Each Senior
Officer must:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">familiarize himself or herself with the disclosure requirements applicable to each Company as well
as the business and financial operations of each Company; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">not knowingly misrepresent, or cause others to misrepresent, facts about any Company to others,
including to the Directors, such Company&rsquo;s independent auditors, such Company&rsquo;s counsel, any counsel to the Independent Directors,
governmental regulators or self-regulatory organizations.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Compliance With Code Of Ethics</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If you know of or suspect
a violation of this Code of Ethics or other laws, regulations, policies or procedures applicable to the Company, you must report
that information on a timely basis to the CCO or report it anonymously by following the &ldquo;whistle blower&rdquo; policies adopted
by the Advisory Group from time to time. <I>No one will be subject to retaliation because of a good faith report of a suspected
violation</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Each Company will follow
these procedures in investigating and enforcing this Code of Ethics, and in reporting on this Code of Ethics:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the CCO will take all appropriate action to investigate any actual or potential violations reported
to him or her;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">violations and potential violations will be reported to the Board of Directors of each affected
Company after such investigation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">if the Board of Directors determines that a violation has occurred, it will take all appropriate
disciplinary or preventive action; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">appropriate disciplinary or preventive action may include a letter of censure, suspension, dismissal
or, in the event of criminal or other serious violations of law, notification of the Securities and Exchange Commission or other
appropriate law enforcement authorities.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Waivers Of Code Of Ethics</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Except as otherwise provided
in this Code of Ethics, the CCO is responsible for applying this Code of Ethics to specific situations in which questions are presented
to the CCO and has the authority to interpret this Code of Ethics in any particular situation. The CCO shall take all action he
or she considers appropriate to investigate any actual or potential violations reported under this Code of Ethics.</P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Revised: July 30, 2014</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The CCO is authorized
to consult, as appropriate, with counsel to the affected Company, the Advisory Group or the Independent Directors, and is encouraged
to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Board of Directors
of the affected Company is responsible for granting waivers of this Code of Ethics, as appropriate. Any changes to or waivers of
this Code of Ethics will, to the extent required, be disclosed on Form N-CSR, or otherwise, as provided by Securities and Exchange
Commission rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Each Company will maintain
and preserve for a period of not less than six (6) years from the date an action is taken, the first two (2) years in an easily
accessible place, a copy of the information or materials supplied to the Boards of Directors pursuant to this Code of Ethics:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">that provided the basis for any amendment or waiver to this Code of Ethics; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">relating to any violation of this Code of Ethics and sanctions imposed for such violation, together
with a written record of the approval or action taken by the relevant Board of Directors.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">All reports and records
prepared or maintained pursuant to this Code of Ethics shall be considered confidential and shall be maintained and protected accordingly.
Except as otherwise required by law or this Code of Ethics, such matters shall not be disclosed to anyone other than the Independent
Directors and their counsel, the Companies and their counsel, the Advisory Group and its counsel and any other advisors, consultants
or counsel retained by the Directors, the Independent Directors or any committee of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Code of Ethics may
not be amended as to any Company except in written form, which is specifically approved by a majority vote of the affected Company&rsquo;s
Directors, including a majority of its Independent Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No Rights Created</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Code of Ethics is
a statement of certain fundamental principles, policies and procedures that govern each of the Senior Officers in the conduct of
the Companies&rsquo; business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor,
shareholder or any other person or entity.</P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Revised: July 30, 2014</P>

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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I have received and read the Joint Code
of Ethics for Chief Executive and Senior Financial Officers, and I understand its contents. I agree to comply fully with the standards
contained in the Code of Ethics and the Company&rsquo;s related policies and procedures. I understand that I have an obligation to report
any suspected violations of the Code of Ethics on a timely basis to the Chief Compliance Officer or report it anonymously by following
the &ldquo;whistle blower&rdquo; policies adopted by the Advisory Group from time to time.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>Printed Name</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>Signature</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>Date</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Revised: July 30, 2014</P>

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


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<DOCUMENT>
<TYPE>EX-99.(A)(2)
<SEQUENCE>3
<FILENAME>ex99-a2.htm
<DESCRIPTION>SECTION 302 CERTIFICATIONS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<P STYLE="margin: 0">&nbsp;</P>




<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="glu-ncsr_123122.htm">The Gabelli Global Utility &amp; Income Trust N-CSR</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><b>Exhibit 99.(a)(2)</b></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Certification
Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I,
John C. Ball, certify that:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
                                         have reviewed this report on Form N-CSR of The Gabelli Global Utility &amp; Income Trust;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
                                         on my knowledge, this report does not contain any untrue statement of a material fact
                                         or omit to state a material fact necessary to make the statements made, in light of the
                                         circumstances under which such statements were made, not misleading with respect to the
                                         period covered by this report;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
                                         on my knowledge, the financial statements, and other financial information included in
                                         this report, fairly present in all material respects the financial condition, results
                                         of operations, changes in net assets, and cash flows (if the financial statements are
                                         required to include a statement of cash flows) of the registrant as of, and for, the
                                         periods presented in this report;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         registrant&rsquo;s other certifying officer(s) and I are responsible for establishing and maintaining
                                         disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
                                         Company Act of 1940) and internal control over financial reporting (as defined in Rule
                                         30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Designed
                                         such disclosure controls and procedures, or caused such disclosure controls and procedures
                                         to be designed under our supervision, to ensure that material information relating to
                                         the registrant, including its consolidated subsidiaries, is made known to us by others
                                         within those entities, particularly during the period in which this report is being prepared;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Designed
                                         such internal control over financial reporting, or caused such internal control over
                                         financial reporting to be designed under our supervision, to provide reasonable assurance
                                         regarding the reliability of financial reporting and the preparation of financial statements
                                         for external purposes in accordance with generally accepted accounting principles;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evaluated
                                         the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented
                                         in this report our conclusions about the effectiveness of the disclosure controls and
                                         procedures, as of a date within 90 days prior to the filing date of this report based
                                         on such evaluation; and</FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosed
                                         in this report any change in the registrant&rsquo;s internal control over financial reporting
                                         that occurred during the period covered by this reportthat has materially affected, or
                                         is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial
                                         reporting; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         registrant&rsquo;s other certifying officer(s) and I have disclosed to the registrant&rsquo;s auditors
                                         and the audit committee of the registrant&rsquo;s board of directors (or persons performing
                                         the equivalent functions):</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
                                         significant deficiencies and material weaknesses in the design or operation of internal
                                         control over financial reporting which are reasonably likely to adversely affect the
                                         registrant&rsquo;s ability to record, process, summarize, and report financial information;
                                         and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                         fraud, whether or not material, that involves management or other employees who have
                                         a significant role in the registrant&rsquo;s internal control over financial reporting.</FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;March 9, 2023</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 66%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ John C. Ball</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John C. Ball, Principal Executive Officer</FONT></TD></TR>
</TABLE>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Certification
Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I,
John C. Ball, certify that:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
                                         have reviewed this report on Form N-CSR of The Gabelli Global Utility &amp; Income Trust;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
                                         on my knowledge, this report does not contain any untrue statement of a material fact
                                         or omit to state a material fact necessary to make the statements made, in light of the
                                         circumstances under which such statements were made, not misleading with respect to the
                                         period covered by this report;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
                                         on my knowledge, the financial statements, and other financial information included in
                                         this report, fairly present in all material respects the financial condition, results
                                         of operations, changes in net assets, and cash flows (if the financial statements are
                                         required to include a statement of cash flows) of the registrant as of, and for, the
                                         periods presented in this report;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         registrant&rsquo;s other certifying officer(s) and I are responsible for establishing and maintaining
                                         disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
                                         Company Act of 1940) and internal control over financial reporting (as defined in Rule
                                         30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Designed
                                         such disclosure controls and procedures, or caused such disclosure controls and procedures
                                         to be designed under our supervision, to ensure that material information relating to
                                         the registrant, including its consolidated subsidiaries, is made known to us by others
                                         within those entities, particularly during the period in which this report is being prepared;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Designed
                                         such internal control over financial reporting, or caused such internal control over
                                         financial reporting to be designed under our supervision, to provide reasonable assurance
                                         regarding the reliability of financial reporting and the preparation of financial statements
                                         for external purposes in accordance with generally accepted accounting principles;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evaluated
                                         the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented
                                         in this report our conclusions about the effectiveness of the disclosure controls and
                                         procedures, as of a date within 90 days prior to the filing date of this report based
                                         on such evaluation; and</FONT></TD></TR></TABLE>

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


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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosed
                                         in this report any change in the registrant&rsquo;s internal control over financial reporting
                                         that occurred during period covered by this report that has materially affected, or is
                                         reasonably likely to materially affect, the registrant&rsquo;s internal control over financial
                                         reporting; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         registrant&rsquo;s other certifying officer(s) and I have disclosed to the registrant&rsquo;s auditors
                                         and the audit committee of the registrant&rsquo;s board of directors (or persons performing
                                         the equivalent functions):</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
                                         significant deficiencies and material weaknesses in the design or operation of internal
                                         control over financial reporting which are reasonably likely to adversely affect the
                                         registrant&rsquo;s ability to record, process, summarize, and report financial information;
                                         and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                         fraud, whether or not material, that involves management or other employees who have
                                         a significant role in the registrant&rsquo;s internal control over financial reporting.</FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;March 9, 2023</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 66%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ John C. Ball</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John C. Ball, Principal Financial Officer and
    Treasurer</FONT></TD></TR>
</TABLE>

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<DOCUMENT>
<TYPE>EX-99.(B)
<SEQUENCE>4
<FILENAME>ex99-b.htm
<DESCRIPTION>SECTION 906 CERTIFICATIONS
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="glu-ncsr_123122.htm">The Gabelli Global Utility &amp; Income Trust N-CSR</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><b>Exhibit 99.(b)</b></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Certification
Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I,
John C. Ball, Principal Executive Officer of The Gabelli Global Utility &amp; Income Trust (the &ldquo;Registrant&rdquo;), certify
that:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Form N-CSR of the Registrant (the &ldquo;Report&rdquo;) fully complies with the requirements
                                         of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         information contained in the Report fairly presents, in all material respects, the financial
                                         condition and results of operations of the Registrant.</FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;March 9, 2023</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 66%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ John C. Ball</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John C. Ball, Principal Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I,
John C. Ball, Principal Financial Officer and Treasurer of The Gabelli Global Utility &amp; Income Trust (the &ldquo;Registrant&rdquo;),
certify that:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Form N-CSR of the Registrant (the &ldquo;Report&rdquo;) fully complies with the requirements
                                         of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         information contained in the Report fairly presents, in all material respects, the financial
                                         condition and results of operations of the Registrant.</FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;March 9, 2023</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 66%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ John C. Ball</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John C. Ball, Principal Financial Officer and
    Treasurer</FONT></TD></TR>
</TABLE>


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

<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(C)
<SEQUENCE>5
<FILENAME>ex99-c.htm
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="glu-ncsr_123122.htm">The Gabelli Global Utility &amp; Income Trust N-CSR</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><b>Exhibit 99.(c)</b></P>

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



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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.2in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.2in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal"><U>CONSENT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM</U></FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: red">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="background-color: white">We hereby consent to the incorporation
by reference in this Registration Statement on Form&nbsp;N-2&nbsp;of our report dated March 1, 2023, relating to the financial statements
and financial highlights, which appears in </FONT>The Gabelli Global Utility &amp; Income Trust&rsquo;s <FONT STYLE="background-color: white">Annual
Report on Form&nbsp;N-CSR&nbsp;for the year ended December&nbsp;31, 2022. We also consent to the references to us under the heading &ldquo;Independent
Registered Public Accounting Firm&rdquo; in such Registration Statement.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">/s/PricewaterhouseCoopers LLP</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">New York, New York</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">March 9, 2023</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 28.85pt 0 24pt"><I>PricewaterhouseCoopers LLP, PricewaterhouseCoopers Center,
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glu_SeriesBCumulativePreferredStockMember_lbl" xml:lang="en-US">Series B Cumulative Preferred Stock [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glu-20221231.xsd#glu_CommonStockMember" xlink:label="glu_CommonStockMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glu_CommonStockMember" xlink:to="glu_CommonStockMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glu_CommonStockMember_lbl" xml:lang="en-US">Common Stock [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glu-20221231.xsd#glu_CumulativePreferredStockMember" xlink:label="glu_CumulativePreferredStockMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glu_CumulativePreferredStockMember" xlink:to="glu_CumulativePreferredStockMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glu_CumulativePreferredStockMember_lbl" xml:lang="en-US">Cumulative Preferred Stock [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glu-20221231.xsd#glu_MarketRiskMember" xlink:label="glu_MarketRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glu_MarketRiskMember" xlink:to="glu_MarketRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glu_MarketRiskMember_lbl" xml:lang="en-US">Market Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glu-20221231.xsd#glu_InterestRateRiskGenerallyMember" xlink:label="glu_InterestRateRiskGenerallyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glu_InterestRateRiskGenerallyMember" xlink:to="glu_InterestRateRiskGenerallyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glu_InterestRateRiskGenerallyMember_lbl" xml:lang="en-US">Interest Rate Risk Generally [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glu-20221231.xsd#glu_InflationRiskMember" xlink:label="glu_InflationRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glu_InflationRiskMember" xlink:to="glu_InflationRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glu_InflationRiskMember_lbl" xml:lang="en-US">Inflation Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glu-20221231.xsd#glu_IndustryRisksMember" xlink:label="glu_IndustryRisksMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glu_IndustryRisksMember" xlink:to="glu_IndustryRisksMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glu_IndustryRisksMember_lbl" xml:lang="en-US">Industry Risks [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glu-20221231.xsd#glu_PurchaseTransactionMember" xlink:label="glu_PurchaseTransactionMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glu_PurchaseTransactionMember" xlink:to="glu_PurchaseTransactionMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glu_PurchaseTransactionMember_lbl" xml:lang="en-US">Purchase Transaction [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glu-20221231.xsd#glu_SaleTransactionMember" xlink:label="glu_SaleTransactionMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glu_SaleTransactionMember" xlink:to="glu_SaleTransactionMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glu_SaleTransactionMember_lbl" xml:lang="en-US">Sale Transaction [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glu-20221231.xsd#glu_DividendsOnPreferredSharesNotIncludedMember" xlink:label="glu_DividendsOnPreferredSharesNotIncludedMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glu_DividendsOnPreferredSharesNotIncludedMember" xlink:to="glu_DividendsOnPreferredSharesNotIncludedMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glu_DividendsOnPreferredSharesNotIncludedMember_lbl" xml:lang="en-US">Dividends On Preferred Shares Not Included [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glu-20221231.xsd#glu_EquityRiskMember" xlink:label="glu_EquityRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glu_EquityRiskMember" xlink:to="glu_EquityRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glu_EquityRiskMember_lbl" xml:lang="en-US">Equity Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glu-20221231.xsd#glu_CommonStockRiskMember" xlink:label="glu_CommonStockRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glu_CommonStockRiskMember" xlink:to="glu_CommonStockRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glu_CommonStockRiskMember_lbl" xml:lang="en-US">Common Stock Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glu-20221231.xsd#glu_PreferredStockRiskMember" xlink:label="glu_PreferredStockRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glu_PreferredStockRiskMember" xlink:to="glu_PreferredStockRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glu_PreferredStockRiskMember_lbl" xml:lang="en-US">Preferred Stock Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glu-20221231.xsd#glu_ConvertibleSecuritiesRiskMember" xlink:label="glu_ConvertibleSecuritiesRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glu_ConvertibleSecuritiesRiskMember" xlink:to="glu_ConvertibleSecuritiesRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glu_ConvertibleSecuritiesRiskMember_lbl" xml:lang="en-US">Convertible Securities Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glu-20221231.xsd#glu_MergerArbitrageRiskMember" xlink:label="glu_MergerArbitrageRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glu_MergerArbitrageRiskMember" xlink:to="glu_MergerArbitrageRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glu_MergerArbitrageRiskMember_lbl" xml:lang="en-US">Merger Arbitrage Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glu-20221231.xsd#glu_RecapitalizationRiskMember" xlink:label="glu_RecapitalizationRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glu_RecapitalizationRiskMember" xlink:to="glu_RecapitalizationRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glu_RecapitalizationRiskMember_lbl" xml:lang="en-US">Recapitalization Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glu-20221231.xsd#glu_DistributionRiskforEquityIncomeSecuritiesMember" xlink:label="glu_DistributionRiskforEquityIncomeSecuritiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glu_DistributionRiskforEquityIncomeSecuritiesMember" xlink:to="glu_DistributionRiskforEquityIncomeSecuritiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glu_DistributionRiskforEquityIncomeSecuritiesMember_lbl" xml:lang="en-US">Distribution Risk for Equity Income Securities [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glu-20221231.xsd#glu_NonDiversifiedStatusRiskMember" xlink:label="glu_NonDiversifiedStatusRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glu_NonDiversifiedStatusRiskMember" xlink:to="glu_NonDiversifiedStatusRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glu_NonDiversifiedStatusRiskMember_lbl" xml:lang="en-US">Non-Diversified Status Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glu-20221231.xsd#glu_FixedIncomeSecuritiesRisksMember" xlink:label="glu_FixedIncomeSecuritiesRisksMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glu_FixedIncomeSecuritiesRisksMember" xlink:to="glu_FixedIncomeSecuritiesRisksMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glu_FixedIncomeSecuritiesRisksMember_lbl" xml:lang="en-US">Fixed Income Securities Risks [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glu-20221231.xsd#glu_CorporateBondsRiskMember" xlink:label="glu_CorporateBondsRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glu_CorporateBondsRiskMember" xlink:to="glu_CorporateBondsRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glu_CorporateBondsRiskMember_lbl" xml:lang="en-US">Corporate Bonds Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glu-20221231.xsd#glu_NonInvestmentGradeSecuritiesMember" xlink:label="glu_NonInvestmentGradeSecuritiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glu_NonInvestmentGradeSecuritiesMember" xlink:to="glu_NonInvestmentGradeSecuritiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glu_NonInvestmentGradeSecuritiesMember_lbl" xml:lang="en-US">Non-Investment Grade Securities [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glu-20221231.xsd#glu_USGovernmentSecuritiesAndCreditRatingDowngradeRiskMember" xlink:label="glu_USGovernmentSecuritiesAndCreditRatingDowngradeRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glu_USGovernmentSecuritiesAndCreditRatingDowngradeRiskMember" xlink:to="glu_USGovernmentSecuritiesAndCreditRatingDowngradeRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glu_USGovernmentSecuritiesAndCreditRatingDowngradeRiskMember_lbl" xml:lang="en-US">U.S. Government Securities and Credit Rating Downgrade Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glu-20221231.xsd#glu_ValueInvestingRiskMember" xlink:label="glu_ValueInvestingRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glu_ValueInvestingRiskMember" xlink:to="glu_ValueInvestingRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glu_ValueInvestingRiskMember_lbl" xml:lang="en-US">Value Investing Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glu-20221231.xsd#glu_SelectionRiskMember" xlink:label="glu_SelectionRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glu_SelectionRiskMember" xlink:to="glu_SelectionRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glu_SelectionRiskMember_lbl" xml:lang="en-US">Selection Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glu-20221231.xsd#glu_SmallAndMidCapStockRiskMember" xlink:label="glu_SmallAndMidCapStockRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glu_SmallAndMidCapStockRiskMember" xlink:to="glu_SmallAndMidCapStockRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glu_SmallAndMidCapStockRiskMember_lbl" xml:lang="en-US">Small and Mid-Cap Stock Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glu-20221231.xsd#glu_ForeignSecuritiesRiskMember" xlink:label="glu_ForeignSecuritiesRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glu_ForeignSecuritiesRiskMember" xlink:to="glu_ForeignSecuritiesRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glu_ForeignSecuritiesRiskMember_lbl" xml:lang="en-US">Foreign Securities Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glu-20221231.xsd#glu_RestrictedAndIlliquidSecuritiesMember" xlink:label="glu_RestrictedAndIlliquidSecuritiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glu_RestrictedAndIlliquidSecuritiesMember" xlink:to="glu_RestrictedAndIlliquidSecuritiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glu_RestrictedAndIlliquidSecuritiesMember_lbl" xml:lang="en-US">Restricted and Illiquid Securities [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glu-20221231.xsd#glu_ShortSalesRiskMember" xlink:label="glu_ShortSalesRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glu_ShortSalesRiskMember" xlink:to="glu_ShortSalesRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glu_ShortSalesRiskMember_lbl" xml:lang="en-US">Short Sales Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glu-20221231.xsd#glu_LeverageRiskMember" xlink:label="glu_LeverageRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glu_LeverageRiskMember" xlink:to="glu_LeverageRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glu_LeverageRiskMember_lbl" xml:lang="en-US">Leverage Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glu-20221231.xsd#glu_SpecialRisksRelatedToInvestmentinDerivativesMember" xlink:label="glu_SpecialRisksRelatedToInvestmentinDerivativesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glu_SpecialRisksRelatedToInvestmentinDerivativesMember" xlink:to="glu_SpecialRisksRelatedToInvestmentinDerivativesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glu_SpecialRisksRelatedToInvestmentinDerivativesMember_lbl" xml:lang="en-US">Special Risks Related to Investment in Derivatives [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glu-20221231.xsd#glu_CounterpartyRiskMember" xlink:label="glu_CounterpartyRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glu_CounterpartyRiskMember" xlink:to="glu_CounterpartyRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glu_CounterpartyRiskMember_lbl" xml:lang="en-US">Counterparty Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glu-20221231.xsd#glu_FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember" xlink:label="glu_FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glu_FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember" xlink:to="glu_FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glu_FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember_lbl" xml:lang="en-US">Failure of Futures Commission Merchants and Clearing Organizations Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glu-20221231.xsd#glu_SwapsRiskMember" xlink:label="glu_SwapsRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glu_SwapsRiskMember" xlink:to="glu_SwapsRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glu_SwapsRiskMember_lbl" xml:lang="en-US">Swaps Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glu-20221231.xsd#glu_ForwardForeignCurrencyExchangeContractsMember" xlink:label="glu_ForwardForeignCurrencyExchangeContractsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glu_ForwardForeignCurrencyExchangeContractsMember" xlink:to="glu_ForwardForeignCurrencyExchangeContractsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glu_ForwardForeignCurrencyExchangeContractsMember_lbl" xml:lang="en-US">Forward Foreign Currency Exchange Contracts [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glu-20221231.xsd#glu_FuturesContractsAndOptionsonFuturesMember" xlink:label="glu_FuturesContractsAndOptionsonFuturesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glu_FuturesContractsAndOptionsonFuturesMember" xlink:to="glu_FuturesContractsAndOptionsonFuturesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glu_FuturesContractsAndOptionsonFuturesMember_lbl" xml:lang="en-US">Futures Contracts and Options on Futures [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glu-20221231.xsd#glu_OptionsRiskMember" xlink:label="glu_OptionsRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glu_OptionsRiskMember" xlink:to="glu_OptionsRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glu_OptionsRiskMember_lbl" xml:lang="en-US">Options Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glu-20221231.xsd#glu_DerivativesRegulationRiskMember" xlink:label="glu_DerivativesRegulationRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glu_DerivativesRegulationRiskMember" xlink:to="glu_DerivativesRegulationRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glu_DerivativesRegulationRiskMember_lbl" xml:lang="en-US">Derivatives Regulation Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glu-20221231.xsd#glu_MarketDiscountRiskMember" xlink:label="glu_MarketDiscountRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glu_MarketDiscountRiskMember" xlink:to="glu_MarketDiscountRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glu_MarketDiscountRiskMember_lbl" xml:lang="en-US">Market Discount Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glu-20221231.xsd#glu_LongTermObjectiveNotACompleteInvestmentProgramMember" xlink:label="glu_LongTermObjectiveNotACompleteInvestmentProgramMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glu_LongTermObjectiveNotACompleteInvestmentProgramMember" xlink:to="glu_LongTermObjectiveNotACompleteInvestmentProgramMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glu_LongTermObjectiveNotACompleteInvestmentProgramMember_lbl" xml:lang="en-US">Long Term Objective; Not a Complete Investment Program [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glu-20221231.xsd#glu_ManagementRiskMember" xlink:label="glu_ManagementRiskMember" />
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>9
<FILENAME>glu-20221231_pre.xml
<DESCRIPTION>XBRL PRESENTATION FILE
<TEXT>
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<span style="display: none;">v3.22.4</span><table class="report" border="0" cellspacing="2" id="idm139692067670096">
<tr>
<th class="tl" colspan="1" 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="8">3 Months Ended</th>
<th class="th" colspan="10">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 09, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Sep. 30, 2022</div></th>
<th class="th"><div>Jun. 30, 2022</div></th>
<th class="th"><div>Mar. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Sep. 30, 2021</div></th>
<th class="th"><div>Jun. 30, 2021</div></th>
<th class="th"><div>Mar. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</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>
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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">&#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_OtherTransactionExpensesPercent', window );">Other Transaction Expenses [Percent]</a></td>
<td class="nump">(0.00%)<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_AnnualExpensesTableTextBlock', window );">Annual Expenses [Table Text Block]</a></td>
<td class="text"><p id="xdx_808_ecef--AnnualExpensesTableTextBlock_dU_zKRi2nzRjAFf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; margin-left: auto; border-collapse: collapse; width: 60%; margin-right: auto">
<tr style="vertical-align: bottom">
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    <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Percentages of Net Assets<br/> Attributable to Common Shares</td></tr>
<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="text-align: left">Total Annual Expenses</td><td>&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="text-align: left">Dividends on Preferred Shares</td><td>&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="text-align: left">Total Annual Expenses and Dividends on Preferred</td><td>&#160;</td>
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</table>



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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="nump">0.82%<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_InterestExpensesOnBorrowingsPercent', window );">Interest Expenses on Borrowings [Percent]</a></td>
<td class="nump">0.00%<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_OtherAnnualExpensesAbstract', window );"><strong>Other Annual Expenses [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_OtherAnnualExpensesPercent', window );">Other Annual Expenses [Percent]</a></td>
<td class="nump">0.56%<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="nump">1.38%<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_WaiversAndReimbursementsOfFeesPercent', window );">Waivers and Reimbursements of Fees [Percent]</a></td>
<td class="nump">2.58%<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_NetExpenseOverAssetsPercent', window );">Net Expense over Assets [Percent]</a></td>
<td class="nump">3.96%<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="text"><p id="xdx_809_ecef--ExpenseExampleTableTextBlock_dU_zRRfv3LUuLCh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
following example illustrates the expenses you would pay on a $1,000 investment in common shares, assuming a 5% annual portfolio
total return.* The actual amounts in connection with any offering will be set forth in the Prospectus Supplement if applicable.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto">
<tr style="vertical-align: top">
    <td style="width: 28%; padding-bottom: 1pt">&#160;</td>
    <td style="width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 12%; text-align: center"><b>1 Year</b></td>
    <td style="width: 1%; padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 12%; text-align: center"><b>3 Year</b></td>
    <td style="width: 1%; padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 12%; text-align: center"><b>5 Year</b></td>
    <td style="width: 1%; padding-bottom: 1pt; text-align: center">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 12%; text-align: center"><b>10 Year</b></td></tr>
<tr style="vertical-align: top">
    <td>Total Expenses Incurred</td>
    <td>&#160;</td>
    <td id="xdx_989_ecef--ExpenseExampleYear01_c20230309__20230309_zcHF9AAhNH2d" style="text-align: center">$40</td>
    <td style="text-align: center">&#160;</td>
    <td id="xdx_989_ecef--ExpenseExampleYears1to3_c20230309__20230309_zdgL5WIkH0Ci" style="text-align: center">$121</td>
    <td style="text-align: center">&#160;</td>
    <td id="xdx_984_ecef--ExpenseExampleYears1to5_c20230309__20230309_zj9jmg9VF6cj" style="text-align: center">$204</td>
    <td style="text-align: center">&#160;</td>
    <td id="xdx_988_ecef--ExpenseExampleYears1to10_c20230309__20230309_zhYMYqj0jbG7" style="text-align: center">$418</td></tr>
</table>


<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>
<div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 100%">&#160;</div></div>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 22pt"><span style="color: Black">*</span></td><td style="text-align: justify"><span style="color: Black">*The
                                         example should not be considered a representation of future expenses. The example is
                                         based on total Annual Expenses and Dividends on Preferred Shares shown in the table above
                                         and assumes that the amounts set forth in the table do not change and that all distributions
                                         are reinvested at net asset value. Actual expenses may be greater or less than those
                                         assumed. Moreover, the Fund&#8217;s actual rate of return may be greater or less than
                                         the hypothetical 5% return shown in the example.</span></td></tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>The
example includes Dividends on Preferred Shares. If Dividends on Preferred Shares were not included in the example calculation,
the expenses for the 1-, 3-, 5- and 10-year periods in the table above would be as follows (based on the same assumptions as above):
$<span id="xdx_907_ecef--ExpenseExampleYear01_c20230309__20230309__cef--SecurityAxis__custom--DividendsOnPreferredSharesNotIncludedMember_z8760jUOOdV6">14</span>, $<span id="xdx_904_ecef--ExpenseExampleYears1to3_c20230309__20230309__cef--SecurityAxis__custom--DividendsOnPreferredSharesNotIncludedMember_zF43o3YgE8N">44</span>, $<span id="xdx_90C_ecef--ExpenseExampleYears1to5_c20230309__20230309__cef--SecurityAxis__custom--DividendsOnPreferredSharesNotIncludedMember_zzCC2QknXHZ3">76</span>, and $<span id="xdx_903_ecef--ExpenseExampleYears1to10_c20230309__20230309__cef--SecurityAxis__custom--DividendsOnPreferredSharesNotIncludedMember_z7dxPWwtk1u2">167</span>.</i></span></p>

<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_ExpenseExampleYear01', window );">Expense Example, Year 01</a></td>
<td class="nump">$ 40<span></span>
</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_ExpenseExampleYears1to3', window );">Expense Example, Years 1 to 3</a></td>
<td class="nump">121<span></span>
</td>
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</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ExpenseExampleYears1to5', window );">Expense Example, Years 1 to 5</a></td>
<td class="nump">204<span></span>
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</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ExpenseExampleYears1to10', window );">Expense Example, Years 1 to 10</a></td>
<td class="nump">$ 418<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_PurposeOfFeeTableNoteTextBlock', window );">Purpose of Fee Table , Note [Text Block]</a></td>
<td class="text"><p id="xdx_80C_ecef--PurposeOfFeeTableNoteTextBlock_dU_zl0Gox6nvBCj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
following table shows the Fund&#8217;s expenses, including preferred shares offering expenses, as a percentage of net assets attributable
to common shares. All expenses of the Fund are borne, directly or indirectly, by the common shareholders. The table is based on
the capital structure of the Fund as of December 31, 2022. The purpose of the table and example below is to help you understand
all fees and expenses that you, as a holder of common shares, would bear directly or indirectly.</span></p>

<span></span>
</td>
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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_OtherExpensesNoteTextBlock', window );">Other Expenses, Note [Text Block]</a></td>
<td class="text">&#8220;Other Expenses&#8221;
are based on the Fund&#8217;s fiscal year ended December 31, 2022.<span></span>
</td>
<td class="text">&#160;<span></span>
</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_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="text">&#160;<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>
<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="text"><p id="xdx_802_ecef--InvestmentObjectivesAndPracticesTextBlock_dU_zxkwib1H5Uch" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="color: Black"><b>INVESTMENT
OBJECTIVES AND POLICIES</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="color: Black"><b>&#160;</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; color: #1D1D1B"><span style="color: Black"><b>Investment Objectives and Policies</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 142pt 0pt 0; text-indent: 140.75pt; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund&#8217;s investment objective is to seek a consistent level of after-tax total return over the long-term with an emphasis
currently on qualifying dividends. The Fund will attempt to achieve its investment objective by investing, under normal market
conditions, at least 80% of its assets in (i) equity securities (including common stock, preferred stock, convertible stock and
options on these securities) of domestic and foreign companies involved to a substantial extent (i.e., at least 50% of the assets,
gross income or net profits of a company is committed to or derived from) in providing (a) products, services or equipment for
the generation or distribution of electricity, gas or water, (b) infrastructure operations such as airports, toll roads and municipal
services and (c) telecommunications services such as telephone, telegraph, satellite, cable, microwave, radiotelephone, mobile
communication and cellular, paging, electronic mail, videotext, voice communications, data communications and internet (collectively,
the &#8220;Utilities Industry&#8221;) and (ii) securities (including preferred and debt securities, as well as government obligations)
of issuers that are expected to periodically pay dividends or interest. The Fund&#8217;s 80% policy is not fundamental and shareholders
will be notified if it is changed. In addition, under normal market conditions, at least 25% of the Fund&#8217;s assets will consist
of securities (including preferred and debt securities) of domestic and foreign companies involved to a substantial extent in
the Utilities Industry. The remaining Fund assets will generally be invested in other securities that the Investment Adviser views
as not being correlated with the Fund&#8217;s Utilities Industry investments. Such investments may include convertible securities,
securities of issuers subject to reorganization or other risk arbitrage investments, certain derivative instruments including
equity contract for difference swap transactions, other debt securities (including obligations of the U.S. Government), and money
market instruments. The Fund may invest without limitation in securities of foreign issuers and will generally be invested in
securities of issuers located in at least three countries, including the United States. It is anticipated that, under normal market
conditions, at least 40% of the Fund&#8217;s assets will be invested in foreign securities. Foreign securities are securities
of issuers based outside the United States. The Fund considers an issuer to be based outside of the United States if (1) it is
organized under the laws of, or has a principal office located in, another country; (2) the principal trading market for its securities
is in another country; or (3) it (directly or through its consolidated subsidiaries) derived in its most current fiscal year at
least 50% of its total assets, capitalization, gross revenue or profit from goods produced, services performed or sales made in
another country. The Fund may purchase sponsored ADRs or U.S. dollar denominated securities of foreign issuers, which will be
considered foreign securities for purposes of the Fund&#8217;s investment policies. Typically, the Fund will not hold any foreign
securities of emerging market issuers and, if it does, such securities are not expected to comprise more than 10% of the Fund&#8217;s
managed assets. The Fund expects to invest in securities across all market capitalization ranges. The Fund may invest up to 10%
of its total assets in securities</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>




<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="font: 12pt Arial, Helvetica, Sans-Serif; color: Black"><b/></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">rated
below investment grade by recognized statistical rating agencies or unrated securities of comparable quality, including securities
of issuers in default, which are likely to have the lowest rating. Securities rated below investment grade, which may be preferred
shares or debt, are predominantly speculative and involve major risk exposure to adverse conditions. Securities that are rated
lower than &#8220;BBB&#8221; by S&amp;P, or lower than &#8220;Baa&#8221; by Moody&#8217;s or unrated securities considered by
the Investment Adviser to be of comparable quality, are commonly referred to as &#8220;junk bonds&#8221; or &#8220;high yield&#8221;
securities.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">No assurance can
be given that the Fund&#8217;s investment objective will be achieved.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Investment Methodology
of the Fund</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
selecting securities for the Fund, the Investment Adviser normally considers the following factors, among others:&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">the industry of the issuer
of a security;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">the potential of the Fund
to earn gains from writing covered call options on such securities;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">the interest or dividend income
generated by the securities;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">the potential for capital
appreciation of the securities;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">the prices of the securities
relative to comparable securities;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">whether the securities are
entitled to the benefits of call protection or other protective covenants;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">the existence of any anti-dilution
protections or guarantees of the security; and</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">the number and size of investments of the portfolio as to issuers.</span></td>
</tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 110pt 0pt 0.25in; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Investment Adviser&#8217;s investment philosophy with respect to debt and equity securities is to identify assets that are selling
in the public market at a discount to their private market value. The Investment Adviser defines private market value as the value
informed purchasers are willing to pay to acquire assets with similar characteristics.&#160;The Investment Adviser also normally
evaluates an issuer&#8217;s free cash flow and long-term earnings trends.&#160;Finally, the Investment Adviser looks for a catalyst,
something indigenous to the company, its industry or country that will surface additional value.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Certain Investment
Practices</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Utilities
Industry Concentration. </i></b>Under normal market conditions the Fund will invest at least 25% of its assets in the securities
(including preferred and debt securities) of domestic and foreign companies involved to a substantial extent in the Utilities
Industry.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Tax-Advantaged
Qualified Dividends. </i></b>The Fund&#8217;s investments will emphasize securities that will pay tax-advantaged qualified dividends.
For the Fund to receive tax-advantaged qualified dividends, the Fund must, in addition to other requirements, hold the otherwise
qualified stock for more than 60 days during the 121-day period beginning 60 days before the ex-dividend date (or, in the case
of preferred stock, more than 90 days during the 181-day period beginning 90 days before the ex-dividend date). The &#8220;ex-dividend
date&#8221; is the date which is established by a stock exchange (usually two business days before the record date) whereby the
owner of a security at the commencement of such date is entitled to receive the next issued dividend payment for such security,
even if the security is sold by such owner on the ex-dividend date or thereafter. In addition, for dividends to be tax-advantaged
qualified dividends, the Fund cannot have an option to sell or be under a contractual</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>




<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>






<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">obligation
to sell (pursuant to a short sale or otherwise) substantially identical stock or securities. Accordingly, the Fund&#8217;s writing
of call options may, depending on the terms of the option, adversely impact the Fund&#8217;s ability to pay tax-advantaged qualified
dividends. For an individual shareholder to be taxed at the rates applicable to tax-advantaged qualified dividends on dividends
received from the Fund that are attributable to tax-advantaged qualified dividends received by the Fund, the shareholder must
hold its common shares for more than 61 days during the 121-day period beginning 60 days before the ex-dividend date for the Fund&#8217;s
common shares (or, in the case of preferred stock, more than 91 days during the 181-day period beginning 90 days before the ex-dividend
date for the Fund&#8217;s preferred shares). Consequently, short-term investors in the Fund may not realize the benefits of tax-advantaged
qualified dividends. There can be no assurance as to the portion of the Fund&#8217;s dividends that will be tax-advantaged.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Foreign
Securities. </i></b>Subject to the Fund&#8217;s other policies including investing at least 25% of its assets in the Utilities
Industry, the Fund may invest without limit in the securities of foreign issuers, which are generally denominated in foreign currencies.
The Fund expects to generally be invested in securities of issuers located in at least three countries, including the United States
and possibly including developing countries. It is anticipated that, under normal market conditions, at least 40% of the Fund&#8217;s
assets will be invested in foreign securities. Typically, the Fund will not hold any foreign securities of emerging market issuers
and, if it does, such securities are not expected to comprise more than 10% of the Fund&#8217;s managed assets.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Investment Adviser believes that investing in foreign securities offers both enhanced investment opportunities and additional
risks beyond those present in U.S. securities. Investing in foreign securities may provide increased diversification by adding
securities from various foreign countries (i) that offer different investment opportunities, (ii) that generally are affected
by different economic trends and (iii) whose stock markets may not be correlated with U.S. markets. At the same time, these opportunities
and trends involve risks that may not be encountered in U.S. investments.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="color: Black">The following considerations
comprise both risks and opportunities not typically associated with investing in U.S. securities: fluctuations in exchange rates
of foreign currencies; possible imposition of exchange control regulations or currency restrictions that would prevent cash from
being brought back to the United States; less public information with respect to issuers of securities; less government supervision
of stock exchanges, securities brokers and issuers of securities; the difficulty in obtaining or enforcing a court judgment abroad;
lack of uniform accounting, auditing and financial reporting standards; lack of uniform settlement periods and trading practices;
less liquidity and frequently greater price volatility in foreign markets than in the United States; possible imposition of foreign
taxes; the possibility of expropriation or confiscatory taxation, seizure or nationalization of foreign bank deposits or other
assets; the adoption of foreign government restrictions and other adverse political, social or diplomatic developments that could
affect investment; sometimes less advantageous legal, operational and financial protections applicable to foreign sub-custodial
arrangements; and the historically lower level of responsiveness of foreign management to shareholder concerns (such as dividends
and return on investment).</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund may also purchase sponsored American Depository Receipts (&#8220;ADRs&#8221;) or U.S. dollar denominated securities of foreign
issuers, which will be considered foreign securities for purposes of the Fund&#8217;s investment policies. ADRs are receipts issued
by U.S. banks or trust companies in respect of securities of foreign issuers</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">held on deposit for
use in the U.S. securities markets. See &#8220;Risk Factors and Special Considerations&#8212;Foreign Securities.&#8221;</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Income
Securities. </i></b>Although it is the Fund&#8217;s policy to invest in securities of companies in the Utilities Industry to the
extent attractive opportunities are available, the Fund may also invest in income securities other than Utilities Industry securities
that are expected to periodically accrue or generate income for their holders. Such income securities include (i) fixed income
securities such as bonds, debentures, notes, preferred stock, short-term discounted Treasury Bills or certain securities of the
U.S. government sponsored instrumentalities, as well as money market mutual funds that invest in those securities, which, in the
absence of an applicable exemptive order or rule, will not be affiliated with the Investment Adviser, and (ii) common and preferred
stocks of issuers that have historically paid periodic dividends. Fixed income securities obligate the issuer to pay to the holder
of the security a specified return, which may be either fixed or reset periodically in accordance with the terms of the security.
Fixed income securities generally are senior to an issuer&#8217;s common stock and their holders generally are entitled to receive
amounts due before any distributions are made to common stockholders. Common stocks, on the other hand, generally do not obligate
an issuer to make periodic distributions to holders.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
market value of fixed income securities, especially those that provide a fixed rate of return, may be expected to rise and fall
inversely with interest rates and in general is affected by the credit rating of the issuer, the issuer&#8217;s performance and
perceptions of the issuer in the market place. The market value of callable or redeemable fixed income securities may also be
affected by the issuer&#8217;s call and redemption rights. In addition, it is possible that the issuer of fixed income securities
may not be able to meet its interest or principal obligations to holders. Further, holders of non-convertible fixed income securities
do not participate in any capital appreciation of the issuer.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund may also invest in obligations of government sponsored instrumentalities. Unlike non-U.S. government securities, obligations
of certain agencies and instrumentalities of the U.S. government, such as the Government National Mortgage Association, are supported
by the &#8220;full faith and credit&#8221; of the U.S. government; others, such as those of the Export-Import Bank of the U.S.,
are supported by the right of the issuer to borrow from the U.S. Treasury; others, such as those of the Federal National Mortgage
Association, are supported by the discretionary authority of the U.S. government to purchase the agency&#8217;s obligations; and
still others, such as those of the Student Loan Marketing Association, are supported only by the credit of the instrumentality.
No assurance can be given that the U.S. government would provide financial support to U.S. government sponsored instrumentalities
if it is not obligated to do so by law. Although the Fund may invest in all types of obligations of agencies and instrumentalities
of the U.S. government, the Fund currently intends to invest only in obligations that are supported by the &#8220;full faith and
credit&#8221; of the U.S. government.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund also may invest in common stock of issuers that have historically paid periodic dividends or otherwise made distributions
to common stockholders. Unlike fixed income securities, dividend payments generally are not guaranteed and so may be discontinued
by the issuer at its discretion or because of the issuer&#8217;s inability to satisfy its liabilities. Further, an issuer&#8217;s
history of paying dividends does not guarantee that it will continue to pay dividends in the future. In addition to dividends,
under certain circumstances the holders of common stock may benefit from the capital appreciation of the issuer.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Common
stocks represent the residual ownership interest in the issuer and holders of common stock are entitled to the income and increase
in the value of the assets and business of the issuer after all of its debt obligations and obligations to preferred shareholders
are satisfied. Common stocks generally have voting rights. Common stocks fluctuate in price in response to many factors including
historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor
perceptions and market liquidity.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Value
Investing. </i></b>The Fund&#8217;s portfolio manager will use various value methods in managing its assets. In selecting securities
for the Fund, he evaluates the quality of a company&#8217;s balance sheet, the level of its cash flows and other measures of a
company&#8217;s financial condition and profitability. The portfolio manager may also consider other factors, such as a company&#8217;s
unrecognized asset values, its future growth prospects or its turnaround potential following an earnings disappointment or other
business difficulties. The portfolio manager then uses these factors to assess the company&#8217;s current worth, basing this
assessment on either what he believes a knowledgeable buyer might pay to acquire the entire company or what he thinks the value
of the company should be in the stock market.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund&#8217;s portfolio manager generally invests in securities of companies that are trading significantly below his estimate
of the company&#8217;s current worth in an attempt to reduce the risk of overpaying for such companies. Seeking long-term growth
of capital, he also evaluates the prospects for the market price of the company&#8217;s securities to increase over a two- to
five-year period toward this estimate.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Investment Adviser&#8217;s value approach strives to reduce some of the other risks of investing in the securities of smaller
companies (for the Fund&#8217;s portfolio taken as a whole) by evaluating other risk factors. For example, its portfolio manager
generally attempts to lessen financial risk by buying companies with strong balance sheets and low leverage.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">While
there can be no assurance that this risk-averse value approach will be successful, the Investment Adviser believes that it can
reduce some of the risks of investing.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Although
the Investment Adviser&#8217;s approach to security selection seeks to reduce downside risk to the Fund&#8217;s portfolio, especially
during periods of broad stock market declines, it may also potentially have the effect of limiting gains in strong up markets.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Risk
Arbitrage. </i></b>Subject to the Fund&#8217;s other policies including investing at least 25% of its assets in the Utilities
Industry, the Fund may invest without limitation in securities pursuant to &#8220;risk arbitrage&#8221; strategies or in other
investment funds managed pursuant to such strategies. Risk arbitrage investments are made in securities of companies for which
a tender or exchange offer has been made or announced and in securities of companies for which a merger, consolidation, liquidation
or reorganization proposal has been announced if, in the judgment of the Investment Adviser, there is a reasonable prospect of
total return significantly greater than the brokerage and other transaction expenses involved. Risk arbitrage strategies attempt
to exploit merger activity to capture the spread between current market values of securities and their values after successful
completion of a merger, restructuring or similar corporate transaction. Transactions associated with risk arbitrage strategies
typically involve the purchases or sales of securities in connection with announced corporate actions which may include, but are
not limited to, mergers, consolidations, acquisitions, transfers of assets, tender offers, exchange offers, re-capitalizations,
liquidations, divestitures, spin-offs and similar transactions. However, a merger or other restructuring or tender or exchange
offer anticipated by the Fund and in which it holds an arbitrage position</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">may
not be completed on the terms contemplated or within the time frame anticipated, resulting in losses to the Fund.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
general, securities which are the subject of such an offer or proposal sell at a premium to their historic market price immediately
prior to the announcement of the offer but may trade at a discount or premium to what the stated or appraised value of the security
would be if the contemplated transaction were approved or consummated.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Such
investments may be advantageous when the discount significantly overstates the risk of the contingencies involved; significantly
undervalues the securities, assets or cash to be received by shareholders as a result of the contemplated transaction; or fails
adequately to recognize the possibility that the offer or proposal may be replaced or superseded by an offer or proposal of greater
value. The evaluation of such contingencies requires unusually broad knowledge and experience on the part of the Investment Adviser
which must appraise not only the value of the issuer and its component businesses as well as the assets or securities to be received
as a result of the contemplated transaction but also the financial resources and business motivation behind the offer and/or the
dynamics and business climate when the offer or proposal is in process. Since such investments are ordinarily short term in nature,
they will tend to increase the turnover ratio of the Fund, thereby increasing its brokerage and other transaction expenses. Risk
arbitrage strategies may also involve short selling, options hedging and other arbitrage techniques to capture price differentials.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Forward
Foreign Currency Exchange Contracts. </i></b>Subject to guidelines of the Board of Trustees, the Fund may enter into forward foreign
currency exchange contracts to protect the value of its portfolio against uncertainty in the level of future currency exchange
rates between a particular foreign currency and the U.S. dollar or between foreign currencies in which its securities are or may
be denominated. The Fund may enter into such contracts on a spot (i.e., cash) basis at the rate then prevailing in the currency
exchange market or on a forward basis by entering into a forward contract to purchase or sell currency. A forward contract on
foreign currency is an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days
agreed upon by the parties from the date of the contract at a price set on the date of the contract. Forward currency contracts
(i) are traded in a market conducted directly between currency traders (typically, commercial banks or other financial institutions)
and their customers, (ii) generally have no deposit requirements and (iii) are typically consummated without payment of any commissions.
The Fund, however, may enter into forward currency contracts requiring deposits or involving the payment of commissions. The Fund
expects to invest in forward currency contracts for hedging or currency risk management purposes and not in order to speculate
on currency exchange rate movements. The Fund will only enter into forward currency contracts with parties which it believes to
be creditworthy.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
hedging a specific transaction, the Fund may enter into a forward contract with respect to either the currency in which the transaction
is denominated or another currency deemed appropriate by the Investment Adviser. The amount the Fund may invest in forward currency
contracts is limited to the amount of its aggregate investments in foreign currencies. The use of forward currency contracts may
involve certain risks, including the failure of the counterparty to perform its obligations under the contract, and such use may
not serve as a complete hedge because of an imperfect correlation between movements in the prices of the contracts and the prices
of the currencies hedged or used for cover. The Fund will only enter into forward currency contracts with parties that the Investment
Adviser believes to be creditworthy institutions.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Restricted
and Illiquid Securities. </i></b>Subject to the Fund&#8217;s other policies including investing at least 25% of its assets in
the Utilities Industry, the Fund may invest without limit in securities for which there is no readily available trading market
or are otherwise illiquid. Illiquid securities include securities legally restricted as to resale, such as commercial paper issued
pursuant to Section 4(a)(2) of the Securities Act of 1933 (the &#8220;Securities Act&#8221;) and securities eligible for resale
pursuant to Rule 144A thereunder. Section 4(a)(2) and Rule 144A securities may, however, be treated as liquid by the Investment
Adviser pursuant to procedures adopted by the Board, which require consideration of factors such as trading activity, availability
of market quotations and number of dealers willing to purchase the security. If the Fund invests in Rule 144A securities, the
level of portfolio illiquidity may be increased to the extent that eligible buyers become uninterested in purchasing such securities.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">It
may be difficult to sell such securities at a price representing the fair value until such time as such securities may be sold
publicly. Where registration is required, a considerable period may elapse between a decision to sell the securities and the time
when it would be permitted to sell. Thus, the Fund may not be able to obtain as favorable a price as that prevailing at the time
of the decision to sell. The Fund may also acquire securities through private placements under which it may agree to contractual
restrictions on the resale of such securities. Such restrictions might prevent their sale at a time when such sale would otherwise
be desirable.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Leveraging.
</i></b>As provided in the 1940 Act and subject to certain exceptions, the Fund may issue senior securities (which may be additional
classes of stock, such as preferred shares, or securities representing debt) so long as its total assets, less certain ordinary
course liabilities, exceed 300% of the amount of the debt outstanding and exceed 200% of the amount of preferred shares and debt
outstanding. The issuance of senior securities would leverage the common shares. The Fund&#8217;s participation in certain derivative
transactions that have economic leverage embedded in them, as described below, may also leverage the common shares. Although the
timing and other terms of the offering of senior securities and the terms of the senior securities would be determined by the
Fund&#8217;s Board, the Fund expects to primarily invest the proceeds of any senior securities offering in dividend paying or
income producing equity or debt securities.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
use of leverage magnifies the impact of changes in net asset value, which means that, all else being equal, the use of leverage
results in outperformance on the upside and underperformance on the downside. In addition, if the cost of leverage exceeds the
return on the securities acquired with the proceeds of leverage, the use of leverage will diminish rather than enhance the return
to the Fund. The use of leverage generally increases the volatility of returns to the Fund. Such volatility may increase the likelihood
of the Fund having to sell investments in order to meet its obligations to make distributions on the preferred shares or principal
or interest payments on debt securities, or to redeem preferred shares or repay debt, when it may be disadvantageous to do so.
The Fund&#8217;s use of leverage may require it to sell portfolio investments at inopportune times in order to raise cash to redeem
preferred shares or otherwise de-leverage so as to maintain required asset coverage amounts or comply with any mandatory redemption
terms of any outstanding preferred shares. See &#8220;Risk Factors and Special Considerations&#8212;Leverage Risk.&#8221;</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
the event the Fund had both outstanding preferred shares and senior securities representing debt at the same time, the Fund&#8217;s
obligations to pay dividends or distributions and, upon liquidation of the Fund, liquidation payments in respect of its preferred
shares would be subordinate to the Fund&#8217;s obligations to make any principal and/or interest payments due and owing with
respect to its outstanding senior debt securities. Accordingly, the Fund&#8217;s issuance of senior securities representing debt
would have the effect of creating special risks for</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">the
Fund&#8217;s preferred shareholders that would not be present in a capital structure that did not include such securities. See
&#8220;Risk Factors and Special Considerations&#8212;Special Risks to Holders of Fixed Rate Preferred Shares.&#8221;</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Subject
to the requirements of Rule 18f-4 under the 1940 Act (&#8220;Rule 18f-4&#8221;), the Fund may enter into derivative transactions
including transactions that have economic leverage embedded in them. Rule 18f-4 defines &#8220;derivatives transactions&#8221;
as (1) any swap, security-based swap, futures contract, forward contract, option, any combination of the foregoing, or any similar
instrument, under which a fund is or may be required to make any payment or delivery of cash or other assets during the life of
the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; and (2) any short sale
borrowing. Derivatives transactions entered into by the Fund in compliance with Rule 18f-4 will not be considered senior securities
for purposes of computing the asset coverage requirements described above. Economic leverage exists when the Fund achieves the
right to a return on a capital base that exceeds the investment which the Fund has contributed to the instrument achieving a return.
Derivative transactions that the Fund may enter into and the risks associated with them are described elsewhere in this Annual
Report. The Fund cannot assure you that investments in derivative transactions that have economic leverage embedded in them will
result in a higher return on its common shares.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">If
the Fund enters into any reverse repurchase agreement or similar financing transactions obligating the Fund to make future payments,
the Fund must either treat all such transactions as derivatives transactions for all purposes under Rule 18f-4 or otherwise comply
with the asset coverage requirements described above and combine the aggregate amount of indebtedness associated with all such
transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the Fund&#8217;s
asset coverage ratio limit requirements. The asset coverage requirements under section 18 of the 1940 Act and the limits and conditions
imposed by Rule 18f-4 may limit or restrict portfolio management.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Non-Investment
Grade Securities. </i></b>The Fund may invest up to 10% of its total assets in fixed-income securities rated below investment
grade by recognized statistical rating agencies or unrated securities of comparable quality. The prices of these lower grade securities
are more sensitive to negative developments, such as a decline in the issuer&#8217;s revenues or a general economic downturn,
than are the prices of higher grade securities. Securities of below investment grade quality&#8212;those securities rated below
&#8220;Baa&#8221; by Moody&#8217;s or below &#8220;BBB&#8221; by S&amp;P (or unrated securities of comparable quality)&#8212;are
predominantly speculative with respect to the issuer&#8217;s capacity to pay interest and repay principal when due and therefore
involve a greater risk of default. Securities rated below investment grade commonly are referred to as &#8220;junk bonds&#8221;
or &#8220;high yield&#8221; securities and generally pay a premium above the yields of U.S. government securities or securities
of investment grade issuers because they are subject to greater risks than these securities. These risks, which reflect their
speculative character, include the following:&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">greater volatility;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">greater credit risk and risk
of default;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">potentially greater sensitivity
to general economic or industry conditions;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">potential lack of attractive
resale opportunities (illiquidity); and</span></td>
</tr></table>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">additional expenses to seek
recovery from issuers who default.</span></td>
</tr></table>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
addition, the market value of securities in lower grade categories is more volatile than that of higher quality securities, and
the markets in which such lower rated or unrated securities are traded are more limited than those in which higher rated securities
are traded. The existence of limited markets may make it more difficult for the Fund to obtain accurate market quotations for
purposes of valuing its portfolio and calculating its net asset value. Moreover, the lack of a liquid trading market may restrict
the availability of securities for the Fund to purchase and may also have the effect of limiting the ability of the Fund to sell
securities at their fair value to respond to changes in the economy or the financial markets.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Ratings
are relative, subjective and not absolute standards of quality. Securities ratings are based largely on the issuer&#8217;s historical
financial condition and the rating agencies&#8217; analysis at the time of rating. Consequently, the rating assigned to any particular
security is not necessarily a reflection of the issuer&#8217;s current financial condition.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Non-investment
grade and unrated securities of comparable quality also present risks based on payment expectations. If an issuer calls the obligation
for redemption (often a feature of fixed income securities), the Fund may have to replace the security with a lower yielding security,
resulting in a decreased return for investors. Also, as the principal value of bonds moves inversely with movements in interest
rates, in the event of rising interest rates the value of the securities held by the Fund may decline proportionately more than
a portfolio consisting of higher rated securities. Investments in zero coupon bonds may be more speculative and subject to greater
fluctuations in value due to changes in interest rates than bonds that pay interest currently. Interest rates have risen in recent
months, and the risk that they may continue to do so is pronounced. Any interest rate increases in the future could cause the
value of the Fund to decrease. Recently, inflation levels have been at their highest point in nearly 40 years and the Federal
Reserve has begun an aggressive campaign to raise certain benchmark interest rates in an effort to combat inflation. As inflation
increases, the real value of the Fund&#8217;s common stock and distributions therefore may decline.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund may purchase securities of companies that are experiencing significant financial or business difficulties, including companies
involved in bankruptcy or other reorganization and liquidation proceedings. Although such investments may result in significant
financial returns to the Fund, they involve a substantial degree of risk. The level of analytical sophistication, both financial
and legal, necessary for successful investments in issuers experiencing significant business and financial difficulties is unusually
high. There can be no assurance that the Fund will correctly evaluate the value of the assets collateralizing its investments
or the prospects for a successful reorganization or similar action. In any reorganization or liquidation proceeding relating to
a portfolio investment, the Fund may lose all or part of its investment or may be required to accept collateral with a value less
than the amount of the Fund&#8217;s initial investment.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">As
part of its investments in non-investment grade securities (i.e., subject to the 10% cap), the Fund may invest in the securities
of issuers in default. The Fund invests in securities of issuers in default only when the Investment Adviser believes that such
issuers will honor their obligations and emerge from bankruptcy protection and that the value of such issuers&#8217; securities
will appreciate. By investing in the securities of issuers in default, the Fund bears the risk that these issuers will not continue
to honor their obligations or emerge from bankruptcy protection or that the value of these securities will not otherwise appreciate.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
addition to using statistical rating agencies and other sources, the Investment Adviser will also perform its own analysis of
issuers in seeking investments that it believes to be underrated (and thus higher yielding) in</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">light
of the financial condition of the issuer. Its analysis of issuers may include, among other things, current and anticipated cash
flow and borrowing requirements, value of assets in relation to historical cost, strength of management, responsiveness to business
conditions, credit standing and current anticipated results of operations. In selecting investments for the Fund, the Investment
Adviser may also consider general business conditions, anticipated changes in interest rates and the outlook for specific industries.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Subsequent
to its purchase by the Fund, an issue of securities may cease to be rated or its rating may be reduced. In addition, it is possible
that statistical rating agencies might change their ratings of a particular issue to reflect subsequent events on a timely basis.
Moreover, such ratings do not assess the risk of a decline in market value. None of these events will require the sale of the
securities by the Fund, although the Investment Adviser will consider these events in determining whether the Fund should continue
to hold the securities.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Fixed
income securities, including non-investment grade securities and comparable unrated securities, frequently have call or buy-back
features that permit their issuers to call or repurchase the securities from their holders, such as the Fund. If an issuer exercises
these rights during periods of declining interest rates, the Fund may have to replace the security with a lower yielding security,
thus resulting in a decreased return for the Fund.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
market for non-investment grade and comparable unrated securities has at various times, particularly during times of economic
recession, experienced substantial reductions in market value and liquidity. Past recessions have adversely affected the ability
of certain issuers of such securities to repay principal and pay interest thereon. The market for those securities could react
in a similar fashion in the event of any future economic recession.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Options.
</i></b>The Fund may purchase or sell, i.e., write, options on securities, securities indices and foreign currencies which are
listed on a national securities exchange or in the OTC market as a means of achieving additional return or of hedging the value
of the Fund&#8217;s portfolio. A call option is a contract that, in return for a premium, gives the holder of the option the right
to buy from the writer of the call option the security or currency underlying the option at a specified exercise price at any
time during the term of the option. The writer of the call option has the obligation, upon exercise of the option, to deliver
the underlying security or currency upon payment of the exercise price during the option period. A put option is the reverse of
a call option, giving the holder of the option the right, in return for a premium, to sell the underlying security to the writer,
at a specified price, and obligating the writer to purchase the underlying security from the holder upon exercise of the exercise
price.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">If
the Fund has written an option, it may terminate its obligation by effecting a closing purchase transaction. This is accomplished
by purchasing an option of the same series as the option previously written. However, with respect to exchange-traded options,
once the Fund has been assigned an exercise notice, the Fund will be unable to effect a closing purchase transaction. Similarly,
if the Fund is the holder of an option it may liquidate its position by effecting a closing sale transaction on an exchange. This
is accomplished by selling an option of the same series as the option previously purchased. There can be no assurance that either
a closing purchase or sale transaction can be effected when the Fund so desires.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund will realize a profit from a closing transaction if the price of the transaction is less than the premium received from writing
the option or is more than the premium paid to purchase the option; the Fund will realize a loss from a closing transaction if
the price of the transaction is more than the premium received from writing</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>




<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">the
option or is less than the premium paid to purchase the option. Since call option prices generally reflect increases in the price
of the underlying security, any loss resulting from the repurchase of a call option may also be wholly or partially offset by
unrealized appreciation of the underlying security, and any gain resulting from the repurchase of a call option may also be wholly
or partially offset by unrealized depreciation of the underlying security. Other principal factors affecting the market value
of a put or a call option include supply and demand, prevailing interest rates, the current market price and price volatility
of the underlying security, and the time remaining until the expiration date of the option. Gains and losses on investments in
options depend, in part, on the ability of the Investment Adviser to predict correctly the effect of these factors. The use of
options cannot serve as a complete hedge since the price movement of securities underlying the options will not necessarily follow
the price movements of the portfolio securities subject to the hedge.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">An
option position may be closed out only on an exchange which provides a secondary market for an option of the same series or in
a private transaction. Although the Fund will generally purchase or write only those options for which there appears to be an
active secondary market, there is no assurance that a liquid secondary market on an exchange will persist for any particular option.
In such event, it might not be possible to effect closing transactions in particular options, so that the Fund would have to exercise
its options in order to realize any profit and would incur brokerage commissions upon the exercise of call options and upon the
subsequent disposition of underlying securities for the exercise of put options. If the Fund, as a covered call option writer,
is unable to effect a closing purchase transaction in a secondary market, it will not be able to sell the underlying security
until the option expires or it delivers the underlying security upon exercise or otherwise covers the position.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
sale of covered call options may also be used by the Fund to reduce the risks associated with individual investments and to increase
total investment return. A call option is &#8220;covered&#8221; if the Fund owns the underlying instrument covered by the call
or has an absolute and immediate right to acquire that instrument without additional cash consideration (or for additional cash
consideration held in a segregated account by its custodian) upon conversion or exchange of other instruments held in its portfolio.
A call option is also covered if the Fund holds a call option on the same instrument as the call option written where the exercise
price of the call option held is (i) equal to or less than the exercise price of the call option written or (ii) greater than
the exercise price of the call option written if the difference is maintained by the Fund in cash, U.S. government securities
or other high-grade short-term obligations in a segregated account with its custodian. A put option is &#8220;covered&#8221; if
the Fund maintains cash or other liquid securities with a value equal to the exercise price in a segregated account with its custodian,
or else holds a put option on the same instrument as the put option written where the exercise price of the put option held is
equal to or greater than the exercise price of the put option written.</span> </p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">To
the extent that the Fund purchases options pursuant to a hedging strategy, the Fund will be subject to the following additional
risks. If a put or call option purchased by the Fund is not sold when it has remaining value, and if the market price of the underlying
security remains equal to or greater than the exercise price (in the case of a put), or remains less than or equal to the exercise
price (in the case of a call), the Fund will lose its entire investment in the option.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Where
a put or call option on a particular security is purchased to hedge against price movements in that or a related security, the
price of the put or call option may move more or less than the price of the security. If restrictions on exercise are imposed,
the Fund may be unable to exercise an option it has purchased. If the Fund</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>




<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>






<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">is
unable to close out an option that it has purchased on a security, it will have to exercise the option in order to realize any
profit, or the option may expire worthless.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Futures
Contracts and Options on Futures. </i></b>The Fund may purchase and sell financial futures contracts and options thereon which
are traded on a commodities exchange or board of trade for certain hedging, yield enhancement and risk management purposes. A
financial futures contract is an agreement to purchase or sell an agreed amount of securities or currencies at a set price for
delivery in the future. These futures contracts and related options may be on debt securities, financial indices, securities indices,
U.S. government securities and foreign currencies. The Investment Adviser has claimed an exclusion from the definition of the
term &#8220;commodity pool operator&#8221; under the Commodity Exchange Act.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>When
Issued, Delayed Delivery Securities and Forward Commitments. </i></b>The Fund may enter into forward commitments for the purchase
or sale of securities, including on a &#8220;when issued&#8221; or &#8220;delayed delivery&#8221; basis, in excess of customary
settlement periods for the type of security involved. In some cases, a forward commitment may be conditioned upon the occurrence
of a subsequent event, such as approval and consummation of a merger, corporate reorganization or debt restructuring (i.e., a
when, as and if issued security). When such transactions are negotiated, the price is fixed at the time of the commitment, with
payment and delivery taking place in the future, generally a month or more after the date of the commitment. While it will only
enter into a forward commitment with the intention of actually acquiring the security, the Fund may sell the security before the
settlement date if it is deemed advisable by the Investment Adviser.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Securities
purchased under a forward commitment are subject to market fluctuation, and no interest (or dividends) accrues to the Fund prior
to the settlement date.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Short
Sales. </i></b>The Fund may make short sales of securities. A short sale is a transaction in which the Fund sells a security it
does not own in anticipation that the market price of that security will decline. The market value of the securities sold short
of any one issuer will not exceed either 10% of the Fund&#8217;s total assets or 5% of such issuer&#8217;s voting securities.
The Fund also will not make a short sale, if, after giving effect to such sale, the market value of all securities sold short
exceeds 25% of the value of its total assets or the Fund&#8217;s aggregate short sales of a particular class of securities exceeds
25% of the outstanding securities of that class. The Fund may also make short sales &#8220;against the box&#8221; without respect
to such limitations. In this type of short sale, at the time of the sale, the Fund owns, or has the immediate and unconditional
right to acquire at no additional cost, the identical security.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund expects to make short sales both to obtain capital gains from anticipated declines in securities and as a form of hedging
to offset potential declines in long positions in the same or similar securities. The short sale of a security is considered a
speculative investment technique. Short sales &#8220;against the box&#8221; may be subject to special tax rules, one of the effects
of which may be to accelerate income to the Fund.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">When
the Fund makes a short sale, it must borrow the security sold short and deliver it to the broker-dealer through which it made
the short sale in order to satisfy its obligation to deliver the security upon conclusion of the sale. The Fund may have to pay
a fee to borrow particular securities and is often obligated to deliver any payments received on such borrowed securities, such
as dividends.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">If
the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed
security, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a capital gain. Any gain will be
decreased, and any loss will be increased, by the transaction costs incurred by the Fund, including the costs associated with
providing collateral to the broker-dealer (usually cash, U.S. government securities or other highly liquid debt securities) and
the maintenance of collateral with its custodian. Although the Fund&#8217;s gain is limited to the price at which it sold the
security short, its potential loss is theoretically unlimited.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Other
Derivative Instruments. </i></b>The Fund may also utilize other types of derivative instruments, primarily for hedging or risk
management purposes. These instruments include futures, forward contracts, options on such contracts and interest rate, total
return and other kinds of swaps.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Limitations
on the Purchase and Sale of Futures Contracts, Certain Options, and Swaps. </i></b>Subject to the guidelines of the Board, the
Fund may engage in &#8220;commodity interest&#8221; transactions (generally, transactions in futures, certain options, certain
currency transactions, and certain types of swaps) only for bona fide hedging or other permissible transactions in accordance
with the rules and regulations of the Commodity Futures Trading Commission (&#8220;CFTC&#8221;). Pursuant to amendments by the
CFTC to Rule 4.5 under the Commodity Exchange Act (&#8220;CEA&#8221;), the Investment Adviser has filed a notice of exemption
from registration as a &#8220;commodity pool operator&#8221; with respect to the Fund. The Fund and the Investment Adviser are
therefore not subject to registration or regulation as a commodity pool operator under the CEA. In addition, certain trading restrictions
are applicable to the Fund as a result of this status. These trading restrictions permit the Fund to engage in commodity interest
transactions that include (i) &#8220;bona fide hedging&#8221; transactions, as that term is defined and interpreted by the CFTC
and its staff, without regard to the percentage of the Fund&#8217;s assets committed to margin and options premiums and (ii) non-bona
fide hedging transactions, provided that the Fund does not enter into such non-bona fide hedging transactions if, immediately
thereafter, either (a) the sum of the amount of initial margin deposits on the Fund&#8217;s existing futures positions or swaps
positions and option or swaption premiums would exceed 5% of the market value of the Fund&#8217;s liquidating value, after taking
into account unrealized profits and unrealized losses on any such transactions, or (b) the aggregate net notional value of the
Fund&#8217;s commodity interest transactions would not exceed 100% of the market value of the Fund&#8217;s liquidating value,
after taking into account unrealized profits and unrealized losses on any such transactions. In addition to meeting one of the
foregoing trading limitations, the Fund may not market itself as a commodity pool or otherwise as a vehicle for trading in the
futures, options or swaps markets. Therefore, in order to claim the Rule 4.5 exemption, the Fund is limited in its ability to
invest in commodity futures, options, and certain types of swaps (including securities futures, broad based stock index futures,
and financial futures contracts). As a result, the Fund is more limited in its ability to use these instruments than in the past,
and these limitations may have a negative impact on the ability of the Investment Adviser to manage the Fund, and on the Fund&#8217;s
performance. If the Investment Adviser was required to register as a commodity pool operator with respect to the Fund, compliance
with additional registration and regulatory requirements would increase Fund expenses. Other potentially adverse regulatory initiatives
could also develop.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Risks
of Currency Transactions. </i></b>Currency transactions are also subject to risks different from those of other portfolio transactions.
Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases
and sales of currency and related instruments can be</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">adversely
affected by government exchange controls, limitations or restrictions on repatriation of currency, and manipulation, or exchange
restrictions imposed by governments. These forms of governmental action can result in losses to the Fund if it is unable to deliver
or receive currency or monies in settlement of obligations and could also cause hedges it has entered into to be rendered useless,
resulting in full currency exposure and incurring transaction costs.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Repurchase
Agreements. </i></b>Repurchase agreements may be seen as loans by the Fund collateralized by underlying debt securities. Under
the terms of a typical repurchase agreement, the Fund would acquire an underlying debt obligation for a relatively short period
(usually not more than one week) subject to an obligation of the seller to repurchase, and the Fund to resell, the obligation
at an agreed price and time. This arrangement results in a fixed rate of return to the Fund that is not subject to market fluctuations
during the holding period. The Fund bears a risk of loss in the event that the other party to a repurchase agreement defaults
on its obligations and the Fund is delayed in or prevented from exercising its rights to dispose of the collateral securities,
including the risk of a possible decline in the value of the underlying securities during the period in which it seeks to assert
these rights. The Investment Adviser, acting under the supervision of the Board of Trustees, reviews the creditworthiness of those
banks and dealers with which the Fund enters into repurchase agreements to evaluate these risks and monitors on an ongoing basis
the value of the securities subject to repurchase agreements to ensure that the value is maintained at the required level. The
Fund will not enter into repurchase agreements with the Investment Adviser or any of its affiliates.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Swaps.
</i></b>The Fund may enter into total rate of return, credit default or other types of swaps and related derivatives for various
purposes, including to gain economic exposure to an asset or group of assets that may be difficult or impractical to acquire or
for hedging and risk management. These transactions generally provide for the transfer from one counterparty to another of certain
risks inherent in the ownership of a financial asset such as a common stock or debt instrument. Such risks include, among other
things, the risk of default and insolvency of the obligor of such asset, the risk that the credit of the obligor or the underlying
collateral will decline or the risk that the common stock of the underlying issuer will decline in value. The transfer of risk
pursuant to a derivative of this type may be complete or partial, and may be for the life of the related asset or for a shorter
period. These derivatives may be used as a risk management tool for a pool of financial assets, providing the Fund with the opportunity
to gain or reduce exposure to one or more reference securities or other financial assets (each, a &#8220;Reference Asset&#8221;)
without actually owning or selling such assets in order, for example, to increase or reduce a concentration risk or to diversify
a portfolio. Conversely, these derivatives may be used by the Fund to reduce exposure to an owned asset without selling it.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Because
the Fund would not own the Reference Assets, the Fund may not have any voting rights with respect to the Reference Assets, and
in such cases all decisions related to the obligors or issuers of the Reference Assets, including whether to exercise certain
remedies, will be controlled by the swap counterparties.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Total
rate of return swap agreements are contracts in which one party agrees to make periodic payments to another party based on the
change in market value of the assets underlying the contract, which may include a specified security, basket of securities or
securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or
the total return from other underlying assets.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">A
credit default swap consists of an agreement between two parties in which the &#8220;buyer&#8221; agrees to pay to the &#8220;seller&#8221;
a periodic stream of payments over the term of the contract and the seller agrees to pay the buyer the par value (or other agreed-upon
value) of a referenced debt obligation upon the occurrence of a credit event with respect to the issuer of the referenced debt
obligation. Generally, a credit event means bankruptcy, failure to pay, obligation acceleration or modified restructuring. The
Fund may be either the buyer or seller in a credit default swap. As the buyer in a credit default swap, the Fund would pay to
the counterparty the periodic stream of payments. If no default occurs, the Fund would receive no benefit from the contract. As
the seller in a credit default swap, the Fund would receive the stream of payments but would be subject to exposure on the notional
amount of the swap, which it would be required to pay in the event of a credit event with respect to the issuer of the referenced
debt obligation. Accordingly, if the Fund sells a credit default swap (or a credit default index swap), it intends at all times
to segregate or designate on its books and records liquid assets in an amount at least equal to the notional amount of the swap
(i.e., the cost of payment to the buyer if a credit event occurs).</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund may also enter into equity contract for difference swap transactions. In an equity contract for difference swap, a set of
future cash flows is exchanged between two counterparties. One of these cash flow streams will typically be based on a reference
interest rate combined with the performance of a notional value of shares of a stock. The other will be based on the performance
of the shares of a stock. Depending on the general state of short-term interest rates and the returns on the Fund&#8217;s portfolio
securities at the time an equity contract for difference swap transaction reaches its scheduled termination date, there is a risk
that the Fund will not be able to obtain a replacement transaction or that the terms of the replacement will not be as favorable
as on the expiring transaction.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Total
rate of return swaps and similar derivatives are subject to many risks, including the possibility that the market will move in
a manner or direction that would have resulted in gain for the Fund had the swap or other derivative not been utilized (in which
case it would have been better had the Fund not engaged in the hedging transactions), the risk of imperfect correlation between
the risk sought to be hedged and the derivative transactions utilized, the possible inability of the counterparty to fulfill its
obligations under the swap and potential illiquidity of the hedging instrument utilized, which may make it difficult for the Fund
to close out or unwind one or more hedging transactions. Total rate of return swaps and related derivatives are a relatively recent
development in the financial markets. Consequently, there are certain legal, tax and market uncertainties that present risks in
entering into such arrangements.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">There
is currently little or no case law or litigation characterizing total rate of return swaps or related derivatives, interpreting
their provisions, or characterizing their tax treatment. In addition, additional regulations and laws may apply to these types
of derivatives that have not previously been applied. There can be no assurance that future decisions construing similar provisions
to those in any swap agreement or other related documents or additional regulations and laws will not have an adverse effect on
the Fund that utilizes these instruments. The Fund will monitor these risks and seek to utilize these instruments in a manner
that does not lead to undue risk regarding the tax or other structural elements of the Fund. The Fund will not invest in these
types of instruments if the Reference Assets are commodities except for bona fide hedging or risk management purposes.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Convertible
Securities. </i></b>A convertible security is a bond, debenture, note, stock or other similar security that may be converted into
or exchanged for a prescribed amount of common stock or other equity security of the same or a different issuer within a particular
period of time at a specified price or formula. Before conversion,</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">convertible
securities have characteristics similar to non-convertible debt securities in that they ordinarily provide a stream of income
with generally higher yields than those of common stock of the same or similar issuers. Convertible securities are senior in rank
to common stock in a corporation&#8217;s capital structure and, therefore, generally entail less risk than the corporation&#8217;s
common stock, although the extent to which such risk is reduced depends in large measure upon the degree to which the convertible
security sells above its value as a fixed income security. See &#8220;Risk Factors and Special Considerations&#8212;Convertible
Securities Risk.&#8221;</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Temporary
Defensive Investments. </i></b>Although under normal market conditions at least 80% of the Fund&#8217;s assets will consist of
common stock and other debt or equity securities of foreign and domestic companies involved in the Utilities Industry and securities
of companies in other industries that are expected to periodically generate or accrue income, when a temporary defensive posture
is believed by the Investment Adviser to be warranted (&#8220;temporary defensive periods&#8221;), the Fund may without limitation
hold cash or invest its assets in money market instruments and repurchase agreements in respect of those instruments. The money
market instruments in which the Fund may invest are obligations of the U.S. government, its agencies or instrumentalities; commercial
paper rated A-1 or higher by S&amp;P or Prime-1 by Moody&#8217;s; and certificates of deposit and bankers&#8217; acceptances issued
by domestic branches of U.S. banks that are members of the Federal Deposit Insurance Corporation. During temporary defensive periods,
the Fund may also invest to the extent permitted by applicable law in shares of money market mutual funds. Money market mutual
funds are investment companies and the investments in those companies by the Fund are in some cases subject to applicable law.
As a shareholder in a mutual fund, the Fund will bear its ratable share of its expenses, including management fees, and will remain
subject to payment of the fees to the Investment Adviser, with respect to assets so invested. The Fund may find it more difficult
to achieve the long-term growth of capital component of its investment objective during temporary defensive periods.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Loans
of Portfolio Securities. </i></b>To increase income, the Fund may lend its portfolio securities to securities broker-dealers or
financial institutions if the loan is collateralized in accordance with applicable regulatory requirements.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">If
the borrower fails to maintain the requisite amount of collateral, the loan automatically terminates and the Fund could use the
collateral to replace the securities while holding the borrower liable for any excess of replacement cost over the value of the
collateral. As with any extension of credit, there are risks of delay in recovery and in some cases even loss of rights in collateral
should the borrower of the securities violate the terms of the loan or fail financially. There can be no assurance that borrowers
will not fail financially. On termination of the loan, the borrower is required to return the securities to the Fund, and any
gain or loss in the market price during the loan would inure to the Fund. If the other party to the loan petitions for bankruptcy
or becomes subject to the United States Bankruptcy Code, the law regarding the rights of the Fund is unsettled. As a result, under
extreme circumstances, there may be a restriction on the Fund&#8217;s ability to sell the collateral and the Fund would suffer
a loss.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="color: Black"><b><i>Investment
Restrictions. </i></b>The Fund has adopted certain investment restrictions as fundamental policies of the Fund. Under the 1940
Act, a fundamental policy may not be changed without the vote of a majority, as defined in the 1940 Act, of the outstanding voting
securities of the Fund (voting together as a single class). In addition, pursuant to the statements of preferences of the Series
A Preferred Shares and the Series B Preferred Shares, a majority, as defined in the 1940 Act, of the outstanding preferred shares
of the Fund (voting separately as a</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">single
class) is also required to change a fundamental policy. The Fund may become subject to rating agency guidelines that are more
limiting than its current investment restrictions in order to obtain and maintain a desired rating on its preferred shares, if
any.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Neither
the Fund&#8217;s investment objective nor, except as expressly provided in this Annual Report, any of its policies, is fundamental,
and each may be modified by the Board without shareholder approval.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Portfolio
Turnover. </i></b>Portfolio turnover generally involves expense to the Fund, including brokerage commissions or dealer mark-ups
and other transaction costs on the sale of securities and reinvestment in other securities. The portfolio turnover rate is computed
by dividing the lesser of the amount of the securities purchased or securities sold by the average monthly value of securities
owned during the year (excluding securities whose maturities at acquisition were one year or less). Higher portfolio turnover
may decrease the after-tax return to individual investors in the Fund to the extent it results in a decrease of the long-term
capital gains portion of distributions to shareholders. The Fund&#8217;s portfolio turnover rates for the fiscal years ended December
31, 2021 and December 31, 2022 were 10% and 6%, respectively.</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_RiskFactorsTableTextBlock', window );">Risk Factors [Table Text Block]</a></td>
<td class="text"><p id="xdx_802_ecef--RiskFactorsTableTextBlock_dU_zBfUc0yNfrEh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"><span style="color: Black"><b>RISK
FACTORS AND SPECIAL CONSIDERATIONS</b></span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Investors
should consider the following risk factors and special considerations associated with investing in the Fund:</span></p>

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<p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketRiskMember_dU_zWF7iqSBgkg2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Market
Risk. </i></b>The market price of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. Securities
may decline in value due to factors affecting securities markets generally or particular industries represented in the securities
markets. The value of a security may decline due to general market conditions which are not specifically related to a particular
company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes
in interest or currency rates, adverse changes to credit markets or adverse investor sentiment generally. The value of a security
may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production
costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes
may decline in value simultaneously. Equity securities generally have greater price volatility than fixed income securities. Credit
ratings downgrades may also negatively affect securities held by the Fund. Even when markets perform well, there is no assurance
that the investments held by the Fund will increase in value along with the broader market.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
addition, market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level.
For instance, war, terrorism, market manipulation, government defaults, government shutdowns, political changes or diplomatic
developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental
disasters can all negatively impact the securities markets, which could cause the Fund to lose value. These events could reduce
consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely
impact the economy. The current contentious domestic political environment, as well as political and diplomatic events within
the United States and abroad, such as the U.S. government&#8217;s inability at times to agree on a long-term budget and deficit
reduction plan, has in the past resulted, and may in the future result, in a government shutdown, which could have an adverse
impact on the Fund&#8217;s investments and operations. Additional and/or prolonged U.S. federal government shutdowns may affect
investor and consumer confidence and may adversely</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">impact
financial markets and the broader economy, perhaps suddenly and to a significant degree. Governmental and quasi-governmental authorities
and regulators throughout the world have previously responded to serious economic disruptions with a variety of significant fiscal
and monetary policy changes, including, but not limited to, direct capital infusions into companies, new monetary programs and
dramatically lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of these policies,
could increase volatility in securities markets, which could adversely affect the Fund&#8217;s investments. Any market disruptions
could also prevent the Fund from executing advantageous investment decisions in a timely manner. To the extent that the Fund focuses
its investments in a region enduring geopolitical market disruption, it will face higher risks of loss, although the increasing
interconnectivity between global economies and financial markets can lead to events or conditions in one country, region or financial
market adversely impacting a different country, region or financial market. Thus, investors should closely monitor current market
conditions to determine whether the Fund meets their individual financial needs and tolerance for risk.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Current
market conditions may pose heightened risks with respect to the Fund&#8217;s investment in income producing securities. Recently,
central banks such as the Federal Reserve Bank have been raising interest rates to combat the rate of inflation. There is a risk
that additional increases in interest rates or a prolonged period of rising interest rates may cause the economy to enter a recession.
Any interest rate increases in the future could cause the value of the Fund to decrease. In addition, inflation has recently reached
its highest levels in decades. As such, the markets for income producing securities may experience heightened levels of interest
rate, volatility and liquidity risk.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Exchanges
and securities markets may close early, close late or issue trading halts on specific securities or generally, which may result
in, among other things, the Fund being unable to buy or sell certain securities or financial instruments at an advantageous time
or accurately price its portfolio investments.</span></p>

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<p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--InterestRateRiskGenerallyMember_dU_zDLyZczr4Mk4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Interest
Rate Risk Generally. </i></b>The primary risk associated with dividend-and interest-paying securities is interest rate risk. A
decrease in interest rates will generally result in an increase in the investment value of such securities, while increases in
interest rates will generally result in a decline in the investment value of such securities. This effect is generally more pronounced
for fixed rate securities than for securities whose income rate is periodically reset.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">General
interest rate fluctuations may have a substantial negative impact on the Fund&#8217;s investments, the value of the Fund and the
Fund&#8217;s rate of return. A reduction in the interest or dividend rates on new investments relative to interest or dividend
rates on current investments could also have an adverse impact on the Fund&#8217;s net investment income. An increase in interest
rates could decrease the value of any investments held by the Fund that earn fixed interest or dividend rates, including debt
securities, convertible securities, preferred stocks, loans and high-yield bonds, and also could increase interest or dividend
expenses, thereby decreasing net income. Interest rates have risen over the past year and the chance that they will continue to
rise is pronounced.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
magnitude of these fluctuations in the market price of bonds and other income- or dividend-paying securities is generally greater
for those securities with longer maturities. Fluctuations in the market price of the Fund&#8217;s investments will not affect
interest income derived from instruments already owned by the Fund, but will be reflected in the Fund&#8217;s net asset value.
The Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund management.
To the extent the Fund invests in securities that</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">may
be prepaid at the option of the obligor, the sensitivity of such securities to changes in interest rates may increase (to the
detriment of the Fund) when interest rates rise. Moreover, because rates on certain floating rate securities typically reset only
periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause
some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate securities. These basic principles
of bond prices also apply to U.S. government securities. A security backed by the &#8220;full faith and credit&#8221; of the U.S.
government is guaranteed only as to its stated interest rate and face value at maturity, not its current market price. Just like
other income- or dividend-paying securities, government-guaranteed securities will fluctuate in value when interest rates change.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund&#8217;s use of leverage will tend to increase the Fund&#8217;s interest rate risk. The Fund may invest in variable and floating
rate instruments, which generally are less sensitive to interest rate changes than longer duration fixed rate instruments but
may decline in value in response to rising interest rates if, for example, the rates at which they pay interest do not rise as
much, or as quickly, as market interest rates in general. Conversely, variable and floating rate instruments generally will not
increase in value if interest rates decline. The Fund also may invest in inverse floating rate securities, which may decrease
in value if interest rates increase, and which also may exhibit greater price volatility than fixed rate obligations with similar
credit quality. To the extent the Fund holds variable or floating rate instruments, a decrease (or, in the case of inverse floating
rate securities, an increase) in market interest rates will adversely affect the income received from such securities, which may
adversely affect the net asset value of the Fund&#8217;s common shares.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Recently,
central banks such as the Federal Reserve Bank have been increasing interest rates in an effort to slow the rate of inflation.
There is a risk that increased interest rates may cause the economy to enter a recession. Any such recession would negatively
impact the Fund and the investments held by the Fund. These impacts may include:&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">severe declines in the Fund&#8217;s
net asset values;</span></td>
</tr></table>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">inability of the Fund to accurately
or reliably value its portfolio;</span></td>
</tr></table>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">inability of the Fund to pay
any dividends or distributions;</span></td>
</tr></table>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">inability of the Fund to maintain
its status as a registered investment company (&#8220;RIC&#8221;) under the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;);</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">declines in the value of the
Fund&#8217;s investments;</span></td>
</tr></table>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">increased risk of default
or bankruptcy by the companies in which the Fund invests;</span></td>
</tr></table>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">increased risk of companies
in which the Fund invests being unable to weather an extended cessation of normal economic activity and thereby impairing their
ability to continue functioning as a going concern; and</span></td>
</tr></table>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">limited availability of new
investment opportunities.</span></td>
</tr></table>

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<p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--InflationRiskMember_dU_zIAzDaEwZSQi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Inflation
Risk. </i></b>Inflation risk is the risk that the value of assets or income from investments will be worth less in the future
as inflation decreases the value of money. Recently, inflation has increased to its highest level in decades, and the Federal
Reserve has been raising the federal funds rate in response. Inflation rates may change frequently and significantly as a result
of various factors, including unexpected shifts in the domestic</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">or
global economy and changes in economic policies, and the Fund&#8217;s investments may not keep pace with inflation, which may
result in losses to Fund shareholders. As inflation increases, the real value of the Fund&#8217;s shares and dividends may decline.
In addition, during any periods of rising inflation, interest rates of any debt securities held by the Fund would likely increase,
which would tend to further reduce returns to shareholders. This risk is greater for fixed-income instruments with longer maturities.</span></p>

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<p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--IndustryRisksMember_dU_zVsteWEa2SK9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Industry
Risks. </i></b>The Fund invests in foreign and domestic companies involved in the Utilities Industry and, as a result, the value
of the common shares will be more susceptible to factors affecting those particular types of companies, including governmental
regulation, inflation, cost increases in fuel and other operating expenses, technological innovations that may render existing
products and equipment obsolete and increasing interest rates resulting in high interest costs on borrowings needed for product
development, infrastructure and capital construction programs, including costs associated with compliance with environmental and
other regulations.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Sector
Risk. </i>The Fund concentrates its investments in the Utilities Industry. As a result, the Fund&#8217;s investments may be subject
to greater risk and market fluctuation than a fund that had securities representing a broader range of investment alternatives.
The prices of equity securities issued by certain types of utility companies may change more in response to interest rate changes
than the equity securities of other companies. Generally, when interest rates go up, the value of securities issued by these companies
goes down. Conversely, when interest rates go down, the value of securities issued by these companies goes up. There is no guarantee
that this relationship will hold in the future. Privatization in the&#160;Utilities Industry may subject companies to greater
competition and losses in profitability. Companies in the Utilities Industry may have difficulty obtaining an adequate return
on invested capital, raising capital, or financing large construction programs during periods of inflation or unsettled capital
markets.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Government
Regulation. </i>Companies in certain sectors of the Utilities Industry (such as power generation and distribution) are subject
to extensive governmental regulatory requirements. In the United States, most companies in the Utilities Industry are regulated
by state and/or federal authorizes. For example, at the federal level in the United States, the Federal Energy Regulatory Commission
(&#8220;FERC&#8221;), the Federal Trade Commission (&#8220;FTC&#8221;), the SEC and the Nuclear Regulatory Commission (&#8220;NRC&#8221;)
have authority to oversee electric and combination electric and gas utilities. Certain of these regulations that are intended
to limit the concentration of ownership and control of companies in these industries may prevent companies in which the Fund invests
from making certain investments that they would otherwise make. Other regulations may cause Utilities Industry companies to incur
substantial additional costs or lengthy delays in connection with the completion of capital investments or the introduction of
new products or services to market. There are substantial differences between the regulatory practices and policies in various
jurisdictions, and any given regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory
authorities will, in the future, permit companies to implement rate increases or that such increases will be adequate to permit
the payment of dividends on such issuer&#8217;s common stocks. Additionally, existing and possible future regulatory legislation
may make it even more difficult for companies in the Utilities Industry to obtain adequate relief from rate regulation.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">Regulatory
considerations limit the percentage of the shares of a public utility or utility holding company held by a fund or by an adviser
and its affiliates on behalf of all their clients. In particular, approval of the FERC under the Federal Power Act would generally
be required for (i) the Fund to acquire and hold 10%</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">or
more of the voting securities of any publicly traded public utility or utility holding company, and (ii) for the Fund together
with any affiliated fund or other affiliated entity to acquire and hold in the aggregate 20% or more of the voting securities
of any publicly traded public utility or utility holding company. Other requirements for FERC or state utility commission approval
of the acquisition of voting securities may apply as well. Apart from approval requirements with respect to acquisitions of voting
securities, the Fund may choose to limit its ownership of public utility or utility holding company voting securities in order
to avoid the imposition of regulatory requirements under federal or state law such as those that attend status as a &#8220;holding
company&#8221; under the Public Utility Holding Company Act of 2005.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">Similarly,
various types of ownership restrictions are imposed by the Federal Communications Commission (&#8220;FCC&#8221;), on investment
in media companies and cellular licensees. For example, the FCC&#8217;s broadcast and cable multiple-ownership and cross ownership
rules, which apply to the radio, television, and cable industries, provide that investment advisers are deemed to have an &#8220;attributable&#8221;
interest whenever the adviser has the right to determine how five percent or more of the issued and outstanding voting stock of
a broadcast company or cable system operator may be voted. These rules limit the number of broadcast stations both locally and
nationally that a single entity is permitted to own, operate, or control and prohibit ownership of certain competitive communications
providers in the same location. The FCC also applies limited ownership restrictions on cellular licensees serving rural areas.
An attributable interest in a cellular company arises from the right to control 20% or more of its voting stock. Attributable
interests that may result from the role of the Investment Adviser and its principals in connection with other funds, managed accounts
and companies may limit the Fund&#8217;s ability to invest in certain mass media and cellular companies. These limitations may
unfavorably restrict the ability of the Fund to make certain investments.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Deregulation.
</i>Changing regulation constitutes one of the key industry-specific risks for the Fund, especially with respect to its investments
in traditionally regulated public utilities and partially regulated utility or telecommunications companies. Domestic and foreign
regulators may monitor and control such companies&#8217; revenues and costs, and therefore may limit utility profits and dividends
paid to investors, which could result in reduced income to the Fund. Regulatory authorities also may restrict a company&#8217;s
access to new markets, thereby diminishing the company&#8217;s long-term prospects. In some jurisdictions certain portions of
various utilities functions have been deregulated. Deregulation may eliminate restrictions on profits and dividends of companies,
but may also subject these companies to greater risks of loss. Thus, deregulation could have a positive or negative impact on
the Fund. The Investment Adviser believes that certain Utilities Industry companies&#8217; fundamentals should continue to improve
as the industry undergoes deregulation. The nature of regulation of the Utilities Industry continues to evolve both in the United
States and in foreign countries. In recent years, changes in regulation in the United States increasingly have allowed companies
in the Utilities Industry to provide services and products outside their traditional geographic areas and lines of business, creating
new areas of competition within these industries. In some instances, companies in the Utilities Industry are operating on an unregulated
basis. However, a number of companies have failed in their efforts to take advantage of the deregulated environment and are seeking
to refocus in their primary business. Nonetheless, because of trends toward deregulation and the evolution of independent producers
as well as new entrants to the field of telecommunications, non-regulated providers of utility and telecommunications services
have become a</span></p>

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part of their respective industries. The emergence of competition and deregulation may result in certain companies in the Utilities
Industry being able to earn more than their traditional regulated rates of return, while others may be forced to defend their
core business from increased competition and may be less profitable. Reduced profitability, as well as new uses of funds (such
as for expansion, operations or stock buybacks) could result in cuts in dividend payout rates. The Investment Adviser seeks to
take advantage of favorable investment opportunities that may arise from these structural changes. Of course, there can be no
assurance that favorable developments will occur in the future.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Environmental
and Other Regulatory Matters. </i>Companies in the Utilities Industry in which the Fund will invest may be subject to a number
of host country statutory and regulatory standards and required approvals relating to energy, labor and environmental laws. Certain
permits and regulatory approvals may be required to be obtained for certain investments by companies in which the Fund will invest
and failure by such companies to obtain such permits and regulatory approvals could adversely affect the Fund&#8217;s investment.
Companies also face considerable costs associated with environmental compliance, nuclear waste clean-up and safety regulation.
Increasingly, regulators are calling upon electric utilities to bear these added costs, and there is a risk that these costs will
not be fully recovered through an increase in revenues. Changing weather patterns and natural disasters affect consumer demand
for utility services (e.g., electricity, heat and air conditioning), which, in turn, affects utility revenues.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">The
adoption by a host country of new laws, policies or regulations or changes in the interpretation or application of existing laws,
policies and regulations that modify the present regulatory environment could also have an adverse effect on the Fund&#8217;s
investments. Regulatory risk affects companies in the Utilities Industry in part because governments may be party to private Utilities
Industry investments as lessors, customers, regulators or partners. Moreover, for political reasons, governments may control the
prices at which companies in the Utilities Industry can sell their products, which can adversely affect the Fund&#8217;s investment
in such a company.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">Under
the laws of certain countries that are host to Utilities Industry companies in which the Fund may invest, such companies may be
required to comply with a number of statutes and regulations during their operation pertaining to environmental controls or restrictions,
and the storage, handling, transportation and disposal of hazardous and toxic material, waste or other substances. Compliance
with such requirements may be costly and may materially affect the profitability of such companies. For example, governments have
been increasing their attention to issues related to greenhouse gas (&#8220;GHG&#8221;) emissions and climate change, and regulatory
measures to limit or reduce GHG emissions are currently in various stages of discussion or implementation. GHG emissions-related
regulations could substantially harm energy companies, including by reducing the demand for energy fuels and increasing compliance
costs. Failure by such a company to comply with any such statutes or regulations could have adverse effects on its business results
and prospects, which could have negative consequences for investors such as the Fund.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Foreign
Utility Companies. </i>Foreign companies in the Utilities Industry are also subject to regulation, although such regulation may
or may not be comparable to regulation in the United States. Foreign companies in the Utilities Industry may be more heavily regulated
by their respective governments than companies in the United States and, as in the United States, generally are required to seek
government</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">approval
for rate increases. In addition, many foreign utilities use fuels that may cause more pollution than those used in the United
States, which may require such utilities to invest in pollution control equipment to meet any proposed pollution restrictions.
Foreign regulatory systems vary from country to country and may evolve in ways different from regulation in the United States.
Additionally, because the effectiveness of the judicial systems in non-U.S. countries varies, the Fund or companies in which it
may invest may have difficulty in successfully pursuing claims in the courts of such countries.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">Privatization,
which refers to the trend toward investor ownership of assets rather than government ownership, is expected to occur in newer,
faster-growing economies and in mature economies. Of course, there is no assurance that such favorable developments will occur
or that investment opportunities in foreign markets will increase. The revenues of domestic and foreign utility companies generally
reflect the economic growth and development in the geographic areas in which they do business.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Financing.
</i>At certain times, including during inflationary periods, companies in the Utilities Industry encounter difficulties in obtaining
financing for product development, infrastructure and construction programs. Issuers experiencing such difficulties may also experience
lower profitability, which can result in reduced income to the Fund. Historically, companies in the Utilities Industry have also
encountered such financing difficulties during inflationary periods, although we cannot assure you that such a relationship will
continue and that companies in the Utilities Industry will not encounter financing difficulties during non-inflationary periods.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Equipment
and Supplies. </i>Companies in the Utilities Industry may face the risk of lengthy delays and increased costs associated with
the design, development, construction, licensing and operation of their facilities or sale of their products. Moreover, technological
innovations may render existing plants, equipment or products obsolete.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">Increased
costs and a reduction in the availability of fuel (such as oil, coal, nuclear or natural gas) also may adversely affect the profitability
of utility companies. Electric utilities may be burdened by unexpected increases in fuel and other operating costs. They may also
be negatively affected when long-term interest rates rise. Long-term borrowings are used to finance most utility investments,
and rising interest rates lead to higher financing costs and reduced earnings. Investments in certain kinds of utility companies
are also subject to certain additional risks.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Electric.
</i>Certain of the issuers of securities held in the Fund&#8217;s portfolio may own or operate nuclear generating facilities.
Governmental authorities may from time to time review existing policies and impose additional requirements governing the licensing,
construction and operation of nuclear power plants. In the past, nuclear generating projects in the electric utility industry
have experienced substantial cost increases, construction delays and licensing difficulties. These have been caused by various
factors, including inflation, high financing costs, required design changes and rework, allegedly faulty construction, objections
by groups and governmental officials, limits on the ability to obtain financing, reduced forecasts of energy requirements and
economic conditions. This experience indicates that the risk of significant cost increases, delays and licensing difficulties
remain present until completion and achievement of commercial operation of any nuclear project. Also, nuclear generating units
in service have experienced unplanned outages or extensions of scheduled outages due to equipment problems or</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">new
regulatory requirements sometimes followed by a significant delay in obtaining regulatory approval to return to service. A major
accident at a nuclear plant anywhere could cause the imposition of limits or prohibitions on the operation, construction or licensing
of nuclear units. Prolonged changes in climatic conditions can also have a significant impact on both the revenues of an electric
and gas utility as well as its expenses.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">The
construction and operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear
Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher operating
costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these costs in rate authorizations
or the risk that a company may not be permitted to operate or complete construction of a facility. In addition, operators of nuclear
power plants may be subject to significant costs for disposal of nuclear fuel and for decommissioning such plants.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">The
rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be affected to a greater
extent in the future by how their asset base is utilized. Electric utility companies that focus more on the generation of electricity
may be assigned less favorable ratings as this business is expected to be competitive and the least regulated. On the other hand,
companies that focus on transmission and distribution, which is expected to be the least competitive and the more regulated part
of the business, may see higher ratings given the greater predictability of cash flow.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">A
number of states are considering or have enacted deregulation proposals. The introduction of competition into the industry as
a result of such deregulation has at times resulted in lower revenue, lower credit ratings, increased default risk, and lower
electric utility security prices. Such increased competition may also cause long-term contracts, which electric utilities previously
entered into to buy power, to become &#8220;stranded assets&#8221; which have no economic value.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">Any
loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some electric utilities have acquired
electric utilities overseas to diversify, enhance earnings and gain experience in operating in a deregulated environment. In some
instances, such acquisitions have involved significant borrowings, which have burdened the acquirer&#8217;s balance sheet. There
is no assurance that current deregulation proposals will be adopted. However, deregulation in any form could significantly impact
the electric utilities industry.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">Following
deregulation of the energy markets in certain states, a number of companies have engaged in energy trading and incurred substantial
losses. Certain of these energy trading businesses have been accused of employing improper accounting practices and have been
required to make significant restatements of their financial results. In addition, several energy companies have been accused
of attempting to manipulate the price and availability of energy in certain states.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Telecommunications.
</i>The telecommunications industry today includes both traditional telephone companies with a history of broad market coverage
and highly regulated businesses and cable companies, which began as small, lightly regulated businesses focused on limited markets.
Today these two historically different businesses are converging in an industry which is trending toward larger, competitive,
national and international markets with an emphasis on deregulation. Companies that</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">distribute
telephone services and provide access to the telephone networks still comprise the greatest portion of this segment, but non-regulated
activities such as cellular telephone services, paging, data processing, equipment retailing, computer software and hardware services
are becoming increasingly significant components as well. The presence of unregulated companies in this industry and the entry
of traditional telephone companies into unregulated or less regulated businesses provide significant investment opportunities
with companies which may increase their earnings at faster rates than had been allowed in traditional regulated businesses. Still,
increasing competition, technological innovations and other structural changes could adversely affect the profitability of such
utilities and the growth rate of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely
that both traditional telephone companies and cable companies will continue to provide an expanding range of utility services
to residential, corporate and governmental customers.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Gas.
</i>Gas transmission companies and gas distribution companies are also undergoing significant changes. In the United States, interstate
transmission companies are regulated by the FERC, which began reducing its regulation of the industry in the 1980&#8217;s. Many
companies have diversified into oil and gas exploration and development, making returns more sensitive to energy prices. In the
recent decade, gas utility companies have been adversely affected by disruptions in the oil industry, including related to political
conditions in oil producing regions (such as the Middle East), by increased concentration and competition, and by differing approaches
to energy policy in the United States, including increased incentives for the exploration and production of alternative energy
and climate-related programs, revocation of federal permits for, and public opposition to, natural gas pipelines, such as the
cross-border operation permit for the Keystone XL Pipeline and other policy decisions that favor alternative energy sources. The
extension of these policies, or the adoption of similar policies, could adversely affect the financial performance of gas transmission
and distribution companies. Prolonged changes in climatic conditions can also have a significant impact on both the revenues and
expenses of a gas utility. Natural gas is the cleanest of the hydrocarbon fuels, and this may result in incremental shifts in
fuel consumption toward natural gas and away from oil and coal, even for electricity generation. However, technological or regulatory
changes within the industry may delay or prevent this result.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Water.
</i>In the case of the water utility sector, the industry is highly fragmented, and most water supply companies find themselves
in mature markets, although upgrading of fresh water and waste water systems is an expanding business.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Technology
and Competitive Risks. </i>The introduction and phase-in of new technologies can affect a utility company&#8217;s competitive
strength. The race by long-distance telephone providers to incorporate fiber optic technology is one example of competitive risk
within the utilities industry.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">The
increasing role of independent power producers (IPPs) in the natural gas and electric utility segments of the utilities industry
is another example of competitive risk. Typically, IPPs wholesale power to established local providers, but there is a trend toward
letting them sell power directly to industrial consumers. Co-generation facilities, such as those of landfill operators that produce
methane gas as a byproduct of their core business, pose another competitive challenge to gas and electric utilities. In addition
to offering a less expensive source of power, these companies may receive more favorable</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">regulatory
treatment than utilities seeking to expand facilities that consume nonrenewable energy sources.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Utilities
Industry Generally. </i>There can be no assurance that the positive developments noted above, including those relating to privatization
and changing regulation, will occur or that risk factors other than those noted above will not develop in the future.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">Moreover,
price disparities within selected utility groups and discrepancies in relation to averages and indices have occurred frequently
for reasons not directly related to the general movements or price trends of utility common stocks. Causes of these discrepancies
include changes in the overall demand for and supply of various securities (including the potentially depressing effect of new
stock offerings), and changes in investment objectives, market expectations or cash requirements of other purchasers and sellers
of securities.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Cybersecurity
Risks. </i>Companies in the Utilities Industry have experienced sabotage to company infrastructure, property and equipment, attempts
to breach company operating systems and other similar incidents in the past, which have resulted in shutdowns and/or disruptions
in their operations. For example, in May 2021, a U.S. fuel pipeline operator was the target of a ransomware attack, which resulted
in the shutdown of a massive oil pipeline system that supplies the eastern United States. Recently, in September 2022, several
subsea explosions ruptured the Nord Stream I pipeline and one Nordstream II pipe, causing a substantial disruption in the delivery
of natural gases under the Baltic Sea. Several counties continue to investigate the incident, but several, including Sweden, have
concluded the explosions were caused by grievous sabotage.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">Companies
in the Utilities Industry may continue to be subject to attempts to gain unauthorized access to or through their operating systems
and physical attacks on industry and company infrastructure, property and equipment. Any physical damage, system failure, cybersecurity
breach, ransomware attack, system disruption or other material harm could interrupt or delay operations and impact a company in
the Utilities Industry&#8217;s ability to manage its operations and report financial performance, which could have a materially
adverse effect on existing and future business. These and other developments may adversely impact the value of the Fund&#8217;s
investments in companies in the Utilities Industry.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Leveraged
Capital Structures. </i>It is expected that Utilities Industry companies in which the Fund will invest may employ considerable
leverage, a significant portion of which may be at floating interest rates. As a result, a Utilities Industry company may be subject
to increased exposure to adverse economic factors such as a significant rise in interest rates, a severe downturn in the economy
or deterioration in the condition of such company or its industry.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>General Risks</b></span></p>

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<p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--EquityRiskMember_dU_zJKItdt9xylc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Equity
Risk. </i></b>Investing in the Fund involves equity risk, which is the risk that the securities held by the Fund will fall in
market value due to adverse market and economic conditions, perceptions regarding the industries in which the issuers of securities
held by the Fund participate and the particular circumstances and performance of particular companies whose securities the Fund
holds. An investment in the Fund represents an indirect</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">economic
stake in the securities owned by the Fund, which are for the most part traded on securities exchanges or in the OTC markets. The
market value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably. The
net asset value of the Fund may at any point in time be less than the net asset value of the Fund at the time the shareholder
invested in the Fund, even after taking into account any reinvestment of distributions.</span></p>

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<p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--CommonStockRiskMember_dU_zQ9KzMFEhT9b" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Common
Stock Risk. </i></b>Common stock of an issuer in the Fund&#8217;s portfolio may decline in price for a variety of reasons, including
if the issuer fails to make anticipated dividend payments because, among other reasons, the issuer of the security experiences
a decline in its financial condition. Common stock in which the Fund invests is structurally subordinated as to income and residual
value to preferred stock, bonds and other debt instruments in a company&#8217;s capital structure, in terms of priority to corporate
income, and therefore will be subject to greater dividend risk than preferred stock or debt instruments of such issuers. In addition,
while common stock has historically generated higher average returns than fixed income securities, common stock has also experienced
significantly more volatility in generating those returns.</span></p>

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<p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--PreferredStockRiskMember_dU_z0eS18lTKA0k" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Preferred
Stock Risk. </i></b>There are special risks associated with the Fund&#8217;s investing in preferred securities, including:</span></p>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Deferral.</i> Preferred
securities may include provisions that permit the issuer, at its discretion, to defer dividends or distributions for a stated
period without any adverse consequences to the issuer. If the Fund owns a preferred security that is deferring its dividends or
distributions, the Fund may be required to report income for tax purposes although it has not yet received such income.</span></td>
</tr></table>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Non-Cumulative Dividends.
</i>Some preferred securities are non-cumulative, meaning that the dividends do not accumulate and need not ever be paid. A portion
of the portfolio may include investments in non-cumulative preferred securities, whereby the issuer does not have an obligation
to make up any arrearages to its shareholders. Should an issuer of a non-cumulative preferred security held by the Fund determine
not to pay dividends or distributions on such security, the Fund&#8217;s return from that security may be adversely affected.
There is no assurance that dividends or distributions on non-cumulative preferred securities in which the Fund invests will be
declared or otherwise made payable.</span></td>
</tr></table>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Subordination.</i> Preferred
securities are subordinated to bonds and other debt instruments in an issuer&#8217;s capital structure in terms of priority to
corporate income and liquidation payments, and therefore will be subject to greater credit risk than more senior debt security
instruments.</span></td>
</tr></table>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Liquidity.</i> Preferred
securities may be substantially less liquid than many other securities, such as common stocks or U.S. government securities.</span></td>
</tr></table>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Limited Voting Rights.
</i>Generally, preferred security holders (such as the Fund) have no voting rights with respect to the issuing company unless
preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may be
entitled to elect a number of directors to the issuer&#8217;s board. Generally, once all the arrearages have been paid, the preferred
security holders no longer have voting rights.</span></td>
</tr></table>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Special Redemption Rights.
</i>In certain varying circumstances, an issuer of preferred securities may redeem the securities prior to a specified date. For
instance, for certain types of preferred securities, a redemption may be triggered by a change in U.S. federal income tax or securities
laws. A redemption by the issuer may negatively impact the return of the security held by the Fund.</span></td>
</tr></table>

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<p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_dU_zjPez8IsLPca" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Convertible
Securities Risk. </i></b>Convertible securities generally offer lower interest or dividend yields than non-convertible securities
of similar quality. The market values of convertible securities tend to decline as interest rates increase and, conversely, to
increase as interest rates decline. In the absence of adequate anti-dilution provisions in a convertible security, dilution in
the value of the Fund&#8217;s holding may occur in the event the underlying stock is subdivided, additional equity securities
are issued for below market value, a stock dividend is declared or the issuer enters into another type of corporate transaction
that has a similar effect.</span></p>

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<p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--MergerArbitrageRiskMember_dU_zEReQs4xCTx8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Merger
Arbitrage Risk. </i></b>The Fund may invest in securities of companies for which a tender or exchange offer has been made or announced,
and in securities of companies for which a merger, consolidation, liquidation or reorganization proposal has been announced. The
principal risk of such investments is that certain of such proposed transactions may be renegotiated, terminated or involve a
longer time frame than originally contemplated, in which case the Fund may realize losses. Such risk is sometimes referred to
as &#8220;merger arbitrage risk.&#8221; Among the factors that affect the level of risk with respect to the completion of the
transaction are the deal spread and number of bidders, the friendliness of the buyer and seller, the strategic rationale behind
the transaction, the existence of regulatory hurdles, the level of due diligence completed on the target company and the ability
of the buyer to finance the transaction. If the spread between the purchase price and the current price of the seller&#8217;s
stock is small, the risk that the transaction will not be completed may outweigh the potential return. If there is very little
interest by other potential buyers in the target company, the risk of loss may be higher than where there are back-up buyers that
would allow the arbitrageur to realize a similar return if the current deal falls through. Unfriendly management of the target
company or change in friendly management in the middle of a deal increases the risk that the deal will not be completed even if
the target company&#8217;s board has approved the transaction and may involve the risk of litigation expense if the target company
pursues litigation in an attempt to prevent the deal from occurring. The underlying strategy behind the deal is also a risk consideration
because the less a target company will benefit from a merger or acquisition, the greater the risk. There is also a risk that an
acquiring company may back out of an announced deal if, in the process of completing its due diligence of the target company,
it discovers something undesirable about such company. In addition, merger transactions are also subject to regulatory risk because
a merger transaction often must be approved by a regulatory body or pass governmental antitrust review. All of these factors affect
the timing and likelihood that the transaction will close. Even if the Investment Adviser selects announced deals with the goal
of mitigating the risks that the transaction will fail to close, such risks may still delay the closing of such transaction to
a date later than the Fund originally anticipated, reducing the level of desired return to the Fund.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Merger
arbitrage positions are also subject to the risk of overall market movements. To the extent that a general increase or decline
in equity values affects the stocks involved in a merger arbitrage position differently, the position may be exposed to loss.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Finally,
merger arbitrage strategies depend for success on the overall volume of global merger activity, which has historically been cyclical
in nature. During periods when merger activity is low, it may be difficult or impossible to identify opportunities for profit
or to identify a sufficient number of such opportunities to provide balance among potential merger transactions. To the extent
that the number of announced deals and corporate reorganizations decreases or the number of investors in such transactions increases,
it is possible that merger arbitrage spreads will tighten, causing the profitability of investing in such transactions to diminish,
which will in turn decrease the returns to the Fund from such investment activity.</span></p>

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<p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--RecapitalizationRiskMember_dU_zRQfL291H0q6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b>Recapitalization
Risk</b>. In recapitalizations, a corporation may restructure its balance sheet by selling specific assets, significantly leveraging
other assets and creating new classes of equity securities to be distributed, together with a substantial payment in cash or in
debt securities, to existing shareholders. In connection with such transactions, there is a risk that the value of the cash and
new securities distributed will not be as high as the cost of the Fund&#8217;s original investment or that no such distribution
will ultimately be made and the value of the Fund&#8217;s investment will decline. To the extent an investment in a company that
has undertaken a recapitalization is retained by the Fund, the Fund&#8217;s risks will generally be comparable to those associated
with investments in highly leveraged companies, generally including higher than average sensitivity to (i) short-term interest
rate fluctuations, (ii) downturns in the general economy or within a particular industry or (iii) adverse developments within
the company itself.</span></p>

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<p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--DistributionRiskforEquityIncomeSecuritiesMember_dU_zEgSqxSgDJC4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Distribution
Risk for Equity Income Securities. </i></b>In selecting equity income securities in which the Fund will invest, the Investment
Adviser will consider the issuer&#8217;s history of making regular periodic distributions (i.e., dividends) to its equity holders.
An issuer&#8217;s history of paying dividends, however, does not guarantee that the issuer will continue to pay dividends in the
future. The dividend income stream associated with equity income securities generally is not guaranteed and will be subordinate
to payment obligations of the issuer on its debt and other liabilities. Accordingly, in the event the issuer does not realize
sufficient income in a particular period both to service its liabilities and to pay dividends on its equity securities, it may
forgo paying dividends on its equity securities. In addition, because in most instances issuers are not obligated to make periodic
distributions to the holders of their equity securities, such distributions or dividends generally may be discontinued at the
issuer&#8217;s discretion.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Dividend-producing
equity income securities, in particular those whose market price is closely related to their yield, may exhibit greater sensitivity
to interest rate changes. See &#8220;&#8212;Fixed Income Securities Risks&#8212;Interest Rate Risk.&#8221; The Fund&#8217;s investments
in dividend-producing equity income securities may also limit its potential for appreciation during a broad market advance.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
prices of dividend-producing equity income securities can be highly volatile. Investors should not assume that the Fund&#8217;s
investments in these securities will necessarily reduce the volatility of the Fund&#8217;s net asset value or provide &#8220;protection,&#8221;
compared to other types of equity income securities, when markets perform poorly.</span></p>

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<p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--NonDiversifiedStatusRiskMember_dU_zAiaBHZVRsz5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="color: Black"><b><i>Non-Diversified
Status Risk. </i></b>The Fund is classified as a &#8220;non-diversified&#8221; investment company under the 1940 Act, which means
the Fund is not limited by the 1940 Act in the proportion of its assets that may be invested in the securities of a single issuer.
As a non-diversified investment company, the Fund may invest in the securities of individual issuers to a greater degree than
a diversified investment company. As a result, the Fund may be more vulnerable to events affecting a single issuer and therefore,
subject to greater volatility than a fund that is more broadly diversified. Accordingly, an investment in the Fund may present
greater risk to an investor than an investment in a diversified company.</span></p>

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<p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--FixedIncomeSecuritiesRisksMember_dU_zH2S5bXo18Te" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Fixed
Income Securities Risks. </i></b>Fixed income securities in which the Fund may invest are generally subject to the following risks:&#160;</span></p>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Interest Rate Risk.</i>
The market value of bonds and other fixed-income or dividend-paying securities changes in response to interest rate changes and
other factors. Interest rate risk is the risk that prices of bonds and other income-or dividend-paying securities will increase
as interest rates fall and decrease as</span></td>
</tr></table>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; color: #1D1D1B; text-align: justify"><span style="color: Black">interest
rates rise. Interest rates have risen in recent months, and the risk that they may continue to do so is pronounced. See &#8220;&#8212;
General Risks&#8212;Interest Rate Risks Generally.&#8221;&#160;</span></p>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Issuer Risk.</i> Issuer
risk is the risk that the value of an income-or dividend-paying security may decline for a number of reasons which directly relate
to the issuer, such as management performance, financial leverage, reduced demand for the issuer&#8217;s goods and services, historical
and prospective earnings of the issuer and the value of the assets of the issuer.</span></td>
</tr></table>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Credit Risk.</i> Credit
risk is the risk that one or more income-or dividend-paying securities in the Fund&#8217;s portfolio will decline in price or
fail to pay interest/distributions or principal when due because the issuer of the security experiences a decline in its financial
status. Credit risk is increased when a portfolio security is downgraded or the perceived creditworthiness of the issuer deteriorates.
To the extent the Fund invests in below investment grade securities, it will be exposed to a greater amount of credit risk than
a fund which only invests in investment grade securities. See &#8220;&#8212;Non-Investment Grade Securities.&#8221; In addition,
to the extent the Fund uses credit derivatives, such use will expose it to additional risk in the event that the bonds underlying
the derivatives default. The degree of credit risk depends on the issuer&#8217;s financial condition and on the terms of the securities.</span></td>
</tr></table>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Prepayment Risk.</i> Prepayment
risk is the risk that during periods of declining interest rates, borrowers may exercise their option to prepay principal earlier
than scheduled. For income-or dividend-paying securities, such payments often occur during periods of declining interest rates,
forcing the Fund to reinvest in lower yielding securities, resulting in a possible decline in the Fund&#8217;s income and distributions
to shareholders. This is known as prepayment or &#8220;call&#8221; risk. Below investment grade securities frequently have call
features that allow the issuer to redeem the security at dates prior to its stated maturity at a specified price (typically greater
than par) only if certain prescribed conditions are met (&#8220;call protection&#8221;). For premium bonds (bonds acquired at
prices that exceed their par or principal value) purchased by the Fund, prepayment risk may be enhanced.</span></td>
</tr></table>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Reinvestment Risk.</i>
Reinvestment risk is the risk that income from the Fund&#8217;s portfolio will decline if the Fund invests the proceeds from matured,
traded or called fixed income securities at market interest rates that are below the Fund portfolio&#8217;s current earnings rate.</span></td>
</tr></table>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Duration and Maturity Risk.
</i>The Fund has no set policy regarding portfolio maturity or duration of the fixed-income securities it may hold. The Investment
Adviser may seek to adjust the duration or maturity of the Fund&#8217;s fixed-income holdings based on its assessment of current
and projected market conditions and all other factors that the Investment Adviser deems relevant. In comparison to maturity (which
is the date on which the issuer of a debt instrument is obligated to repay the principal amount), duration is a measure of the
price volatility of a debt instrument as a result in changes in market rates of interest, based on the weighted average timing
of the instrument&#8217;s expected principal and interest payments. Specifically, duration measures the anticipated percentage
change in net asset value that is expected for every percentage point change in interest rates. The two have an inverse relationship.
Duration can be a useful tool to estimate anticipated price changes to a fixed pool of income securities associated with changes
in interest rates. For example, a duration of five years means that a 1% decrease in interest rates will increase the net asset
value of the portfolio by approximately 5%; if interest rates increase by 1%, the net asset value will decrease by 5%. However,
in a managed portfolio of fixed income securities having differing interest or dividend rates or payment schedules, maturities,
redemption provisions, call</span></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>




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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">or
prepayment provisions and credit qualities, actual price changes in response to changes in interest rates may differ significantly
from a duration-based estimate at any given time.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">Actual
price movements experienced by a portfolio of fixed income securities will be affected by how interest rates move (i.e., changes
in the relationship of long-term interest rates to short-term interest rates), the magnitude of any move in interest rates, actual
and anticipated prepayments of principal through call or redemption features, the extension of maturities through restructuring,
the sale of securities for portfolio management purposes, the reinvestment of proceeds from prepayments on and from sales of securities,
and credit quality-related considerations whether associated with financing costs to lower credit quality borrowers or otherwise,
as well as other factors. Accordingly, while duration maybe a useful tool to estimate potential price movements in relation to
changes in interest rates, investors are cautioned that duration alone will not predict actual changes in the net asset or market
value of the Fund&#8217;s shares and that actual price movements in the Fund&#8217;s portfolio may differ significantly from duration-based
estimates. Duration differs from maturity in that it takes into account a security&#8217;s yield, coupon payments and its principal
payments in addition to the amount of time until the security matures. As the value of a security changes over time, so will its
duration. Prices of securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter
durations. In general, a portfolio of securities with a longer duration can be expected to be more sensitive to interest rate
changes than a portfolio with a shorter duration. Any decisions as to the targeted duration or maturity of any particular category
of investments will be made based on all pertinent market factors at any given time. The Fund may incur costs in seeking to adjust
the portfolio average duration or maturity. There can be no assurance that the Investment Adviser&#8217;s assessment of current
and projected market conditions will be correct or that any strategy to adjust duration or maturity will be successful at any
given time.</span></p>

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<p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--CorporateBondsRiskMember_dU_zP4XlJwf9348" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Corporate
Bonds Risk. </i></b>The market value of a corporate bond generally may be expected to rise and fall inversely with interest rates.
The market value of intermediate and longer term corporate bonds is generally more sensitive to changes in interest rates than
is the market value of shorter term corporate bonds. The market value of a corporate bond also may be affected by factors directly
related to the issuer, such as investors&#8217; perceptions of the creditworthiness of the issuer, the issuer&#8217;s financial
performance, perceptions of the issuer in the market place, performance of management of the issuer, the issuer&#8217;s capital
structure and use of financial leverage and demand for the issuer&#8217;s goods and services. Certain risks associated with investments
in corporate bonds are described elsewhere in this Annual Report in further detail, including under &#8220;Risk Factors and Special
Considerations &#8212; General Risks &#8212; Fixed Income Securities Risks &#8212; Credit Risk,&#8221; &#8220;&#8212;Fixed Income
Securities Risks&#8212;Interest Rate Risk&#8221; and &#8220;&#8212;Fixed Income Securities Risks&#8212;Prepayment Risk.&#8221;
There is a risk that the issuers of corporate bonds may not be able to meet their obligations on interest or principal payments
at the time called for by an instrument. Corporate bonds of below investment grade quality are often high risk and have speculative
characteristics and may be particularly susceptible to adverse issuer-specific developments. Corporate bonds of below investment
grade quality are subject to the risks described herein under &#8220;&#8212;Non-Investment Grade Securities.&#8221;</span></p>

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<p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--NonInvestmentGradeSecuritiesMember_dU_z53wZeoRmLdi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Non-Investment
Grade Securities. </i></b>The Fund may invest in below investment-grade securities, also known as &#8220;high-yield&#8221; securities
or &#8220;junk&#8221; bonds. Securities rated below investment grade, which may be preferred stock or debt, are predominantly
speculative and involve major risk exposure to adverse conditions. Securities that are</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">rated
lower than &#8220;BBB&#8221; by S&amp;P or lower than &#8220;Baa&#8221; by Moody&#8217;s (or unrated debt securities of comparable
quality) are referred to in the financial press as &#8220;junk bonds&#8221; or &#8220;high-yield&#8221; securities and generally
pay a premium above the yields of U.S. government securities or debt securities of investment grade issuers because they are subject
to greater risks than these securities. These risks, which reflect their speculative character, include the following:</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">greater volatility;</span></td>
</tr></table>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">greater credit risk and risk
of default;</span></td>
</tr></table>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">potentially greater sensitivity
to general economic or industry conditions;</span></td>
</tr></table>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">potential lack of attractive
resale opportunities (illiquidity); and</span></td>
</tr></table>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">additional expenses to seek
recovery from issuers who default.</span></td>
</tr></table>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
addition, the prices of these non-investment grade securities are more sensitive to negative developments, such as a decline in
the issuer&#8217;s revenues or a general economic downturn, than are the prices of higher grade securities. Non-investment grade
securities tend to be less liquid than investment grade securities. The market value of non-investment grade securities may be
more volatile than the market value of investment grade securities and generally tends to reflect the market&#8217;s perception
of the creditworthiness of the issuer and short-term market developments to a greater extent than investment grade securities,
which primarily reflect fluctuations in general levels of interest rates.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Ratings
are relative and subjective and not absolute standards of quality. Securities ratings are based largely on the issuer&#8217;s
historical financial condition and the rating agencies&#8217; analysis at the time of rating. Consequently, the rating assigned
to any particular security is not necessarily a reflection of the issuer&#8217;s current financial condition.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund may purchase securities of companies that are experiencing significant financial or business difficulties, including companies
involved in bankruptcy or other reorganization and liquidation proceedings. Although such investments may result in significant
financial returns to the Fund, they involve a substantial degree of risk. The level of analytical sophistication, both financial
and legal, necessary for successful investments in issuers experiencing significant business and financial difficulties is unusually
high. There can be no assurance that the Fund will correctly evaluate the value of the assets collateralizing its investments
or the prospects for a successful reorganization or similar action. In any reorganization or liquidation proceeding relating to
a portfolio investment, the Fund may lose all or part of its investment or may be required to accept collateral with a value less
than the amount of the Fund&#8217;s initial investment.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">As
a part of its investments in non-investment grade securities, the Fund may invest in the securities of issuers in default. The
Fund invests in securities of issuers in default only when the Investment Adviser believes that such issuers will honor their
obligations and emerge from bankruptcy protection and that the value of such issuers&#8217; securities will appreciate. By investing
in the securities of issuers in default, the Fund bears the risk that these issuers will not continue to honor their obligations
or emerge from bankruptcy protection or that the value of these securities will not otherwise appreciate.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
addition to using statistical rating agencies and other sources, the Investment Adviser will also perform its own analysis of
issuers in seeking investments that it believes to be underrated (and thus higher yielding) in light of the financial condition
of the issuer. Its analysis of issuers may include, among other things, current</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">and
anticipated cash flow and borrowing requirements, value of assets in relation to historical cost, strength of management, responsiveness
to business conditions, credit standing and current anticipated results of operations. In selecting investments for the Fund,
the Investment Adviser may also consider general business conditions, anticipated changes in interest rates and the outlook for
specific industries.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Subsequent
to its purchase by the Fund, an issue of securities may cease to be rated or its rating may be reduced. In addition, it is possible
that statistical rating agencies might change their ratings of a particular issue to reflect subsequent events on a timely basis.
Moreover, such ratings do not assess the risk of a decline in market value. None of these events will require the sale of the
securities by the Fund, although the Investment Adviser will consider these events in determining whether the Fund should continue
to hold the securities.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Fixed
income securities, including non-investment grade securities and comparable unrated securities, frequently have call or buy-back
features that permit their issuers to call or repurchase the securities from their holders, such as the Fund. If an issuer exercises
these rights during periods of declining interest rates, the Fund may have to replace the security with a lower yielding security,
thus resulting in a decreased return for the Fund.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
market for non-investment grade and comparable unrated securities has at various times, particularly during times of economic
recession, experienced substantial reductions in market value and liquidity. Past recessions have adversely affected the ability
of certain issuers of such securities to repay principal and pay interest thereon. The market for those securities could react
in a similar fashion in the event of any future economic recession.</span></p>

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<p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--USGovernmentSecuritiesAndCreditRatingDowngradeRiskMember_dU_zFN4cXf1JWVb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>U.S.
Government Securities and Credit Rating Downgrade Risk. </i></b>The Fund may invest in direct obligations of the government of
the United States or its agencies. Obligations issued or guaranteed by the U.S. government, its agencies, authorities and instrumentalities
and backed by the full faith and credit of the U.S. guarantee only that principal and interest will be timely paid to holders
of the securities. These entities do not guarantee that the value of such obligations will increase, and, in fact, the market
values of such obligations may fluctuate. In addition, not all U.S. government securities are backed by the full faith and credit
of the United States; some are the obligation solely of the entity through which they are issued. There is no guarantee that the
U.S. government would provide financial support to its agencies and instrumentalities if not required to do so by law.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
2011, S&amp;P lowered its long-term sovereign credit rating on the U.S. to &#8220;AA+&#8221; from &#8220;AAA.&#8221; The downgrade
by S&amp;P increased volatility in both stock and bond markets, resulting in higher interest rates and higher Treasury yields,
and increased the costs of all kinds of debt. Repeat occurrences of similar events could have significant adverse effects on the
U.S. economy generally and could result in significant adverse impacts on issuers of securities held by the Fund itself. The Investment
Adviser cannot predict the effects of similar events in the future on the U.S. economy and securities markets or on the Fund&#8217;s
portfolio. The Investment Adviser monitors developments and seeks to manage the Fund&#8217;s portfolio in a manner consistent
with achieving the Fund&#8217;s investment objective, but there can be no assurance that it will be successful in doing so and
the Investment Adviser may not timely anticipate or manage existing, new or additional risks, contingencies or developments.</span></p>

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<p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--ValueInvestingRiskMember_dU_zG03au0Tlbn9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Value
Investing Risk. </i></b>The Fund focuses its investments on the securities of companies that the Investment Adviser believes are
undervalued or inexpensive relative to other investments. These types of securities may present risks in addition to the general
risks associated with investing in common and preferred stocks. These securities generally are selected on the basis of an issuer&#8217;s
fundamentals relative to current market price. Such</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">securities
are subject to the risk of mis-estimation of certain fundamental factors. In addition, during certain time periods market dynamics
may strongly favor &#8220;growth&#8221; stocks of issuers that do not display strong fundamentals relative to market price based
upon positive price momentum and other factors. Disciplined adherence to a &#8220;value&#8221; investment mandate during such
periods can result in significant underperformance relative to overall market indices and other managed investment vehicles that
pursue growth style investments and/or flexible equity style mandates.</span></p>

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<p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--SelectionRiskMember_dU_zgebgnNBHTIf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Selection
Risk. </i></b>Different types of stocks tend to shift into and out of favor with stock market investors, depending on market and
economic conditions. The performance of funds that invest in value-style stocks may at times be better or worse than the performance
of stock funds that focus on other types of stocks or that have a broader investment style.</span></p>

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<p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--SmallAndMidCapStockRiskMember_dU_zgTGvndXnE23" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Small
and Mid-Cap Stock Risk. </i></b>The Fund may invest in the equity securities of small-cap and/or mid-cap companies. Small and
mid-cap companies offer investment opportunities and additional risks. They may not be well known to the investing public, may
not be significantly owned by institutional investors and may not have steady earnings growth. These companies may have limited
product or business lines and markets, as well as shorter operating histories, less experienced management and more limited financial
resources than larger companies. Changes in any one line of business, therefore, may have a greater impact on a small or mid-cap
company&#8217;s stock price than is the case for a larger company. In addition, the securities of such companies may be more vulnerable
to adverse general market or economic developments, more volatile in price, have wider spreads between their bid and ask prices
and have significantly lower trading volumes than the securities of larger capitalization companies. As such, securities of these
small and mid-cap companies may be less liquid than those of larger companies, and may experience greater price fluctuations than
larger companies. In addition, small-cap or mid-cap company securities may not be widely followed by investors, which may result
in reduced demand.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">As
a result, the purchase or sale of more than a limited number of shares of the securities of a small or mid-cap company may affect
its market price. The Investment Adviser may need a considerable amount of time to purchase or sell its positions in these securities,
particularly when other Investment Adviser-managed accounts or other investors are also seeking to purchase or sell them.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
securities of small and mid-cap companies generally trade in lower volumes and are subject to greater and more unpredictable price
changes than larger capitalization securities or the market as a whole. In addition, small and mid-cap securities may be particularly
sensitive to changes in interest rates, borrowing costs and earnings. Investing in small and mid-cap securities requires a longer-term
view.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Small
and mid-cap companies, due to the size and kinds of markets that they serve, may be less susceptible than large-cap companies
to intervention from the U.S. federal government by means of price controls, regulations or litigation.</span></p>

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<p id="xdx_847_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForeignSecuritiesRiskMember_dU_z964fjBqd4N9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Foreign
Securities Risk. </i></b>Investments in the securities of foreign issuers involve certain considerations and risks not ordinarily
associated with investments in securities of domestic issuers and such securities may be more volatile than those of issuers located
in the United States. Foreign companies are not generally subject to uniform accounting, auditing and financial standards and
requirements comparable to those applicable to U.S. companies. Foreign securities exchanges, brokers and listed companies may
be subject to less government</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">supervision
and regulation than exists in the United States. Dividend and interest income may be subject to withholding and other foreign
taxes, which may adversely affect the net return on such investments. There may be difficulty in obtaining or enforcing a court
judgment abroad. In addition, it may be difficult to effect repatriation of capital invested in certain countries. In addition,
with respect to certain countries, there are risks of expropriation, confiscatory taxation, political or social instability or
diplomatic developments that could affect assets of the Fund held in foreign countries. Dividend income the Fund receives from
foreign securities may not be eligible for the special tax treatment applicable to qualified dividend income. Moreover, certain
equity investments in foreign issuers classified as passive foreign investment companies may be subject to additional taxation
risk.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">There
may be less publicly available information about a foreign company than a U.S. company, and foreign companies may not be subject
to accounting, auditing, and financial reporting standards and requirements comparable to or as uniform as those of U.S. companies.
Foreign securities markets may have substantially less volume than U.S. securities markets and some foreign company securities
are less liquid and their prices more volatile than securities of otherwise comparable U.S. companies. A portfolio of foreign
securities may also be adversely affected by fluctuations in the rates of exchange between the currencies of different nations
and by exchange control regulations, as there is generally less government supervision and regulation of exchanges, brokers, and
issuers than there is in the U.S. The Fund might have greater difficulty taking appropriate legal action in non-U.S. courts and
there may be less developed bankruptcy laws. Non-U.S. markets also have different clearance and settlement procedures which in
some markets have at times failed to keep pace with the volume of transactions, thereby creating substantial delays and settlement
failures that could adversely affect the Fund&#8217;s performance. In addition, a portfolio that includes foreign securities can
expect to have a higher expense ratio because of the increased transaction costs on non-U.S. securities markets and the increased
costs of maintaining the custody of foreign securities.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Investments
in foreign securities will expose the Fund to the direct or indirect consequences of political, social or economic changes in
the countries that issue the securities or in which the issuers are located. Certain countries in which the Fund may invest have
historically experienced, and may continue to experience, high rates of inflation, high interest rates, exchange rate fluctuations,
large amounts of external debt, balance of payments and trade difficulties and extreme poverty and unemployment. Many of these
countries are also characterized by political uncertainty and instability. The cost of servicing external debt will generally
be adversely affected by rising international interest rates because many external debt obligations bear interest at rates which
are adjusted based upon international interest rates.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund also may purchase ADRs or U.S. dollar-denominated securities of foreign issuers. ADRs are receipts issued by U.S. banks or
trust companies in respect of securities of foreign issuers held on deposit for use in the U.S. securities markets. While ADRs
may not necessarily be denominated in the same currency as the securities into which they may be converted, many of the risks
associated with foreign securities may also apply to ADRs. In addition, the underlying issuers of certain depositary receipts,
particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications
to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">The following provides
more detail on certain pronounced risks with foreign investing:&#160;</span></p>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Foreign Currency Risk.
</i>The Fund may invest in companies whose securities are denominated or quoted in currencies other than U.S. dollars or have
significant operations or markets outside of the United States. In such instances, the Fund will be exposed to currency risk,
including the risk of fluctuations in the exchange rate between U.S. dollars (in which the Fund&#8217;s shares are denominated)
and such foreign currencies, the risk of currency devaluations and the risks of non-exchangeability and blockage. As non-U.S.
securities may be purchased with and payable in currencies of countries other than the U.S. dollar, the value of these assets
measured in U.S. dollars may be affected favorably or unfavorably by changes in currency rates and exchange control regulations.
Fluctuations in currency rates may adversely affect the ability of the Investment Adviser to acquire such securities at advantageous
prices and may also adversely affect the performance of such assets.</span></td>
</tr></table>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Certain
non-U.S. currencies, primarily in developing countries, have been devalued in the past and might face devaluation in the future.
Currency devaluations generally have a significant and adverse impact on the devaluing country&#8217;s economy in the short and
intermediate term and on the financial condition and results of companies&#8217; operations in that country. Currency devaluations
may also be accompanied by significant declines in the values and liquidity of equity and debt securities of affected governmental
and private sector entities generally. To the extent that affected companies have obligations denominated in currencies other
than the devalued currency, those companies may also have difficulty in meeting those obligations under such circumstances, which
in turn could have an adverse effect upon the value of the Fund&#8217;s investments in such companies. There can be no assurance
that current or future developments with respect to foreign currency devaluations will not impair the Fund&#8217;s investment
flexibility, its ability to achieve its investment objective or the value of certain of its foreign currency-denominated investments.&#160;</span></p>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Tax Consequences of Foreign
Investing.</i> The Fund&#8217;s transactions in foreign currencies, foreign currency-denominated debt obligations and certain
foreign currency options, futures contracts and forward contracts (and similar instruments) may give rise to ordinary income or
loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. This treatment
could increase or decrease the Fund&#8217;s ordinary income distributions to you, and may cause some or all of the Fund&#8217;s
previously distributed income to be classified as a return of capital. In certain cases, the Fund may make an election to treat
gain or loss attributable to certain investments as capital gain or loss.</span></td>
</tr></table>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>EMU and Redenomination
Risk.</i> As the European debt crisis progressed, the possibility of one or more Eurozone countries exiting the European Monetary
Union (&#8220;EMU&#8221;), or even the collapse of the euro as a common currency, arose, creating significant volatility at times
in currency and financial markets generally. The effects of the collapse of the euro, or of the exit of one or more countries
from the EMU, on the U.S. and global economies and securities markets are impossible to predict and any such events could have
a significant adverse impact on the value and risk profile of the Fund&#8217;s portfolio. Any partial or complete dissolution
of the EMU could have significant adverse effects on currency and financial markets, and on the values of the Fund&#8217;s portfolio
investments. If one or more EMU countries were to stop using the euro as its primary currency, the Fund&#8217;s investments in
such countries may be redenominated into a different or newly adopted currency. As a result, the value of those investments could
decline significantly and unpredictably. In addition, securities or other investments that are redenominated may be subject to
foreign currency risk, liquidity risk and valuation risk to a greater extent than similar investments currently</span></td>
</tr></table>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">denominated
in euros. To the extent a currency used for redenomination purposes is not specified in respect of certain EMU-related investments,
or should the euro cease to be used entirely, the currency in which such investments are denominated may be unclear, making such
investments particularly difficult to value or dispose of. The Fund may incur additional expenses to the extent it is required
to seek judicial or other clarification of the denomination or value of such securities.&#160;</span></p>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Eurozone Risk.</i> A number
of countries in the EU have experienced, and may continue to experience, severe economic and financial difficulties, increasing
the risk of investing in the European markets. In particular, many EU nations are susceptible to economic risks associated with
high levels of debt, notably due to investments in sovereign debt of countries such as Greece, Italy, Spain, Portugal, and Ireland.
As a result, financial markets in the EU have been subject to increased volatility and declines in asset values and liquidity.
Responses to these financial problems by European governments, central banks, and others, including austerity measures and reforms,
may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences.
Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies,
financial markets, and asset valuations around the world. Greece, Ireland, and Portugal have already received one or more &#8220;bailouts&#8221;
from other Eurozone member states, and it is unclear how much additional funding they will require or if additional Eurozone member
states will require bailouts in the future. One or more other countries may also abandon the euro and/or withdraw from the EU,
placing its currency and banking system in jeopardy. The impact of these actions, especially if they occur in a disorderly fashion,
is not clear, but could be significant and far-reaching.</span></td>
</tr></table>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Brexit Risk.</i> On January
31, 2020, the United Kingdom officially withdrew from the EU, commonly referred to as &#8220;Brexit.&#8221; Following a transition
period, the United Kingdom and the EU signed a Trade and Cooperation Agreement (&#8220;UK/EU Trade Agreement&#8221;), which came
into full force on May 1, 2021 and set out the foundation of the economic and legal framework for trade between the United Kingdom
and the EU. As the UK/EU Trade Agreement is a new legal framework, the implementation of the UK/EU Trade Agreement may result
in uncertainty in its application and periods of volatility in both the United Kingdom and wider European markets. The United
Kingdom&#8217;s exit from the EU is expected to result in additional trade costs and disruptions in this trading relationship.
Furthermore, there is the possibility that either party may impose tariffs on trade in the future in the event that regulatory
standards between the EU and the UK diverge. The terms of the future relationship may cause continued uncertainty in the global
financial markets, and adversely affect the Fund.</span></td>
</tr></table>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">In
particular, currency volatility may mean that our returns and the returns of our portfolio companies will be adversely affected
by market movements and may make it more difficult, or more expensive, for us to implement appropriate currency hedging. Potential
declines in the value of the British Pound and/or the euro against other currencies, along with the potential downgrading of the
United Kingdom&#8217;s sovereign credit rating, may also have an impact on the performance of any of our portfolio companies located
in the United Kingdom or Europe.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">In
addition, certain European countries have experienced negative interest rates on certain fixed-income instruments. A negative
interest rate policy is an unconventional central bank monetary policy tool where nominal target interest rates are set with a
negative value (i.e., below zero percent) intended to help</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">create
self-sustaining growth in the local economy. Negative interest rates may result in heightened market volatility and may detract
from the Fund&#8217;s performance to the extent the Fund is exposed to such interest rates. Among other things, these developments
have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the
economies of all EU countries, which in turn may have a material adverse effect on the Fund&#8217;s investments in such countries,
other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued
by certain EU countries.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">To
the extent the Fund has exposure to European markets or to transactions tied to the value of the euro, these events could negatively
affect the value and liquidity of the Fund&#8217;s investments. All of these developments may continue to significantly affect
the economies of all EU countries, which in turn may have a material adverse effect on the Fund&#8217;s investments in such countries,
other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued
by certain EU countries.</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Russia.</i> As a result
of Russia&#8217;s military invasion of Ukraine in February 2022, the United States and other countries imposed broad-reaching
political and economic sanctions on Russia, certain Russian allies believed to be providing them military or financial support,
on private and public companies domiciled in Russia, including public issuers and banking and financial institutions, and on a
variety of individuals. These
sanctions, combined with equivalent measures taken by foreign businesses ceasing operations in Russia, continue to adversely impact
global financial markets, disrupt global supply chains, and impair the value and liquidity of issuers and funds that continue
to maintain exposure to Russia and its allies, Russian investments, and sectors that can be impacted by restrictions on Russian
imports and exports, such as the oil and gas industry.</span></td>
</tr></table>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">It
is not possible to predict the duration or extent of longer-term consequences of this conflict, which could include further sanctions,
retaliatory measures taken by Russia, embargoes, regional instability, geopolitical shifts and adverse effects on macroeconomic
conditions, security conditions, currency exchange rates, and financial markets around the globe. Any of the foregoing consequences,
including those we cannot yet predict, may negatively impact the Fund&#8217;s performance and the value of an investment in the
Fund, even if the Fund does not have direct exposure to Russian issuers or issuers in other countries impacted by the invasion.
In general terms, the overall negative impact to the Fund will depend on the extent to which the Fund is prohibited from selling
or otherwise transacting in their investments at any given time and whether a fair market valuation can be readily obtained, particularly
for any Russian currency-denominated investments and investments in US dollar-denominated American Depositary Receipts representing
securities of Russian issuers.</span></p>

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<p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--RestrictedAndIlliquidSecuritiesMember_dU_zeX4g7HJLRGf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Restricted
and Illiquid Securities. </i></b>Unregistered securities are securities that cannot be sold publicly in the United States without
registration under the Securities Act. An illiquid investment is a security or other investment that cannot be disposed of within
seven days in the ordinary course of business at approximately the value at which the Fund has valued the investment. Unregistered
securities often can be resold only in privately negotiated transactions with a limited number of purchasers or in a public offering
registered under the Securities Act. Considerable delay could be encountered in either event and, unless otherwise contractually
provided for, the Fund&#8217;s proceeds upon sale may be reduced by the costs of registration or underwriting</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">discounts.
The difficulties and delays associated with such transactions could result in the Fund&#8217;s inability to realize a favorable
price upon disposition of unregistered securities, and at times might make disposition of such securities impossible. The Fund
may be unable to sell illiquid investments when it desires to do so, resulting in the Fund obtaining a lower price or being required
to retain the investment. Illiquid investments generally must be valued at fair value, which is inherently less precise than utilizing
market values for liquid investments, and may lead to differences between the price at which a security is valued for determining
the Fund&#8217;s net asset value and the price the Fund actually receives upon sale.</span></p>

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<p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--ShortSalesRiskMember_dU_zHLxymd1WbT3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Short
Sales Risk. </i></b>Short-selling involves selling securities which may or may not be owned and borrowing the same securities
for delivery to the purchaser, with an obligation to replace the borrowed securities at a later date. If the price of the security
sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will incur
a loss; conversely, if the price declines, the Fund will realize a capital gain. Any gain will be decreased, and any loss will
be increased, by the transaction costs incurred by the Fund, including the costs associated with providing collateral to the broker-dealer
(usually cash and liquid securities). Although the Fund&#8217;s gain is limited to the price at which it sold the security short,
its potential loss is theoretically unlimited.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Short-selling
necessarily involves certain additional risks. However, if the short seller does not own the securities sold short (an uncovered
short sale), the borrowed securities must be replaced by securities purchased at market prices in order to close out the short
position, and any appreciation in the price of the borrowed securities would result in a loss. Uncovered short sales expose the
Fund to the risk of uncapped losses until a position can be closed out due to the lack of an upper limit on the price to which
a security may rise. Purchasing securities to close out the short position can itself cause the price of the securities to rise
further, thereby exacerbating the loss. There is the risk that the securities borrowed by the Fund in connection with a short-sale
must be returned to the securities lender on short notice. If a request for return of borrowed securities occurs at a time when
other short-sellers of the security are receiving similar requests, a &#8220;short squeeze&#8221; can occur, and the Fund may
be compelled to replace borrowed securities previously sold short with purchases on the open market at the most disadvantageous
time, possibly at prices significantly in excess of the proceeds received at the time the securities were originally sold short.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
September 2008, in response to spreading turmoil in the financial markets, the SEC temporarily banned short selling in the stocks
of numerous financial services companies, and also promulgated new disclosure requirements with respect to short positions held
by investment managers. The SEC&#8217;s temporary ban on short selling of such stocks has since expired, but should similar restrictions
and/or additional disclosure requirements be promulgated, especially if market turmoil occurs, the Fund may be forced to cover
short positions more quickly than otherwise intended and may suffer losses as a result. Such restrictions may also adversely affect
the ability of the Fund to execute its investment strategies generally. Similar emergency orders were also instituted in non-U.S.
markets in response to increased volatility. The Fund&#8217;s ability to engage in short sales is also restricted by various regulatory
requirements relating to short sales.</span></p>

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<p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--LeverageRiskMember_dU_zlItssbVAaYj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Leverage
Risk. </i></b>The Fund currently uses financial leverage for investment purposes by issuing preferred shares. As of December 31,
2022, the amount of leverage represented approximately 39% of the Fund&#8217;s net assets. The Fund&#8217;s leveraged capital
structure creates special risks not associated with unleveraged funds that have a similar investment objective and policies. These
include the possibility of greater loss and the</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">likelihood
of higher volatility of the net asset value of the Fund and the asset coverage for any preferred shares or debt outstanding. Such
volatility may increase the likelihood of the Fund having to sell investments in order to meet its obligations to make distributions
on the preferred shares or principal or interest payments on debt securities, or to redeem preferred shares or repay debt when
it may be disadvantageous to do so. The Fund&#8217;s use of leverage may require it to sell portfolio investments at inopportune
times in order to raise cash to redeem preferred shares or otherwise de-leverage so as to maintain required asset coverage amounts
or comply with the mandatory redemption terms of any outstanding preferred shares. The use of leverage magnifies both the favorable
and unfavorable effects of price movements in the investments made by the Fund. To the extent the Fund is leveraged in its investment
operations, the Fund will be subject to substantial risk of loss. The Fund cannot assure that borrowings or the issuance of notes
or preferred shares will result in a higher yield or return to the holders of the common shares. Also, to the extent the Fund
utilizes leverage, a decline in net asset value could affect the ability of the Fund to make common share distributions and such
a failure to make distributions could result in the Fund ceasing to qualify as a RIC under the Code.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">For
more information regarding the risks of a leverage capital structure to holders of the Fund&#8217;s common shares, see &#8220;Risk
Factors and Special Considerations &#8212; Special Risks to Holder of Common Shares &#8212; Leverage Risk.&#8221;</span></p>

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<p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksRelatedToInvestmentinDerivativesMember_dU_zI0kv9BuFcOa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Special
Risks Related to Investment in Derivatives. </i></b>The Fund may participate in derivative transactions. Such transactions entail
certain execution, market, liquidity, counterparty, correlation, volatility, hedging and tax risks. Participation in the options
or futures markets, in currency exchange transactions and in other derivatives transactions involves investment risks and transaction
costs to which the Fund would not be subject absent the use of these strategies. If the Investment Adviser&#8217;s prediction
of movements in the direction of the securities, foreign currency, interest rate or other referenced instruments or markets is
inaccurate, the consequences to the Fund may leave the Fund in a worse position than if it had not used such strategies. Risks
inherent in the use of options, swaps, foreign currency, futures contracts and options on futures contracts, securities indices
and foreign currencies include:&#160;</span></p>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">dependence on the Investment
Adviser&#8217;s ability to predict correctly movements in the direction of the relevant measure;</span></td>
</tr></table>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">imperfect correlation between
the price of the derivative instrument and movements in the prices of the referenced assets;</span></td>
</tr></table>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">the fact that skills needed
to use these strategies are different from those needed to select portfolio securities;</span></td>
</tr></table>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">the possible absence of a
liquid secondary market for any particular instrument at any time;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">the possible need to defer
closing out certain hedged positions to avoid adverse tax consequences;</span></td>
</tr></table>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">the possible inability of
the Fund to purchase or sell a security or instrument at a time that otherwise would be favorable for it to do so, or the possible
need for the Fund to sell a security or instrument at a disadvantageous time due to a need for the Fund to maintain &#8220;cover&#8221;
or to segregate securities in connection with the hedging techniques; and</span></td>
</tr></table>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">the creditworthiness of counterparties.</span></td>
</tr></table>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; color: #1D1D1B; text-align: justify"><span style="color: Black">Options,
futures contracts, swaps contracts, and options thereon and forward contracts on securities and currencies may be traded on foreign
exchanges. Such transactions may not be regulated as effectively as</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>




<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">similar
transactions in the United States, may not involve a clearing mechanism and related guarantees, and are subject to the risk of
governmental actions affecting trading in, or the prices of, foreign securities. The value of such positions also could be adversely
affected by (i) other complex foreign political, legal and economic factors, (ii) lesser availability than in the United States
of data on which to make trading decisions, (iii) delays in the ability of the Fund to act upon economic events occurring in the
foreign markets during non-business hours in the United States, (iv) the imposition of different exercise and settlement terms
and procedures and margin requirements than in the United States and (v) less trading volume. Exchanges on which options, futures,
swaps and options on futures or swaps are traded may impose limits on the positions that the Fund may take in certain circumstances.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Many
OTC derivatives are valued on the basis of dealers&#8217; pricing of these instruments. However, the price at which dealers value
a particular derivative and the price which the same dealers would actually be willing to pay for such derivative should the Fund
wish or be forced to sell such position may be materially different. Such differences can result in an overstatement of the Fund&#8217;s
net asset value and may materially adversely affect the Fund in situations in which the Fund is required to sell derivative instruments.
Exchange-traded derivatives and OTC derivative transactions submitted for clearing through a central counterparty have become
subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as possible margin requirements
mandated by the SEC or the CFTC. These regulators also have broad discretion to impose margin requirements on non-cleared OTC
derivatives. These margin requirements will increase the overall costs for the Fund.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">While
hedging transactions can reduce or eliminate losses, they can also reduce or eliminate gains. Hedges are sometimes subject to
imperfect matching between the derivative and the underlying instrument, and there can be no assurance that the Fund&#8217;s hedging
transactions will be effective. Derivatives may also give rise to a form of leverage and may expose the Fund to greater risk and
increase its costs. Future CFTC or SEC rulemakings could potentially further limit or completely restrict the Fund&#8217;s ability
to use these instruments as a part of the Fund&#8217;s investment strategy, increase the costs of using these instruments or make
them less effective. Limits or restrictions applicable to the counterparties with which the Fund engages in derivative transactions
could also prevent the Fund from using these instruments or affect the pricing or other factors relating to these instruments
or may change the availability of certain investments. New regulation may make derivatives more costly, may limit the availability
of derivatives, or may otherwise adversely affect the value or performance of derivatives.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--CounterpartyRiskMember_dU_zGc9rwd1ach" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Counterparty
Risk. </i></b>The Fund will be subject to credit risk with respect to the counterparties to the derivative contracts purchased
by the Fund. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due
to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract
in bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such
circumstances.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
counterparty risk for cleared derivatives is generally lower than for uncleared OTC derivative transactions since generally a
clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the
parties&#8217; performance under the contract as each party to a trade looks only to the clearing organization for performance
of financial obligations under the derivative contract. However, there can be no assurance that a clearing organization, or its
members, will satisfy its obligations to the Fund, or that the Fund would be able to recover the full amount of assets deposited
on its behalf with the clearing</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>




<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>






<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">organization
in the event of the default by the clearing organization or the Fund&#8217;s clearing broker. In addition, cleared derivative
transactions benefit from daily marking-to-market and settlement, and segregation and minimum capital requirements applicable
to intermediaries. Uncleared OTC derivative transactions generally do not benefit from such protections. This exposes the Fund
to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute
over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to
suffer a loss. Such &#8220;counterparty risk&#8221; is accentuated for contracts with longer maturities where events may intervene
to prevent settlement, or where the Fund has concentrated its transactions with a single or small group of counterparties.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember_dU_zFxdMDkYpnMl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Failure
of Futures Commission Merchants and Clearing Organizations Risk. </i></b>The Fund may deposit funds required to margin open positions
in the derivative instruments subject to the CEA with a clearing broker registered as a &#8220;futures commission merchant&#8221;
(&#8220;FCM&#8221;). The CEA requires an FCM to segregate all funds received from customers with respect to any orders for the
purchase or sale of U.S. domestic futures contracts and cleared swaps from the FCM&#8217;s proprietary assets. Similarly, the
CEA requires each FCM to hold in a separate secure account all funds received from customers with respect to any orders for the
purchase or sale of foreign futures contracts and segregate any such funds from the funds received with respect to domestic futures
contracts. However, all funds and other property received by a clearing broker from its customers are held by the clearing broker
on a commingled basis in an omnibus account and may be invested by the clearing broker in certain instruments permitted under
the applicable regulation. There is a risk that assets deposited by the Fund with any swaps or futures clearing broker as margin
for futures contracts may, in certain circumstances, be used to satisfy losses of other clients of the Fund&#8217;s clearing broker.
In addition, the assets of the Fund may not be fully protected in the event of the clearing broker&#8217;s bankruptcy, as the
Fund would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing broker&#8217;s
combined domestic customer accounts.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Similarly,
the CEA requires a clearing organization approved by the CFTC as a derivatives clearing organization to segregate all funds and
other property received from a clearing member&#8217;s clients in connection with domestic futures, swaps and options contracts
from any funds held at the clearing organization to support the clearing member&#8217;s proprietary trading. Nevertheless, with
respect to futures contracts and options on futures, a clearing organization may use assets of a non-defaulting customer held
in an omnibus account at the clearing organization to satisfy losses in that account resulting from the default by another customer
on its payment obligations that leads to the clearing member&#8217;s default to the clearing organization. As a result, in the
situation of a double default by a customer of the Fund&#8217;s clearing member and the clearing member itself with respect to
payment obligations on the customer&#8217;s futures or options on futures, there is a risk that the Fund&#8217;s assets in an
omnibus account with the clearing organization may be used to satisfy losses from the double default and that the Fund may not
recover the full amount of any such assets.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--SwapsRiskMember_dU_zEnjA686cLYa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Swaps
Risk. </i></b>Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from
a few weeks to more than one year. In a standard &#8220;swap&#8221; transaction, two parties agree to exchange the returns (or
differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns
to be exchanged or &#8220;swapped&#8221; between the parties are calculated with respect to a &#8220;notional amount,&#8221; i.e.,
the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign
currency, or in a &#8220;basket&#8221; of securities representing a particular</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>




<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">index.
The &#8220;notional amount&#8221; of the swap agreement is only a fictive basis on which to calculate the obligations that the
parties to a swap agreement have agreed to exchange.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Historically,
swap transactions have been individually negotiated non-standardized transactions entered into in the OTC markets and have not
been subject to the same type of government regulation as exchange-traded instruments. However, in the U.S., the Dodd-Frank Wall
Street Reform and Consumer Protection Act of 2010 (the &#8220;Dodd-Frank Act&#8221;) has made broad changes to the derivatives
market, granted significant new authority to the CFTC and the SEC to regulate derivatives (swaps and security-based swaps) and
participants in these markets. The Dodd-Frank Act is intended to regulate the derivatives market by requiring many derivative
transactions to be cleared and traded on an exchange, expanding entity registration requirements, imposing business conduct requirements
on dealers and requiring banks to move some derivatives trading units to a non-guaranteed affiliate separate from the deposit-taking
bank or divest them altogether. See &#8220;Risk Factors and Special Considerations&#8212;General Risks &#8211; Derivatives Regulation
Risk.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Swap
agreements will tend to shift the Fund&#8217;s investment exposure from one type of investment to another. For example, if the
Fund agreed to pay fixed rates in exchange for floating rates while holding fixed-rate bonds, the swap would tend to decrease
the Fund&#8217;s exposure to long-term interest rates. Caps and floors have an effect similar to buying or writing options. Depending
on how they are used, swap agreements may increase or decrease the overall volatility of the Fund&#8217;s investments and its
share price and yield. The most significant factor in the performance of swap agreements is the change in the specific interest
rate, currency, or other factors that determine the amounts of payments due to and from the Fund. If a swap agreement calls for
payments by the Fund, the Fund must be prepared to make such payments when due.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund may enter into swap agreements that would calculate the obligations of the parties to the agreements on a &#8220;net&#8221;
basis. Consequently, the Fund&#8217;s obligations (or rights) under a swap agreement will generally be equal only to the net amount
to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the
&#8220;net amount&#8221;). The Fund&#8217;s obligations under a swap agreement will be accrued daily (offset against any amounts
owing to the Fund) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by the maintenance of liquid
assets in accordance with SEC staff positions on the subject.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund&#8217;s use of swap agreements may not be successful in furthering its investment objective, as the Investment Adviser may
not accurately predict whether certain types of investments are likely to produce greater returns than other investments. Moreover,
swap agreements involve the risk that the party with whom the Fund has entered into the swap will default on its obligation to
pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the other party to the agreement. The
Fund may be able to eliminate its exposure under a swap agreement either by assignment or other disposition, or by entering into
an offsetting swap agreement with the same party or a similarly creditworthy party.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForwardForeignCurrencyExchangeContractsMember_dU_z5CsdExQeNT1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Forward
Foreign Currency Exchange Contracts. </i></b>The Fund may enter into forward foreign currency exchange contracts to protect the
value of its portfolio against uncertainty in the level of future currency exchange rates between a particular foreign currency
and the U.S. dollar or between foreign currencies in which its securities are or may be denominated. The Fund may enter into such
contracts on a spot (i.e., cash) basis at the rate then prevailing in the currency exchange market or on a forward basis, by entering
into a forward contract to</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>




<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>





<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">purchase
or sell currency. A forward contract on foreign currency is an obligation to purchase or sell a specific currency at a future
date, which may be any fixed number of days agreed upon by the parties from the date of the contract at a price set on the date
of the contract. Forward currency contracts (i) are traded in a market conducted directly between currency traders (typically,
commercial banks or other financial institutions) and their customers, (ii) generally have no deposit requirements and (iii) are
typically consummated without payment of any commissions. The Fund, however, may enter into forward currency contracts requiring
deposits or involving the payment of commissions.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
dealings of the Fund in forward foreign exchange are limited to hedging involving either specific transactions or portfolio positions.
Transaction hedging is the purchase or sale of one forward foreign currency for another currency with respect to specific receivables
or payables of the Fund accruing in connection with the purchase and sale of its portfolio securities or its payment of distributions.
Position hedging is the purchase or sale of one forward foreign currency for another currency with respect to portfolio security
positions denominated or quoted in the foreign currency to offset the effect of an anticipated substantial appreciation or depreciation,
respectively, in the value of the currency relative to the U.S. dollar. In this situation, the Fund also may, for example, enter
into a forward contract to sell or purchase a different foreign currency for a fixed U.S. dollar amount where it is believed that
the U.S. dollar value of the currency to be sold or bought pursuant to the forward contract will fall or rise, as the case may
be, whenever there is a decline or increase, respectively, in the U.S. dollar value of the currency in which its portfolio securities
are denominated (this practice being referred to as a &#8220;cross-hedge&#8221;).</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
hedging a specific transaction, the Fund may enter into a forward contract with respect to either the currency in which the transaction
is denominated or another currency deemed appropriate by the Investment Adviser. The amount the Fund may invest in forward currency
contracts is limited to the amount of its aggregate investments in foreign currencies.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
use of forward currency contracts may involve certain risks, including the failure of the counterparty to perform its obligations
under the contract, and such use may not serve as a complete hedge because of an imperfect correlation between movements in the
prices of the contracts and the prices of the currencies hedged or used for cover. The Fund will only enter into forward currency
contracts with parties which the Investment Adviser believes to be creditworthy institutions.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--FuturesContractsAndOptionsonFuturesMember_dU_z8wqt2cM6ua2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Futures
Contracts and Options on Futures. </i></b>Futures and options on futures entail certain risks, including, but not limited to,
the following: no assurance that futures contracts or options on futures can be offset at favorable prices; possible reduction
of the yield of the Fund due to the use of hedging; possible reduction in value of both the securities hedged and the hedging
instrument; possible lack of liquidity due to daily limits on price fluctuations; imperfect correlation between the contracts
and the securities being hedged; and losses from investing in futures transactions that are potentially unlimited.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--OptionsRiskMember_dU_zX3eA8VPpQvf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Options
Risk. </i></b>To the extent that the Fund purchases options pursuant to a hedging strategy, the Fund will be subject to the following
additional risks. If a put or call option purchased by the Fund is not sold when it has remaining value, and if the market price
of the underlying security remains equal to or greater than the exercise price (in the case of a put), or remains less than or
equal to the exercise price (in the case of a call), the Fund will lose its entire investment in the option.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Where
a put or call option on a particular security is purchased to hedge against price movements in that or a related security, the
price of the put or call option may move more or less than the price of the security. If restrictions on exercise are imposed,
the Fund may be unable to exercise an option it has purchased. If the Fund is unable to close out an option that it has purchased
on a security, it will have to exercise the option in order to realize any profit or the option may expire worthless.</span></p>

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<p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--DerivativesRegulationRiskMember_dU_z05fxkGQps36" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Derivatives
Regulation Risk. </i></b>The Dodd-Frank Act has made broad changes to the derivatives market, granted significant new authority
to the CFTC and the SEC to regulate derivatives (swaps and security-based swaps) and participants in these markets. The Dodd-Frank
Act is intended to regulate the derivatives market by requiring many derivative transactions to be cleared and traded on an exchange,
expanding entity registration requirements, imposing business conduct requirements on dealers and requiring banks to move some
derivatives trading units to a non-guaranteed affiliate separate from the deposit-taking bank or divest them altogether. The CFTC
has implemented mandatory clearing and exchange-trading of certain derivatives contracts including many standardized interest
rate swaps and credit default index swaps. The CFTC continues to approve contracts for central clearing. Exchange-trading and
central clearing are expected to reduce counterparty credit risk by substituting the clearinghouse as the counterparty to a swap
and increase liquidity, but exchange-trading and central clearing do not make swap transactions risk-free. Uncleared swaps, such
as non-deliverable foreign currency forwards, are subject to certain margin requirements that mandate the posting and collection
of minimum margin amounts. This requirement may result in the Fund and its counterparties posting higher margin amounts for uncleared
swaps than would otherwise be the case. Certain rules require centralized reporting of detailed information about many types of
cleared and uncleared swaps. Reporting of swap data may result in greater market transparency, but may subject the Fund to additional
administrative burdens, and the safeguards established to protect trader anonymity may not function as expected.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
addition, on October 28, 2020, the SEC adopted new regulations governing the use of derivatives by closed-end funds, which the
Fund was required to comply with as of August 19, 2022. As a result, the Fund is required to implement and comply with the Rule
18f-4 limits described previously under &#8220;Special Risks Related to&#160;Investment in Derivatives&#8221; on the amount of
derivatives the Fund can enter into, eliminate the asset segregation framework previously used to comply with Section 18 of the
1940 Act, treat derivatives as senior securities so that a failure to comply with the limits would result in a statutory violation
and require the Fund, if the Fund&#8217;s use of derivatives is more than a limited specified exposure amount (10% of net assets),
to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. These requirements
may limit the ability of the Fund to invest in derivatives, engage in securities lending activities, short sales, reverse repurchase
agreements and similar financing transactions. Additionally, Rule 18f-4 and the SEC&#8217;s corresponding recission and withdrawal
of prior guidance and relief related to asset segregation and asset coverage requirements under section 18 of the 1940 Act may
affect the Fund&#8217;s ability to implement its investment strategy, pursue its investment objectives and may increase the cost
of the Fund&#8217;s investments.</span></p>

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<p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketDiscountRiskMember_dU_z1MOvIJTtz0i" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Market
Discount Risk. </i></b>Whether investors will realize gains or losses upon the sale of additional securities of the Fund will
depend upon the market price of the securities at the time of sale, which may be less or more than the Fund&#8217;s net asset
value per share or the liquidation value of any Fund preferred shares issued. Since the market price of any additional securities
the Fund may issue will be affected by such factors as the Fund&#8217;s dividend and distribution levels (which are in turn affected
by expenses), dividend and distribution stability,</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">net
asset value, market liquidity, the relative demand for and supply of such securities in the market, general market and economic
conditions and other factors beyond the control of the Fund, we cannot predict whether any such securities will trade at, below
or above net asset value or at, below or above their public offering price or at, below or above their liquidation value, as applicable.
For example, common shares of closed-end funds often trade at a discount to their net asset values and the Fund&#8217;s common
shares may trade at such a discount. This risk may be greater for investors expecting to sell their securities of the Fund soon
after the completion of a public offering for such securities. The risk of a market price discount from net asset value is separate
and in addition to the risk that net asset value itself may decline. The Fund&#8217;s securities are designed primarily for long-term
investors, and investors in the shares should not view the Fund as a vehicle for trading purposes.</span></p>

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<p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--LongTermObjectiveNotACompleteInvestmentProgramMember_dU_zfIPVRsa8XL2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Long
Term Objective; Not a Complete Investment Program. </i></b>The Fund is intended for investors seeking a consistent level of after-tax
total return consisting of income (with a current emphasis on qualifying dividends) and long-term capital gain. The Fund is not
meant to provide a vehicle for those who wish to play short-term swings in the stock market. An investment in shares of the Fund
should not be considered a complete investment program. Each shareholder should take into account the Fund&#8217;s investment
objective as well as the shareholder&#8217;s other investments when considering an investment in the Fund.</span></p>

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<p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--ManagementRiskMember_dU_zVSSNirNGKPe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Management
Risk. </i></b>The Fund is subject to management risk because it is an actively managed portfolio. The Investment Adviser will
apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that
these will produce the desired results.</span></p>

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<p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--DecisionMakingAuthorityRiskMember_dU_zkRWiq9YoGIk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Decision-Making
Authority Risk. </i></b>Investors have no authority to make decisions or to exercise business discretion on behalf of the Fund,
except as set forth in the Fund&#8217;s governing documents. The authority for all such decisions is generally delegated to the
Board, who in turn, has delegated the day-to-day management of the Fund&#8217;s investment activities to the Investment Adviser,
subject to oversight by the Board.</span></p>

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<p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--DependenceonKeyPersonnelMember_dU_zfWhlge7iBc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Dependence
on Key Personnel. </i></b>The Investment Adviser is dependent upon the expertise of Mr. Mario J. Gabelli in providing advisory
services with respect to the Fund&#8217;s investments. If the Investment Adviser were to lose the services of Mr. Gabelli, its
ability to service the Fund could be adversely affected. There can be no assurance that a suitable replacement could be found
for Mr. Gabelli in the event of his death, resignation, retirement or inability to act on behalf of the Investment Adviser.</span></p>

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<p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketDisruptionAndGeopoliticalRiskMember_dU_zhUEi8mVhepd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Market
Disruption and Geopolitical Risk. </i></b>General economic and market conditions, such as interest rates, availability of credit,
inflation rates, economic uncertainty, supply chain disruptions, labor shortages, energy and other resource shortages, changes
in laws, trade barriers, currency exchange controls and national and international political circumstances (including governmental
responses to public health crises or the spread of infectious diseases), may have long-term negative effects on the U.S. and worldwide
financial markets and economy. These conditions have resulted in, and in many cases continue to result in, greater price volatility,
less liquidity, widening credit spreads and a lack of price transparency, with many securities remaining illiquid and of uncertain
value. Such market conditions may adversely affect the Company, including by making valuation of some of the Fund&#8217;s securities
uncertain and/or result in sudden and significant valuation increases or declines in the Fund&#8217;s holdings.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Risks
resulting from any future debt or other economic crisis could also have a detrimental impact on the global economy, the financial
condition of financial institutions and the Fund&#8217;s business, financial condition and results</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">of
operation. Market and economic disruptions have affected, and may in the future affect, consumer confidence levels and spending,
personal bankruptcy rates, levels of incurrence and default on consumer debt and home prices, among other factors. To the extent
uncertainty regarding the U.S. or global economy negatively impacts consumer confidence and consumer credit factors, the Fund
could be significantly and adversely affected.&#160;Downgrades to the credit ratings of major banks could result in increased
borrowing costs for such banks and negatively affect the broader economy. Moreover, Federal Reserve policy, including with respect
to certain interest rates, may also adversely affect the value, volatility and liquidity of dividend- and interest-paying securities.
Market volatility, rising interest rates and/or a return to unfavorable economic conditions could impair the Fund&#8217;s ability
to achieve its investment objectives.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
occurrence of events similar to those in recent years, such as localized wars, instability, new and ongoing pandemics (such as
COVID-19), epidemics or outbreaks of infectious diseases in certain parts of the world, and catastrophic events such as fires,
floods, earthquakes, tornadoes, hurricanes and global health epidemics, terrorist attacks in the U.S. and around the world, social
and political discord, debt crises sovereign debt downgrades, increasingly strained relations between the U.S. and a number of
foreign countries, new and continued political unrest in various countries, the exit or potential exit of one or more countries
from the EU or the EMU, continued changes in the balance of political power among and within the branches of the U.S. government,
government shutdowns, among others, may result in market volatility, may have long-term effects on the U.S. and worldwide financial
markets, and may cause further economic uncertainties in the U.S. and worldwide.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
particular, the consequences of the Russian military invasion of Ukraine, the impact on inflation and increased disruption to
supply chains and energy resources may impact the Fund&#8217;s portfolio companies, result in an economic downturn or recession
either globally or locally in the U.S. or other economies, reduce business activity, spawn additional conflicts (whether in the
form of traditional military action, reignited &#8220;cold&#8221; wars or in the form of virtual warfare such as cyberattacks)
with similar and perhaps wider ranging impacts and consequences and have an adverse impact on the Fund&#8217;s returns and net
asset values. In response to the conflict between Russia and Ukraine, the U.S. and other countries have imposed sanctions or other
restrictive actions against Russia, Russian-backed separatist regions in Ukraine, and certain banks, companies, government officials
and other individuals in Russia and Belarus. Any of the above factors, including sanctions, export controls, tariffs, trade wars
and other governmental actions, could have a material adverse effect on the Fund. The Fund has no way to predict the duration
or outcome of the situation, as the conflict and government reactions are rapidly developing and beyond the Fund&#8217;s control.
Prolonged unrest, military activities, or broad-based sanctions could have a material adverse effect on companies in which the
Fund invests. Such consequences also may increase such companies&#8217; funding costs or limit their access to the capital markets.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
current political climate has intensified concerns about a potential trade war between China and the U.S., as each country has
imposed tariffs on the other country&#8217;s products. These actions may trigger a significant reduction in international trade,
the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies
and/or large segments of China&#8217;s export industry, which could have a negative impact the Fund&#8217;s performance. U.S.
companies that source material and goods from China and those that make large amounts of sales in China would be particularly
vulnerable to an escalation of trade tensions. Uncertainty regarding the outcome of the trade tensions and the potential for a
trade war</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">could cause the U.S.
dollar to decline against safe haven currencies, such as the Japanese yen and the euro. Events such as these and their consequences
are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in
the future. Any of these effects could have a material adverse effect on the Fund.</span></p>

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<p id="xdx_842_ecef--RiskTextBlock_hcef--RiskAxis__custom--EconomicEventsAndMarketRiskMember_dU_zFhoaJM9dLbi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Economic
Events and Market Risk. </i></b>Periods of market volatility remain, and may continue to occur in the future, in response to various
political, social and economic events both within and outside of the United States. These conditions have resulted in, and in
many cases continue to result in, greater price volatility, less liquidity, widening credit spreads and a lack of price transparency,
with many securities remaining illiquid and of uncertain value. Such market conditions may adversely affect the Fund, including
by making valuation of some of the Fund&#8217;s securities uncertain and/or result in sudden and significant valuation increases
or declines in the Fund&#8217;s holdings. If there is a significant decline in the value of the Fund&#8217;s portfolio, this may
impact the asset coverage levels for the Fund&#8217;s outstanding leverage.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Risks
resulting from any future debt or other economic crisis could also have a detrimental impact on the global economic recovery,
the financial condition of financial institutions and our business, financial condition and results of operation. Market and economic
disruptions have affected, and may in the future affect, consumer confidence levels and spending, personal bankruptcy rates, levels
of incurrence and default on consumer debt and home prices, among other factors. To the extent uncertainty regarding the U.S.
or global economy negatively impacts consumer confidence and consumer credit factors, our business, financial condition and results
of operations could be significantly and adversely affected. Downgrades to the credit ratings of major banks could result in increased
borrowing costs for such banks and negatively affect the broader economy.&#160;Moreover, Federal Reserve policy, including with
respect to certain interest rates, may also adversely affect the value, volatility and liquidity of dividend- and interest-paying
securities. Market volatility, rising interest rates and/or a return to unfavorable economic conditions could impair the Fund&#8217;s
ability to achieve its investment objectives.</span></p>

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<p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--RegulationAndGovernmentInterventionRiskMember_dU_zmy5xQzEwlY6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Regulation
and Government Intervention Risk. </i></b>Changes enacted by the current presidential administration could significantly impact
the regulation of financial markets in the U.S. Areas subject to potential change, amendment or repeal include trade and foreign
policy, corporate tax rates, energy and infrastructure policies, the environment and sustainability, criminal and social justice
initiatives, immigration, healthcare and the oversight of certain federal financial regulatory agencies and the Federal Reserve.
Certain of these changes can, and have, been effectuated through executive order. For example, the current administration has
taken steps to rejoin the Paris climate accord of 2015 and incentivize certain clean energy technologies, cancel the&#160;Keystone
XL pipeline, provide military support to Ukraine and change immigration enforcement priorities. Other potential changes that could
be pursued by the current presidential administration could include an increase in the corporate income tax rate; changes to regulatory
enforcement priorities; and spending on clean energy and infrastructure. It is not possible to predict which, if any, of these
actions will be taken or, if taken, their effect on the economy, securities markets or the financial stability of the U.S. The
Fund may be affected by governmental action in ways that are not foreseeable, and there is a possibility that such actions could
have a significant adverse effect on the Fund and the Fund&#8217;s ability to achieve its investment objectives.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Additional
risks arising from the differences in expressed policy preferences among the various constituencies in the branches of the U.S.
government has led in the past, and may lead in the future, to short-term or</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">prolonged
policy impasses, which could, and has, resulted in shutdowns of the U.S. federal government. U.S. federal government shutdowns,
especially prolonged shutdowns, could have a significant adverse impact on the economy in general and could impair the ability
of issuers to raise capital in the securities markets. Any of these effects could have a material adverse effect on the Fund&#8217;s
net asset value.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
addition, the rules dealing with the U.S. federal income taxation are constantly under review by persons involved in the legislative
process and by the IRS and the U.S. Treasury Department. The Tax Cuts and Jobs Act made substantial changes to the Code. Among
those changes were a significant permanent reduction in the generally applicable corporate tax rate, changes in the taxation of
individuals and other non-corporate taxpayers that generally but not universally reduce their taxes on a temporary basis subject
to &#8220;sunset&#8221; provisions, the elimination or modification of various previously allowed deductions (including substantial
limitations on the deductibility of interest and, in the case of individuals, the deduction for personal state and local taxes),
certain additional limitations on the deduction of net operating losses, certain preferential rates of taxation on certain dividends
and certain business income derived by non-corporate taxpayers in comparison to other ordinary income recognized by such taxpayers,
and significant changes to the international tax rules. In addition, on August 16, 2022, the Biden administration signed into
law the Inflation Reduction Act, which modifies key aspects of the Code, including by creating an alternative minimum tax on certain
corporations and an excise tax on stock repurchases by certain corporations. The effect of these and other changes is uncertain,
both in terms of the direct effect on the taxation of an investment in the Fund&#8217;s shares and their indirect effect on the
value of the Fund&#8217;s assets, Fund shares or market conditions generally.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
addition, the U.S. government has proposed and adopted multiple regulations that could have a long-lasting impact on the Fund
and on the closed-end fund industry in general. The SEC&#8217;s final rules and amendments that modernize reporting and disclosure,
along with other potential upcoming regulations, including in respect of investment company names and other matters, could, among
other things, restrict the Fund&#8217;s ability to engage in transactions, and/or increase overall expenses of the Fund.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund may be affected by governmental action in ways that are not foreseeable, and there is a possibility that such actions could
have a significant adverse effect on the Fund and its ability to achieve its investment objective(s).</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund may be exposed to financial instruments that are tied to the London Interbank Offered Rate (&#8220;LIBOR&#8221;) to determine
payment obligations, financing terms, hedging strategies or investment value. The Fund&#8217;s investments may pay interest at
floating rates based on LIBOR or may be subject to interest caps or floors based on LIBOR. The Fund may also obtain financing
at floating rates based on LIBOR. Derivative instruments utilized by the Fund may also reference LIBOR.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
July 2017, the head of the United Kingdom Financial Conduct Authority announced the desire to phase out the use of LIBOR by the
end of 2021. LIBOR can no longer be used to calculate new deals as of December 31, 2021. Since December 31, 2021, all sterling,
euro, Swiss franc and Japanese yen LIBOR settings and the one-week and two-month U.S. dollar LIBOR settings have ceased to be
published or are no longer representative, and after June 30, 2023, the overnight, one-month, three-month, six-month and 12-month
U.S. dollar LIBOR settings will cease to be published or will no longer be representative. Various financial industry groups have
begun planning for the transition away from LIBOR, but there are challenges to converting certain securities and</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">transactions
to a new reference rate. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">As
an alternative to LIBOR, the Financial Reporting Council, in conjunction with the Alternative Reference Rates Committee, a steering
committee comprised of large U.S. financial institutions recommended replacing U.S. dollar LIBOR with the Secured Overnight Financing
Rate (&#8220;SOFR&#8221;), a new index calculated by reference to short-term repurchase agreements, backed by Treasury securities.
Abandonment of, or modifications to, LIBOR could have adverse impacts on newly issued financial instruments and any of our existing
financial instruments which reference LIBOR. Given the inherent differences between LIBOR and SOFR, or any other alternative benchmark
rate that may be established, there are many uncertainties regarding a transition from LIBOR, including, but not limited to, the
need to amend all contracts with LIBOR as the referenced rate and how this will impact the cost of variable rate debt and certain
derivative financial instruments. In addition, SOFR or other replacement rates may fail to gain market acceptance. Any failure
of SOFR or alternative reference rates to gain market acceptance could adversely affect the return on, value of and market for
securities linked to such rates.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Neither
the effect of the LIBOR transition process nor its ultimate success can yet be known. The transition process might lead to increased
volatility and illiquidity in markets for, and reduce the effectiveness of, new hedges placed against, instruments whose terms
currently include LIBOR. While some existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available
by providing for an alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of
any such alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting
provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions
in certain existing instruments. Moreover, these alternative rate-setting provisions may not be designed for regular use in an
environment where LIBOR ceases to be published, and may be an ineffective fallback following the discontinuation of LIBOR.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">On
March 15, 2022, President Biden signed into law the Consolidated Appropriations Act of 2022, which among other things, provides
for the use of interest rates based on SOFR in certain contracts currently based on LIBOR and a safe harbor from liability for
utilizing SOFR-based interest rates as a replacement for LIBOR. The elimination of LIBOR could have an adverse impact on the market
value of and/or transferability of any LIBOR-linked securities, loans, and other financial obligations or extensions of credit
held by or due to us or on our overall financial condition or results of operations.</span></p>

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<p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--DeflationRiskMember_dU_zPlb4kRi5Sba" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Deflation
Risk. </i></b>Deflation risk is the risk that prices throughout the economy decline over time, which may have an adverse effect
on the market valuation of companies, their assets and their revenues. In addition, deflation may have an adverse effect on the
creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund&#8217;s
portfolio.</span></p>

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<p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--LegislationRiskMember_dU_zCGmnt0dT8Vk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Legislation
Risk. </i></b>At any time after the date of this Annual Report, legislation may be enacted that could negatively affect the assets
of the Fund. Legislation or regulation may change the way in which the Fund itself is regulated. The Investment Adviser cannot
predict the effects of any new governmental regulation that may be implemented and there can be no assurance that any new governmental
regulation will not adversely affect the Fund&#8217;s ability to achieve its investment objective.</span></p>

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<p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--RelianceonServiceProvidersRiskMember_dU_zI6tCmYeQ0P4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Reliance
on Service Providers Risk. </i></b>The Fund must rely upon the performance of service providers to perform certain functions,
which may include functions that are integral to the Fund&#8217;s operations and financial performance. Failure by any service
provider to carry out its obligations to the Fund in accordance with the terms of its appointment, to exercise due care and skill
or to perform its obligations to the Fund at all as a result of insolvency, bankruptcy or other causes could have a material adverse
effect on the Fund&#8217;s performance and returns to shareholders. The termination of the Fund&#8217;s relationship with any
service provider, or any delay in appointing a replacement for such service provider, could materially disrupt the business of
the Fund and could have a material adverse effect on the Fund&#8217;s performance and returns to shareholders.</span></p>

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<p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--CyberSecurityRiskMember_dU_zXb3nD65zBDf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Cyber
Security Risk. </i></b>The Fund and its service providers are susceptible to cyber security risks that include, among other things,
theft, unauthorized monitoring, release, misuse, loss, destruction or corruption of confidential and highly restricted data; denial
of service attacks; unauthorized access to relevant systems, compromises to networks or devices that the Fund and its service
providers use to service the Fund&#8217;s operations; or operational disruption or failures in the physical infrastructure or
operating systems that support the Fund and its service providers. Cyber attacks are becoming increasingly common and more sophisticated,
and may be perpetrated by computer hackers, cyber-terrorists or others engaged in corporate espionage. Cyber attacks against or
security breakdowns of the Fund or its service providers may adversely impact the Fund and its stockholders, potentially resulting
in, among other things, financial losses; the inability of Fund stockholders to transact business and the Fund to process transactions;
inability to calculate the Fund&#8217;s NAV; violations of applicable privacy and other laws; regulatory fines, penalties, reputational
damage, reimbursement or other compensation costs; and/or additional compliance costs. The Fund may incur additional costs for
cyber security risk management and remediation purposes. In addition, cyber security risks may also impact issuers of securities
in which the Fund invests, which may cause the Fund&#8217;s investment in such issuers to lose value. There have been a number
of recent highly publicized cases of companies reporting the unauthorized disclosure of client or customer information, as well
as cyberattacks involving the dissemination, theft and destruction of corporate information or other assets, as a result of failure
to follow procedures by employees or contractors or as a result of actions by third parties, including actions by terrorist organizations
and hostile foreign governments. Although service providers typically have policies and procedures, business continuity plans
and/or risk management systems intended to identify and mitigate cyber incidents, there are inherent limitations in such plans
and systems including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cyber
security policies, plans and systems put in place by its service providers or any other third parties whose operations may affect
the Fund or its shareholders. There can be no assurance that the Fund or its service providers will not suffer losses relating
to cyber attacks or other information security breaches in the future.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="color: Black">Because technology
is consistently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some risks
have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund&#8217;s ability
to plan for or respond to a cyber attack. In addition to deliberate cyber attacks, unintentional cyber incidents can occur, such
as the inadvertent release of confidential information by the Fund or its service providers. Like other funds and business enterprises,
the Fund and its service providers are subject to the risk of cyber incidents occurring from time to time.</span></p>

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<p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--MisconductOfEmployeesAndOfServiceProvidersRiskMember_dU_z4pWrufNxnQi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Misconduct
of Employees and of Service Providers Risk. </i></b>Misconduct or misrepresentations by employees of the Investment Adviser or
the Fund&#8217;s service providers could cause significant losses to the Fund. Employee</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">misconduct
may include binding the Fund to transactions that exceed authorized limits or present unacceptable risks and unauthorized trading
activities, concealing unsuccessful trading activities (which, in any case, may result in unknown and unmanaged risks or losses)
or making misrepresentations regarding any of the foregoing. Losses could also result from actions by the Fund&#8217;s service
providers, including, without limitation, failing to recognize trades and misappropriating assets. In addition, employees and
service providers may improperly use or disclose confidential information, which could result in litigation or serious financial
harm, including limiting the Fund&#8217;s business prospects or future marketing activities. Despite the Investment Adviser&#8217;s
due diligence efforts, misconduct and intentional misrepresentations may be undetected or not fully comprehended, thereby potentially
undermining the Investment Adviser&#8217;s due diligence efforts. As a result, no assurances can be given that the due diligence
performed by the Investment Adviser will identify or prevent any such misconduct.</span></p>

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<p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--LoansOfPortfolioSecuritiesMember_dU_zjfMmzInWwBi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Loans
of Portfolio Securities. </i></b>Consistent with applicable regulatory requirements and the Fund&#8217;s investment restrictions,
the Fund may lend its portfolio securities to securities broker-dealers or financial institutions, provided that such loans are
callable at any time by the Fund (subject to certain notice provisions), and are at all times collateralized in accordance with
applicable regulatory requirements. The advantage of such loans is that the Fund continues to receive the income on the loaned
securities while at the same time earning interest on the cash amounts deposited as collateral, which will be invested in short-term
obligations. The Fund will not lend its portfolio securities if such loans are not permitted by the laws or regulations of any
state in which its shares are qualified for sale.</span></p>

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<p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--LegalTaxAndRegulatoryRiskMember_dU_zQsugWsJjnja" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Legal,
Tax and Regulatory Risk. </i></b>Legal, tax and regulatory changes could occur that may have material adverse effects on the Fund
or its shareholders. For example, the regulatory and tax environment for derivative instruments in which the Fund may participate
is evolving, and such changes in the regulation or taxation of derivative instruments may have material adverse effects on the
value of derivative instruments held by the Fund and the ability of the Fund to pursue its investment strategies. In addition,
on August 16, 2022, the Biden administration signed into law the Inflation Reduction Act, which modifies key aspects of the Code,
including by creating an alternative minimum tax on certain corporations and an excise tax on stock repurchases by certain corporations.
Changes to the U.S. federal tax laws and interpretations thereof could adversely affect an investment in the Fund.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">We
cannot assure you what percentage of the distributions paid on the Fund&#8217;s shares, if any, will consist of tax-advantaged
qualified dividend income or long-term capital gains or what the tax rates on various types of income will be in future years.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">To
qualify for the favorable U.S. federal income tax treatment generally accorded to RICs under the Code, the Fund must, among other
things, meet certain asset diversification tests, derive in each taxable year at least 90% of its gross income from certain prescribed
sources and distribute for each taxable year at least 90% of its &#8220;investment company taxable income.&#8221; Statutory limitations
on distributions on the common shares if the Fund fails to satisfy the 1940 Act&#8217;s asset coverage requirements could jeopardize
the Fund&#8217;s ability to meet such distribution requirements. While the Fund presently intends to purchase or redeem notes
or preferred shares, if any, to the extent necessary in order to maintain compliance with such asset coverage requirements, there
can be no assurance that such actions can be effected in time to meet the Code requirements. If for any taxable year the Fund
does not qualify as a RIC, all of its taxable income for that year (including its net capital gain) would be subject to tax at
regular corporate rates without any deduction for distributions to shareholders, and</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">such
distributions would be taxable as ordinary dividends to the extent of the Fund&#8217;s current and accumulated earnings and profits.
The resulting corporate taxes would materially reduce the Fund&#8217;s net assets and the amount of cash available for distribution
to shareholders. For a more complete discussion of these and other U.S. federal income tax considerations.</span></p>

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<p id="xdx_842_ecef--RiskTextBlock_hcef--RiskAxis__custom--InvestmentDilutionRiskMember_dU_zNqUjqhpNjA3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Investment
Dilution Risk. </i></b>The Fund&#8217;s investors do not have preemptive rights to any shares the Fund may issue in the future.
The Fund&#8217;s Agreement and Declaration of Trust authorizes it to issue an unlimited number of shares. The Board may make certain
amendments to the Agreement and Declaration of Trust. After an investor purchases shares, the Fund may sell additional shares
or other classes of shares in the future or issue equity interests in private offerings. To the extent the Fund issues additional
equity interests after an investor purchases its shares, such investor&#8217;s percentage ownership interest in the Fund will
be diluted.</span></p>

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<p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--AntiTakeoverProvisionsMember_dU_zUyy2m3ISGue" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Anti-Takeover
Provisions. </i></b>The Agreement and Declaration of Trust and By-Laws of the Fund include provisions that could limit the ability
of other entities or persons to acquire control of the Fund or convert the Fund to an open-end fund. See also &#8211; &#8220;Delaware
Statutory Trust Act &#8211; Control Share Acquisitions.&#8221;</span></p>

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<p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfNotesMember_dU_z7yFjdllhl4f" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Special Risks
to Holders of Notes</b></span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">An
investment in our notes is subject to special risks. Our notes are not likely to be listed on an exchange or automated quotation
system. We cannot assure you that any market will exist for our notes or if a market does exist, whether it will provide holders
with liquidity. Broker-dealers that maintain a secondary trading market for the notes are not required to maintain this market,
and the Fund is not required to redeem notes if an attempted secondary market sale fails because of a lack of buyers. To the extent
that our notes trade, they may trade at a price either higher or lower than their principal amount depending on interest rates,
the rating (if any) on such notes and other factors.</span></p>

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<p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfFixedRatePreferredSharesMember_dU_zhuzlFQVYhY4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Special Risks
to Holders of Fixed Rate Preferred Shares</b></span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Illiquidity
Prior to Exchange Listing. </i></b>Prior to an offering, there will be no public market for any series of fixed rate preferred
shares. In the event any additional series of fixed rate preferred shares are issued, we expect to apply to list such shares on
a national securities exchange, which will likely be the NYSE. However, during an initial period, which is not expected to exceed
30 days after the date of initial issuance, such shares may not be listed on any securities exchange. During such period, the
underwriters may make a market in such shares, though they will have no obligation to do so. Consequently, an investment in such
shares may be illiquid during such period.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Market
Price Fluctuation. </i></b>Fixed rate preferred shares may trade at a premium to or discount from liquidation value for various
reasons, including changes in interest rates, perceived credit quality and other factors.</span></p>

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<p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfNotesAndPreferredSharesMember_dU_zrsti7Fsh3c" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Special Risks
to Holders of Notes and Preferred Shares</b></span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Common
Share Repurchases. </i></b>Repurchases of common shares by the Fund may reduce the net asset coverage of the notes and preferred
shares, which could adversely affect their liquidity or market prices.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Common
Share Distribution Policy. </i></b>In the event the Fund does not generate a total return from dividends and interest received
and net realized capital gains in an amount at least equal to its distributions for a given year, the Fund expects that it would
return capital as part of its distribution. This would decrease the asset coverage</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">per
share with respect to the Fund&#8217;s notes or preferred shares, which could adversely affect their liquidity or market prices.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">During
the fiscal year ended December 31, 2022, the Fund made distributions of $1.20 per common share, or which $0.55 per common share
comprised return of capital. The composition of each distribution is estimated based on earnings as of the record date for the
distribution. The actual composition of each distribution may change based on the Fund&#8217;s investment activity through the
end of the calendar year.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Credit
Quality Ratings. </i></b>The Fund may obtain credit quality ratings for its preferred shares or notes, if desired; however, it
is not required to do so and may issue preferred shares or notes without any rating. If rated, the Fund does not impose any minimum
rating necessary to issue such preferred shares or notes. The Fund&#8217;s portfolio must satisfy over-collateralization tests
established by the relevant rating agencies in order to obtain and maintain attractive credit quality ratings for preferred shares
or borrowings, if desired. These tests are more difficult to satisfy to the extent the Fund&#8217;s portfolio securities are of
lower credit quality, longer maturity or not diversified by issuer and industry.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">These
guidelines could affect portfolio decisions and may be more stringent than those imposed by the 1940 Act. With respect to ratings
(if any) of the notes or preferred shares, a rating by a ratings agency does not eliminate or necessarily mitigate the risks of
investing in our preferred shares or notes, and a rating may not fully or accurately reflect all of the securities&#8217; credit
risks. A rating does not address the liquidity or any other market risks of the securities being rated. A rating agency could
downgrade the rating of our notes or preferred shares, which may make such securities less liquid in the secondary market. If
a rating agency downgrades the rating assigned to our preferred shares or notes, we may alter our portfolio or redeem all or a
portion of the preferred shares or notes that are then redeemable under certain circumstances.</span></p>

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<p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksOfNotesToHoldersOfPreferredSharesMember_dU_zn3VPIE2Q34j" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Special Risks
of Notes to Holders of Preferred Shares</b></span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">As
provided in the 1940 Act, and subject to compliance with the Fund&#8217;s investment limitations, the Fund may issue notes. In
the event the Fund were to issue such securities, the Fund&#8217;s obligations to pay dividends or make distributions and, upon
liquidation of the Fund, liquidation payments in respect of its preferred shares would be subordinate to the Fund&#8217;s obligations
to make any principal and interest payments due and owing with respect to its outstanding notes. Accordingly, the Fund&#8217;s
issuance of notes would have the effect of creating special risks for the Fund&#8217;s preferred shareholders that would not be
present in a capital structure that did not include such securities.</span></p>

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<p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfCommonSharesMember_dU_zvjqNkvCAzOh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Special Risks
to Holders of Common Shares</b></span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Dilution
Risk. </i></b>If the Fund determines to conduct a rights offering to subscribe for common shares, holders of common shares may
experience dilution of the aggregate net asset value of their common shares. Such dilution will depend upon whether (i) such shareholders
participate in the rights offering and (ii) the Fund&#8217;s net asset value per common share is above or below the subscription
price on the expiration date of the rights offering.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Shareholders
who do not exercise their subscription rights may, at the completion of such an offering, own a smaller proportional interest
in the Fund than if they exercised their subscription rights. As a result of such an offering, a shareholder may experience dilution
in net asset value per share if the subscription price per share is below the net asset value per share on the expiration date.
If the subscription price per share is below the net</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">asset
value per share of the Fund&#8217;s shares on the expiration date, a shareholder will experience an immediate dilution of the
aggregate net asset value of such shareholder&#8217;s shares if the shareholder does not participate in such an offering and the
shareholder will experience a reduction in the net asset value per share of such shareholder&#8217;s shares whether or not the
shareholder participates in such an offering. The Fund cannot state precisely the extent of this dilution (if any) if the shareholder
does not exercise such shareholder&#8217;s subscription rights because the Fund does not know what the net asset value per share
will be when the offer expires or what proportion of the subscription rights will be exercised.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Leverage
Risk. </i></b>The Fund currently uses financial leverage for investment purposes by issuing preferred shares and is also permitted
to use other types of financial leverage, such as through the issuance of debt securities or additional preferred shares and borrowing
from financial institutions. As provided in the 1940 Act and subject to certain exceptions, the Fund may issue additional senior
securities (which may be stock, such as preferred shares, and/or securities representing debt) only if immediately after such
issuance the value of the Fund&#8217;s total assets, less certain ordinary course liabilities, exceeds 300% of the amount of the
debt outstanding and exceeds 200% of the amount of preferred shares and debt outstanding. As of December 31, 2022, the amount
of leverage represented approximately 39% of the Fund&#8217;s net assets.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund&#8217;s leveraged capital structure creates special risks not associated with unleveraged funds having a similar investment
objective and policies. These include the possibility of greater loss and the likelihood of higher volatility of the net asset
value of the Fund and the asset coverage for the preferred shares. Such volatility may increase the likelihood of the Fund having
to sell investments in order to meet its obligations to make distributions on the preferred shares or principal or interest payments
on debt securities, or to redeem preferred shares or repay debt, when it may be disadvantageous to do so. The Fund&#8217;s use
of leverage may require it to sell portfolio investments at inopportune times in order to raise cash to redeem preferred shares
or otherwise de- leverage so as to maintain required asset coverage amounts or comply with the mandatory redemption terms of any
outstanding preferred shares. The use of leverage magnifies both the favorable and unfavorable effects of price movements in the
investments made by the Fund. To the extent that the Fund employs leverage in its investment operations, the Fund is subject to
substantial risk of loss. The Fund cannot assure you that borrowings or the issuance of notes or preferred shares will result
in a higher yield or return to the holders of the common shares. Also, since the Fund utilizes leverage, a decline in net asset
value could affect the ability of the Fund to make common share distributions and such a failure to make distributions could result
in the Fund ceasing to qualify as a RIC under the Code.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Any
decline in the net asset value of the Fund&#8217;s investments would be borne entirely by the holders of common shares. Therefore,
if the market value of the Fund&#8217;s portfolio declines, the leverage will result in a greater decrease in net asset value
to the holders of common shares than if the Fund were not leveraged. This greater net asset value decrease will also tend to cause
a greater decline in the market price for the common shares. The Fund might be in danger of failing to maintain the required asset
coverage of its borrowings, notes or preferred shares or of losing its ratings on its notes or preferred shares or notes or, in
an extreme case, the Fund&#8217;s current investment income might not be sufficient to meet the distribution or interest requirements
on the borrowings, preferred shares or notes. In order to counteract such an event, the Fund might need to liquidate investments
in order to fund a redemption or repayment of some or all of the borrowings, preferred shares or notes.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Preferred
Share and Note Risk. </i>The issuance of preferred shares or notes causes the net asset value and market value of the common shares
to become more volatile. If the dividend rate on the preferred shares or the interest rate on the notes approaches the net rate
of return on the Fund&#8217;s investment portfolio, the benefit of leverage to the holders of the common shares would be reduced.
If the dividend rate on the preferred shares or the interest rate on the notes plus the management fee rate exceeds the net rate
of return on the Fund&#8217;s portfolio, the leverage will result in a lower rate of return to the holders of common shares than
if the Fund had not issued preferred shares or notes. If the Fund has insufficient investment income and gains, all or a portion
of the distributions to preferred shareholders or interest payments to note holders would come from the common shareholders&#8217;
capital. Such distributions and interest payments reduce the net assets attributable to common shareholders. The Prospectus Supplement
relating to any sale of preferred shares will set forth dividend rate on such preferred shares.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
addition, the Fund would pay (and the holders of common shares will bear) all costs and expenses relating to the issuance and
ongoing maintenance of the preferred shares or notes, including the advisory fees on the incremental assets attributable to the
preferred shares or notes.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Holders
of preferred shares and notes may have different interests than holders of common shares and may at times have disproportionate
influence over the Fund&#8217;s affairs. As provided in the 1940 Act and subject to certain exceptions, the Fund may issue senior
securities (which may be stock, such as preferred shares, and/or securities representing debt, such as notes) only if immediately
after the issuance the value of the Fund&#8217;s total assets, less certain ordinary course liabilities, exceeds 300% of the amount
of the debt outstanding (i.e., for every dollar of indebtedness outstanding, the Fund is required to have at least three dollars
of assets) and exceeds 200% of the amount of preferred shares and debt outstanding (i.e., for every dollar in liquidation preference
of preferred stock outstanding, the Fund is required to have two dollars of assets), which is referred to as the &#8220;asset
coverage&#8221; required by the 1940 Act. In the event the Fund fails to maintain an asset coverage of 100% for any notes outstanding
for certain periods of time, the 1940 Act requires that either an event of default be declared or that the holders of such notes
have the right to elect a majority of the Fund&#8217;s Trustees until asset coverage recovers to 110%. In addition, holders of
preferred shares, voting separately as a single class, have the right (subject to the rights of noteholders) to elect two members
of the Board at all times and in the event dividends become two full years in arrears would have the right to elect a majority
of the Trustees until such arrearage is completely eliminated. In addition, preferred shareholders have class voting rights on
certain matters, including changes in fundamental investment restrictions and conversion of the Fund to open-end status, and accordingly
can veto any such changes. Further, interest on notes will be payable when due as described in a Prospectus Supplement and if
the Fund does not pay interest when due, it will trigger an event of default and the Fund expects to be restricted from declaring
dividends and making other distributions with respect to common shares and preferred shares. Upon the occurrence and continuance
of an event of default, the holders of a majority in principal amount of a series of outstanding notes or the trustee will be
able to declare the principal amount of that series of notes immediately due and payable upon written notice to the Fund. The
1940 Act also generally restricts the Fund from declaring distributions on, or repurchasing, common or preferred shares unless
notes have an asset coverage of 300% (200% in the case of declaring distributions on preferred shares). The Fund&#8217;s common
shares are structurally subordinated as to income and residual value to any preferred shares or notes in the Fund&#8217;s capital
structure, in terms of priority to income and payment in liquidation.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="color: Black">Restrictions
imposed on the declarations and payment of dividends or other distributions to the holders of the Fund&#8217;s common shares and
preferred shares, both by the 1940 Act and by requirements imposed by rating agencies, might impair the Fund&#8217;s ability to
maintain its qualification as a RIC for U.S. federal income tax purposes. While the Fund intends to redeem its preferred shares
or notes to the extent necessary to enable the Fund to distribute its income as required to maintain its qualification as a RIC
under the Code, there can be no assurance that such actions can be effected in time to meet the Code requirements.&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Portfolio Guidelines of
Rating Agencies for Preferred Shares and/or Credit Facility.</i> In order to obtain and maintain attractive credit quality ratings
for preferred shares or borrowings, the Fund must comply with investment quality, diversification and other guidelines established
by the relevant rating agencies. These guidelines could affect portfolio decisions and may be more stringent than those imposed
by the 1940 Act. In the event that a rating on the Fund&#8217;s preferred shares or notes is lowered or withdrawn by the relevant
rating agency, the Fund may also be required to redeem all or part of its outstanding preferred shares or notes, and the common
shares of the Fund will lose the potential benefits associated with a leveraged capital structure.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Impact on Common Shares.
</i>Assuming that leverage will (1) be equal in amount to approximately 39% of the Fund&#8217;s total net assets (the Fund&#8217;s
amount of outstanding financial leverage as of December 31, 2022), and (2) charge interest or involve dividend payments at a projected
blended annual average leverage dividend or interest rate of <span id="xdx_902_ecef--AnnualInterestRatePercent_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_ziwP7djdAgwc">4.00%</span>%, then the total return generated by the Fund&#8217;s portfolio
(net of estimated expenses) must exceed approximately <span id="xdx_90E_ecef--AnnualCoverageReturnRatePercent_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_z1fJuaJqiSw6">1.57%</span> of the Fund&#8217;s total net assets in order to cover such interest
or dividend payments and other expenses specifically related to leverage. Of course, these numbers are merely estimates, used
for illustration. Actual dividend rates, interest or payment rates may vary frequently and may be significantly higher or lower
than the rate estimated above. The following table is furnished in response to requirements of the SEC. It is designed to illustrate
the effect of leverage on common share total return, assuming investment portfolio total returns (comprised of net investment
income of the Fund, realized gains or losses of the Fund and changes in the value of the securities held in the Fund&#8217;s portfolio)
of -10%, -5%, 0%, 5% and 10%. These assumed investment portfolio returns are hypothetical figures and are not necessarily indicative
of the investment portfolio returns experienced or expected to be experienced by the Fund. The table further reflects leverage
representing 39% of the Fund&#8217;s net assets (the Fund&#8217;s average amount of outstanding financial leverage during the
fiscal year ended December 31, 2022), the Fund&#8217;s current projected blended annual average leverage dividend or interest
rate of <span id="xdx_902_ecef--AnnualInterestRatePercent_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zsaXIReGjCH1">4.00%</span> (the average dividend rate on the Fund&#8217;s outstanding financial leverage as of December 31, 2022), a base management
fee at an annual rate of 0.50% and estimated annual incremental expenses attributable to any outstanding preferred shares of
approximately 0.01% of the Fund&#8217;s net assets attributable to common shares. These assumed investment portfolio returns are
hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced
by the Fund.</span></td>
</tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse; margin-left: 0.75in">
<tr style="vertical-align: top">
    <td style="width: 40%; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Assumed Return on Portfolio (Net of Expenses)</span></td>
    <td style="width: 12%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(10)%</span></td>
    <td style="width: 12%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5)%</span></td>
    <td style="width: 12%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0%</span></td>
    <td style="width: 11%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5%</span></td>
    <td style="width: 13%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10%</span></td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Corresponding Return to Common Shareholder</span></td>
    <td id="xdx_98F_ecef--ReturnAtMinusTenPercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zaRPw1ma1197" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(19.37)%</span></td>
    <td id="xdx_984_ecef--ReturnAtMinusFivePercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zQcapflVlsZj" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(11.14)%</span></td>
    <td id="xdx_988_ecef--ReturnAtZeroPercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zx2soeleoBLk" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2.91)%</span></td>
    <td id="xdx_98F_ecef--ReturnAtPlusFivePercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zeL1nA2JV771" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.33%</span></td>
    <td id="xdx_98C_ecef--ReturnAtPlusTenPercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_z6EPjHyMxt2i" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13.56%</span></td></tr>
</table>


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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Common
share total return is composed of two elements&#8212;the common share distributions paid by the Fund (the amount of which is largely
determined by the taxable income of the Fund (including realized gains or losses) after paying interest on any debt and/or dividends
on any preferred shares) and unrealized gains or losses on the value of the securities the Fund owns. As required by SEC rules,
the table assumes that the Fund is more likely to suffer capital losses than to enjoy total return. For example, to assume a total
return of 0% the Fund must assume that the income it receives on its investments is entirely offset by expenses and losses in
the value of those investments.&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Market Discount Risk.</i>
As described above in &#8220;&#8212;General Risks&#8212;Market Discount Risk,&#8221; common shares of closed-end funds often trade
at a discount to their net asset values and the Fund&#8217;s common shares may trade at such a discount. This risk may be greater
for investors expecting to sell their common shares of the Fund soon after completion of a public offering. The common shares
of the Fund are designed primarily for long-term investors and investors in the shares should not view the Fund as a vehicle
for trading purposes.</span></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRiskToHoldersOfSubscriptionRightsMember_dU_zVVeo6CduNXi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Special Risk to
Holders of Subscription Rights</b></span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">There
is a risk that changes in market conditions may result in the underlying common or preferred shares purchasable upon exercise
of the subscription rights being less attractive to investors at the conclusion of the subscription period. This may reduce or
eliminate the value of the subscription rights. Investors who receive subscription rights may find that there is no market to
sell rights they do not wish to exercise. If investors exercise only a portion of the rights, the number of common or preferred
shares issued may be reduced, and the common or preferred shares may trade at less favorable prices than larger offerings for
similar 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_SharePriceTableTextBlock', window );">Share Price [Table Text Block]</a></td>
<td class="text"><p id="xdx_80F_ecef--SharePriceTableTextBlock_dU_z4LMfHr3CrZf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
following table sets forth for the quarters indicated, the high and low sale prices on the NYSE American per share of our common
shares and the net asset value and the premium or discount from net asset value per share at which the common shares were trading,
expressed as a percentage of net asset value, at each of the high and low sale prices provided.</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<tr style="text-align: center; vertical-align: bottom">
    <td style="padding-left: 0.5in">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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<tr style="text-align: center; vertical-align: bottom">
    <td style="padding-left: 0.5in">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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<tr style="text-align: center; vertical-align: bottom">
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<tr id="xdx_41A_20210101__20210331__cef--SecurityAxis__custom--CommonStockMember_zbvIAVRzKgBd" style="vertical-align: bottom">
    <td style="width: 34%; padding-left: 0.5in">March 31, 2021</td><td style="width: 1%">&#160;</td>
    <td style="width: 10%; text-align: center">$19.69</td><td style="width: 1%">&#160;</td>
    <td style="width: 10%; text-align: center">$18.21</td><td style="width: 1%">&#160;</td>
    <td style="width: 10%; text-align: center">$19.12</td><td style="width: 1%">&#160;</td>
    <td style="width: 10%; text-align: center">$19.57</td><td style="width: 1%">&#160;</td>
    <td style="width: 10%; text-align: center">2.98%</td><td style="width: 1%">&#160;</td>
    <td style="width: 10%; text-align: center">(6.95)%</td></tr>
<tr id="xdx_414_20210401__20210630__cef--SecurityAxis__custom--CommonStockMember_z1xJG4HkIhf2" style="vertical-align: bottom">
    <td style="padding-left: 0.5in">June 30, 2021</td><td>&#160;</td>
    <td style="text-align: center">$22.77</td><td>&#160;</td>
    <td style="text-align: center">$19.54</td><td>&#160;</td>
    <td style="text-align: center">$21.51</td><td>&#160;</td>
    <td style="text-align: center">$20.69</td><td>&#160;</td>
    <td style="text-align: center">5.85%</td><td>&#160;</td>
    <td style="text-align: center">(5.54)%</td></tr>
<tr id="xdx_41A_20210701__20210930__cef--SecurityAxis__custom--CommonStockMember_zwcFveRuBHU" style="vertical-align: bottom">
    <td style="padding-left: 0.5in">September 30, 2021</td><td>&#160;</td>
    <td style="text-align: center">$22.20</td><td>&#160;</td>
    <td style="text-align: center">$19.65</td><td>&#160;</td>
    <td style="text-align: center">$20.95</td><td>&#160;</td>
    <td style="text-align: center">$20.08</td><td>&#160;</td>
    <td style="text-align: center">5.96%</td><td>&#160;</td>
    <td style="text-align: center">(2.14)%</td></tr>
<tr id="xdx_412_20211001__20211231__cef--SecurityAxis__custom--CommonStockMember_zAqOj6g9zlM8" style="vertical-align: bottom">
    <td style="padding-left: 0.5in">December 31, 2021</td><td>&#160;</td>
    <td style="text-align: center">$21.24</td><td>&#160;</td>
    <td style="text-align: center">$19.43</td><td>&#160;</td>
    <td style="text-align: center">$20.89</td><td>&#160;</td>
    <td style="text-align: center">$19.81</td><td>&#160;</td>
    <td style="text-align: center">1.69%</td><td>&#160;</td>
    <td style="text-align: center">(1.89)%</td></tr>
<tr id="xdx_41C_20220101__20220331__cef--SecurityAxis__custom--CommonStockMember_z9X4bMfesEq2" style="vertical-align: bottom">
    <td style="padding-left: 0.5in">March 31, 2022</td><td>&#160;</td>
    <td style="text-align: center">$21.49</td><td>&#160;</td>
    <td style="text-align: center">$18.49</td><td>&#160;</td>
    <td style="text-align: center">$20.69</td><td>&#160;</td>
    <td style="text-align: center">$18.80</td><td>&#160;</td>
    <td style="text-align: center">3.87%</td><td>&#160;</td>
    <td style="text-align: center">(1.65)%</td></tr>
<tr id="xdx_41B_20220401__20220630__cef--SecurityAxis__custom--CommonStockMember_zOeQqSiln7d5" style="vertical-align: bottom">
    <td style="padding-left: 0.5in">June 30, 2022</td><td>&#160;</td>
    <td style="text-align: center">$20.26</td><td>&#160;</td>
    <td style="text-align: center">$16.00</td><td>&#160;</td>
    <td style="text-align: center">$20.03</td><td>&#160;</td>
    <td style="text-align: center">$16.19</td><td>&#160;</td>
    <td style="text-align: center">1.15%</td><td>&#160;</td>
    <td style="text-align: center">(1.17)%</td></tr>
<tr id="xdx_417_20220701__20220930__cef--SecurityAxis__custom--CommonStockMember_zHGlx3Qb6M36" style="vertical-align: bottom">
    <td style="padding-left: 0.5in">September 30, 2022</td><td>&#160;</td>
    <td style="text-align: center">$17.04</td><td>&#160;</td>
    <td style="text-align: center">$13.96</td><td>&#160;</td>
    <td style="text-align: center">$17.91</td><td>&#160;</td>
    <td style="text-align: center">$14.01</td><td>&#160;</td>
    <td style="text-align: center">(4.86)%</td><td>&#160;</td>
    <td style="text-align: center">(0.36)%</td></tr>
<tr id="xdx_410_20221001__20221231__cef--SecurityAxis__custom--CommonStockMember_zN7Axm0lGsLi" style="vertical-align: bottom">
    <td style="padding-left: 0.5in">December 31, 2022</td><td>&#160;</td>
    <td style="text-align: center">$15.38</td><td>&#160;</td>
    <td style="text-align: center">$13.34</td><td>&#160;</td>
    <td style="text-align: center">$16.45</td><td>&#160;</td>
    <td style="text-align: center">$13.69</td><td>&#160;</td>
    <td style="text-align: center">(6.50)%</td><td>&#160;</td>
    <td style="text-align: center">(2.56)%</td></tr>
</table>



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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_CapitalStockLongTermDebtAndOtherSecuritiesAbstract', window );"><strong>Capital Stock, Long-Term Debt, and Other Securities [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_CapitalStockTableTextBlock', window );">Capital Stock [Table Text Block]</a></td>
<td class="text"><p id="xdx_806_ecef--CapitalStockTableTextBlock_dU_zRznZBXVtEr9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b>6.&#8194;
Capital. </b>The Fund is authorized to issue an unlimited number of common shares of beneficial interest (par value $0.001). The
Board has authorized the repurchase of its shares on the open market when the shares are trading at a discount of 10% or more
(or such other percentage as the Board may determine from time to time) from the NAV of the shares. During the years ended December
31, 2022 and December 31, 2021, the Fund did not repurchase and retire any common shares in the open market.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">On
May 12, 2022, the Fund distributed one transferable right for the 5,377,458 common shares outstanding on that date. Four rights
were required to purchase one additional common share at the subscription price of $16 per share. On June 30, 2022, the Fund issued
591,453 common shares receiving net proceeds of $9,148,248 after the deduction of estimated offering expenses of $315,000. The
NAV of the Fund decreased by $0.14 per share on the day the additional shares were issued due to the shares being issued below
NAV.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">For the years ended
December 31, 2022 and 2021, transactions in common stock were as follows:</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<tr style="text-align: center; vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold">Year Ended<br/> December 31, 2022</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold">Year Ended<br/> December 31, 2021</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
<tr style="text-align: center; vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold">Shares</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold">Amount</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold">Shares</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold">Amount</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 40%; text-align: left; padding-left: 0.125in; text-indent: -0.125in">Increase in net assets from common shares issued in offering</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">591,453</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">9,463,248</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">&#8212;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$&#160;</td><td style="width: 12%; text-align: right">&#8212;</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in">Net increase in net assets from common shares issued upon reinvestment of distributions</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">1,628</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">31,744</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">2,252</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">47,444</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in; text-indent: -0.125in">Net increase</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">&#160;</td><td style="border-bottom: Black 3pt double; text-align: right">593,081</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">$</td><td style="border-bottom: Black 3pt double; text-align: right">9,494,992</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">&#160;</td><td style="border-bottom: Black 3pt double; text-align: right">2,252</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 3pt double; text-align: left">$</td><td style="border-bottom: Black 3pt double; text-align: right">47,444</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
</table>



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<p id="xdx_844_ecef--PreferredStockRestrictionsOtherTextBlock_hcef--SecurityAxis__custom--CumulativePreferredStockMember_dU_zxwyX9Jq1Sv2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund&#8217;s Declaration of Trust, as amended, authorizes the issuance of an unlimited number of shares of $0.001 par value Preferred
Shares. Preferred Shares are senior to the common shares and result in the financial leveraging of the common shares. Such leveraging
tends to magnify both the risks and opportunities to common shareholders. Dividends on the Series A and Series B Preferred are
cumulative and the liquidation value is $50 per share. The Fund is required by the 1940 Act and by the Fund&#8217;s Statement
of Preferences to meet certain asset coverage tests with respect to the Preferred Shares. If the Fund fails to meet these requirements
and does not correct such failure, the Fund may be required to redeem, in part or in full, the Series A and Series B Preferred
Shares at the redemption price of $50 per share plus an amount equal to the accumulated and unpaid dividends whether or not declared
on such shares in order to meet these requirements. Additionally, failure to meet the foregoing asset coverage requirements could
restrict the Fund&#8217;s ability to pay dividends to common shareholders and could lead to sales of portfolio securities at inopportune
times. The income received on the Fund&#8217;s assets may vary in a manner unrelated to the fixed and variable rates, which could
have either a beneficial or detrimental impact on net investment income and gains available to common shareholders.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">As
of December 31, 2022 the Fund had an effective shelf registration authorizing the issuance of $141 million in common or preferred
shares.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Series A Preferred has an annual dividend rate of 3.80%. The Fund may redeem at any time all or any part of the Series A Preferred
at the liquidation value plus accumulated and unpaid dividends. During the year</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">ended
December 31, 2022, the Fund repurchased and retired 11,442 of the Series A Preferred Shares in the open market at an investment
of $534,861 and an average discount of approximately 6.53% from its liquidation preference.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Series B Preferred pay distributions at the annualized rate of 4% on the $50 per share liquidation value. The Series B preferred
may be put back to the Fund during the thirty day period prior to December 26, 2023 at the per share liquidation value of $50
plus any accumulated and unpaid dividends. Commencing on December 26, 2023, the Fund, at its option, may redeem the remaining
Series B Preferred on the same terms.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">On
December 28, 2021, the Fund redeemed and retired 51,968 shares of Series B Preferred where shareholders properly submitted for
redemption during the 30 day period prior to December 26, 2021 at their liquidation value of $50 per share plus any accumulated
and unpaid dividends. On January 8, 2022, the fund repurchased 1,048 shares of Series B Preferred at their liquidation preference
of $50 per share.</span></p>

<p id="xdx_852_zaPqlMWkIfte" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p id="xdx_848_ecef--OutstandingSecuritiesTableTextBlock_hcef--SecurityAxis__custom--CumulativePreferredStockMember_dU_z3La3yaqnXBl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">The following table
summarizes Cumulative Preferred Stock information:</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="text-align: center; vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; width: 23%; text-align: left; padding-right: 3pt"><b>Series</b></td>
    <td style="border-bottom: Black 1pt solid; width: 15%; padding-right: 3pt; padding-left: 3pt"><b>Issue Date</b></td>
    <td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 3pt; padding-left: 3pt"><b>Authorized</b></td>
    <td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 3pt; padding-left: 3pt"><b>Number of</b><br/>
<b>Shares</b><br/>
<b>Outstanding at</b><br/>
<b>12/31/2022</b></td>
    <td style="border-bottom: Black 1pt solid; width: 12%; padding-right: 3pt; padding-left: 3pt"><b>Net Proceeds</b></td>
    <td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 3pt; padding-left: 3pt"><b>2022 Dividend</b><br/>
<b>Rate Range</b></td>
    <td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 3pt; padding-left: 3pt"><b>Dividend</b><br/>
<b>Rate at</b><br/>
<b>12/31/2022</b></td>
    <td style="border-bottom: Black 1pt solid; width: 10%; padding-left: 3pt"><b>Accrued</b><br/>
<b>Dividends at</b><br/>
<b>12/31/2022</b></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 3pt">A 3.800%</td>
    <td style="text-align: right; padding-right: 3pt; padding-left: 3pt">April 11, 2013</td>
    <td id="xdx_981_ecef--OutstandingSecurityAuthorizedShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesACumulativePreferredStockMember_zQkG1sOd2y82" style="text-align: right; padding-right: 3pt; padding-left: 3pt">1,200,000</td>
    <td id="xdx_981_ecef--OutstandingSecurityNotHeldShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesACumulativePreferredStockMember_zFsDq5EeZKp4" style="text-align: right; padding-right: 3pt; padding-left: 3pt">21,087</td>
    <td style="text-align: right; padding-right: 3pt; padding-left: 3pt">$70,286,465</td>
    <td style="text-align: right; padding-right: 3pt; padding-left: 3pt">Fixed Rate</td>
    <td style="text-align: right; padding-right: 3pt; padding-left: 3pt">3.800%</td>
    <td style="text-align: right; padding-left: 3pt">$556</td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 3pt">B 4.000%</td>
    <td style="text-align: right; padding-right: 3pt; padding-left: 3pt">December 19, 2018</td>
    <td id="xdx_989_ecef--OutstandingSecurityAuthorizedShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesBCumulativePreferredStockMember_zgbnCJd0ecf8" style="text-align: right; padding-right: 3pt; padding-left: 3pt">1,370,433</td>
    <td id="xdx_98C_ecef--OutstandingSecurityNotHeldShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesBCumulativePreferredStockMember_zA6djPpVYqz9" style="text-align: right; padding-right: 3pt; padding-left: 3pt">1,205,013</td>
    <td style="text-align: right; padding-right: 3pt; padding-left: 3pt">81,988,557</td>
    <td style="text-align: right; padding-right: 3pt; padding-left: 3pt">Fixed Rate</td>
    <td style="text-align: right; padding-right: 3pt; padding-left: 3pt">4.000%</td>
    <td style="text-align: right; padding-left: 3pt">$33,473</td></tr>
</table>


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<p id="xdx_852_zFJ3QXi5mghd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p id="xdx_845_ecef--SecurityVotingRightsTextBlock_hcef--SecurityAxis__custom--CumulativePreferredStockMember_dU_zT0Nsl9vEU1c" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
holders of Preferred Shares generally are entitled to one vote per share held on each matter submitted to a vote of stockholders
of the Fund and will vote together with holders of common stock as a single class. The holders of Preferred Shares voting together
as a single class also have the right currently to elect two Trustees and, under certain circumstances, are entitled to elect
a majority of the Board of Trustees. In addition, the affirmative vote of a majority of the votes entitled to be cast by holders
of all outstanding shares of the preferred shares, voting as a single class, will be required to approve any plan of reorganization
adversely affecting the preferred stock, and the approval of two-thirds of each class, voting separately, of the Fund&#8217;s
outstanding voting stock must approve the conversion of the Fund from a closed-end to an open-end investment company. The approval
of a majority (as defined in the 1940 Act) of the outstanding preferred shares and a majority (as defined in the 1940 Act) of
the Fund&#8217;s outstanding voting securities are required to approve certain other actions, including changes in the Fund&#8217;s
investment objectives or fundamental investment policies.</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_OutstandingSecuritiesTableTextBlock', window );">Outstanding Securities [Table Text Block]</a></td>
<td class="text"><p id="xdx_804_ecef--OutstandingSecuritiesTableTextBlock_dU_zZ6xEJdcf4Xi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Outstanding Securities</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">The following information
regarding the Fund&#8217;s authorized shares is as of December 31, 2022.</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="text-align: center; vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; width: 45%; text-align: left"><b>Title of Class</b></td>
    <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center"><b>Amount Authorized</b></td>
    <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center"><b>Amount Held by</b><br/>
<b>Fund for its Account</b></td>
    <td style="border-bottom: Black 1pt solid; width: 25%; text-align: center"><b>Amount Outstanding Exclusive of</b><br/>
<b>Amount Held by Fund</b></td></tr>
<tr style="vertical-align: top">
    <td id="xdx_98F_ecef--OutstandingSecurityTitleTextBlock_c20221231__20221231__cef--SecurityAxis__custom--CommonStockMember_zkHRXQtVsTKi">Common Shares</td>
    <td style="text-align: center">Unlimited</td>
    <td id="xdx_98B_ecef--OutstandingSecurityHeldShares_d0_c20221231__20221231__cef--SecurityAxis__custom--CommonStockMember_z44XPrYcImM" style="text-align: center">&#8211;</td>
    <td id="xdx_98E_ecef--OutstandingSecurityNotHeldShares_c20221231__20221231__cef--SecurityAxis__custom--CommonStockMember_zvwsJgIvCEOl" style="text-align: center">5,968,911</td></tr>
<tr style="vertical-align: top">
    <td id="xdx_989_ecef--OutstandingSecurityTitleTextBlock_c20221231__20221231__cef--SecurityAxis__custom--SeriesACumulativePreferredStockMember_zRT8AsB02jX6">Series A Cumulative Preferred Shares</td>
    <td id="xdx_98B_ecef--OutstandingSecurityAuthorizedShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesACumulativePreferredStockMember_zIyWYoYwwIai" style="text-align: center">1,200,000</td>
    <td id="xdx_98E_ecef--OutstandingSecurityHeldShares_d0_c20221231__20221231__cef--SecurityAxis__custom--SeriesACumulativePreferredStockMember_z6pWnHXXb7d1" style="text-align: center">&#8211;</td>
    <td id="xdx_98A_ecef--OutstandingSecurityNotHeldShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesACumulativePreferredStockMember_z4a3nqVrRgXi" style="text-align: center">21,087</td></tr>
<tr style="vertical-align: top">
    <td id="xdx_98E_ecef--OutstandingSecurityTitleTextBlock_c20221231__20221231__cef--SecurityAxis__custom--SeriesBCumulativePreferredStockMember_zQDxm9yPY5k2">Series B Cumulative Preferred Shares</td>
    <td id="xdx_980_ecef--OutstandingSecurityAuthorizedShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesBCumulativePreferredStockMember_zqferrUpk8dk" style="text-align: center">1,370,433</td>
    <td id="xdx_986_ecef--OutstandingSecurityHeldShares_d0_c20221231__20221231__cef--SecurityAxis__custom--SeriesBCumulativePreferredStockMember_zDkKRUjV7hx2" style="text-align: center">&#8211;</td>
    <td id="xdx_98A_ecef--OutstandingSecurityAuthorizedShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesBCumulativePreferredStockMember_z1vjeUplkg6l" style="text-align: center">1,370,433</td></tr>
</table>


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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="text"><p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketRiskMember_dU_zWF7iqSBgkg2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Market
Risk. </i></b>The market price of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. Securities
may decline in value due to factors affecting securities markets generally or particular industries represented in the securities
markets. The value of a security may decline due to general market conditions which are not specifically related to a particular
company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes
in interest or currency rates, adverse changes to credit markets or adverse investor sentiment generally. The value of a security
may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production
costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes
may decline in value simultaneously. Equity securities generally have greater price volatility than fixed income securities. Credit
ratings downgrades may also negatively affect securities held by the Fund. Even when markets perform well, there is no assurance
that the investments held by the Fund will increase in value along with the broader market.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
addition, market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level.
For instance, war, terrorism, market manipulation, government defaults, government shutdowns, political changes or diplomatic
developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental
disasters can all negatively impact the securities markets, which could cause the Fund to lose value. These events could reduce
consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely
impact the economy. The current contentious domestic political environment, as well as political and diplomatic events within
the United States and abroad, such as the U.S. government&#8217;s inability at times to agree on a long-term budget and deficit
reduction plan, has in the past resulted, and may in the future result, in a government shutdown, which could have an adverse
impact on the Fund&#8217;s investments and operations. Additional and/or prolonged U.S. federal government shutdowns may affect
investor and consumer confidence and may adversely</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">impact
financial markets and the broader economy, perhaps suddenly and to a significant degree. Governmental and quasi-governmental authorities
and regulators throughout the world have previously responded to serious economic disruptions with a variety of significant fiscal
and monetary policy changes, including, but not limited to, direct capital infusions into companies, new monetary programs and
dramatically lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of these policies,
could increase volatility in securities markets, which could adversely affect the Fund&#8217;s investments. Any market disruptions
could also prevent the Fund from executing advantageous investment decisions in a timely manner. To the extent that the Fund focuses
its investments in a region enduring geopolitical market disruption, it will face higher risks of loss, although the increasing
interconnectivity between global economies and financial markets can lead to events or conditions in one country, region or financial
market adversely impacting a different country, region or financial market. Thus, investors should closely monitor current market
conditions to determine whether the Fund meets their individual financial needs and tolerance for risk.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Current
market conditions may pose heightened risks with respect to the Fund&#8217;s investment in income producing securities. Recently,
central banks such as the Federal Reserve Bank have been raising interest rates to combat the rate of inflation. There is a risk
that additional increases in interest rates or a prolonged period of rising interest rates may cause the economy to enter a recession.
Any interest rate increases in the future could cause the value of the Fund to decrease. In addition, inflation has recently reached
its highest levels in decades. As such, the markets for income producing securities may experience heightened levels of interest
rate, volatility and liquidity risk.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Exchanges
and securities markets may close early, close late or issue trading halts on specific securities or generally, which may result
in, among other things, the Fund being unable to buy or sell certain securities or financial instruments at an advantageous time
or accurately price its portfolio investments.</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=glu_InterestRateRiskGenerallyMember', window );">Interest Rate Risk Generally [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="text"><p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--InterestRateRiskGenerallyMember_dU_zDLyZczr4Mk4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Interest
Rate Risk Generally. </i></b>The primary risk associated with dividend-and interest-paying securities is interest rate risk. A
decrease in interest rates will generally result in an increase in the investment value of such securities, while increases in
interest rates will generally result in a decline in the investment value of such securities. This effect is generally more pronounced
for fixed rate securities than for securities whose income rate is periodically reset.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">General
interest rate fluctuations may have a substantial negative impact on the Fund&#8217;s investments, the value of the Fund and the
Fund&#8217;s rate of return. A reduction in the interest or dividend rates on new investments relative to interest or dividend
rates on current investments could also have an adverse impact on the Fund&#8217;s net investment income. An increase in interest
rates could decrease the value of any investments held by the Fund that earn fixed interest or dividend rates, including debt
securities, convertible securities, preferred stocks, loans and high-yield bonds, and also could increase interest or dividend
expenses, thereby decreasing net income. Interest rates have risen over the past year and the chance that they will continue to
rise is pronounced.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
magnitude of these fluctuations in the market price of bonds and other income- or dividend-paying securities is generally greater
for those securities with longer maturities. Fluctuations in the market price of the Fund&#8217;s investments will not affect
interest income derived from instruments already owned by the Fund, but will be reflected in the Fund&#8217;s net asset value.
The Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund management.
To the extent the Fund invests in securities that</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">may
be prepaid at the option of the obligor, the sensitivity of such securities to changes in interest rates may increase (to the
detriment of the Fund) when interest rates rise. Moreover, because rates on certain floating rate securities typically reset only
periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause
some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate securities. These basic principles
of bond prices also apply to U.S. government securities. A security backed by the &#8220;full faith and credit&#8221; of the U.S.
government is guaranteed only as to its stated interest rate and face value at maturity, not its current market price. Just like
other income- or dividend-paying securities, government-guaranteed securities will fluctuate in value when interest rates change.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund&#8217;s use of leverage will tend to increase the Fund&#8217;s interest rate risk. The Fund may invest in variable and floating
rate instruments, which generally are less sensitive to interest rate changes than longer duration fixed rate instruments but
may decline in value in response to rising interest rates if, for example, the rates at which they pay interest do not rise as
much, or as quickly, as market interest rates in general. Conversely, variable and floating rate instruments generally will not
increase in value if interest rates decline. The Fund also may invest in inverse floating rate securities, which may decrease
in value if interest rates increase, and which also may exhibit greater price volatility than fixed rate obligations with similar
credit quality. To the extent the Fund holds variable or floating rate instruments, a decrease (or, in the case of inverse floating
rate securities, an increase) in market interest rates will adversely affect the income received from such securities, which may
adversely affect the net asset value of the Fund&#8217;s common shares.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Recently,
central banks such as the Federal Reserve Bank have been increasing interest rates in an effort to slow the rate of inflation.
There is a risk that increased interest rates may cause the economy to enter a recession. Any such recession would negatively
impact the Fund and the investments held by the Fund. These impacts may include:&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">severe declines in the Fund&#8217;s
net asset values;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">inability of the Fund to accurately
or reliably value its portfolio;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">inability of the Fund to pay
any dividends or distributions;</span></td>
</tr></table>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">inability of the Fund to maintain
its status as a registered investment company (&#8220;RIC&#8221;) under the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;);</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">declines in the value of the
Fund&#8217;s investments;</span></td>
</tr></table>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">increased risk of default
or bankruptcy by the companies in which the Fund invests;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">increased risk of companies
in which the Fund invests being unable to weather an extended cessation of normal economic activity and thereby impairing their
ability to continue functioning as a going concern; and</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">limited availability of new
investment opportunities.</span></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<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_RiskAxis=glu_InflationRiskMember', window );">Inflation 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="text"><p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--InflationRiskMember_dU_zIAzDaEwZSQi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Inflation
Risk. </i></b>Inflation risk is the risk that the value of assets or income from investments will be worth less in the future
as inflation decreases the value of money. Recently, inflation has increased to its highest level in decades, and the Federal
Reserve has been raising the federal funds rate in response. Inflation rates may change frequently and significantly as a result
of various factors, including unexpected shifts in the domestic</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">or
global economy and changes in economic policies, and the Fund&#8217;s investments may not keep pace with inflation, which may
result in losses to Fund shareholders. As inflation increases, the real value of the Fund&#8217;s shares and dividends may decline.
In addition, during any periods of rising inflation, interest rates of any debt securities held by the Fund would likely increase,
which would tend to further reduce returns to shareholders. This risk is greater for fixed-income instruments with longer maturities.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#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=glu_IndustryRisksMember', window );">Industry Risks [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--IndustryRisksMember_dU_zVsteWEa2SK9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Industry
Risks. </i></b>The Fund invests in foreign and domestic companies involved in the Utilities Industry and, as a result, the value
of the common shares will be more susceptible to factors affecting those particular types of companies, including governmental
regulation, inflation, cost increases in fuel and other operating expenses, technological innovations that may render existing
products and equipment obsolete and increasing interest rates resulting in high interest costs on borrowings needed for product
development, infrastructure and capital construction programs, including costs associated with compliance with environmental and
other regulations.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Sector
Risk. </i>The Fund concentrates its investments in the Utilities Industry. As a result, the Fund&#8217;s investments may be subject
to greater risk and market fluctuation than a fund that had securities representing a broader range of investment alternatives.
The prices of equity securities issued by certain types of utility companies may change more in response to interest rate changes
than the equity securities of other companies. Generally, when interest rates go up, the value of securities issued by these companies
goes down. Conversely, when interest rates go down, the value of securities issued by these companies goes up. There is no guarantee
that this relationship will hold in the future. Privatization in the&#160;Utilities Industry may subject companies to greater
competition and losses in profitability. Companies in the Utilities Industry may have difficulty obtaining an adequate return
on invested capital, raising capital, or financing large construction programs during periods of inflation or unsettled capital
markets.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Government
Regulation. </i>Companies in certain sectors of the Utilities Industry (such as power generation and distribution) are subject
to extensive governmental regulatory requirements. In the United States, most companies in the Utilities Industry are regulated
by state and/or federal authorizes. For example, at the federal level in the United States, the Federal Energy Regulatory Commission
(&#8220;FERC&#8221;), the Federal Trade Commission (&#8220;FTC&#8221;), the SEC and the Nuclear Regulatory Commission (&#8220;NRC&#8221;)
have authority to oversee electric and combination electric and gas utilities. Certain of these regulations that are intended
to limit the concentration of ownership and control of companies in these industries may prevent companies in which the Fund invests
from making certain investments that they would otherwise make. Other regulations may cause Utilities Industry companies to incur
substantial additional costs or lengthy delays in connection with the completion of capital investments or the introduction of
new products or services to market. There are substantial differences between the regulatory practices and policies in various
jurisdictions, and any given regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory
authorities will, in the future, permit companies to implement rate increases or that such increases will be adequate to permit
the payment of dividends on such issuer&#8217;s common stocks. Additionally, existing and possible future regulatory legislation
may make it even more difficult for companies in the Utilities Industry to obtain adequate relief from rate regulation.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">Regulatory
considerations limit the percentage of the shares of a public utility or utility holding company held by a fund or by an adviser
and its affiliates on behalf of all their clients. In particular, approval of the FERC under the Federal Power Act would generally
be required for (i) the Fund to acquire and hold 10%</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">or
more of the voting securities of any publicly traded public utility or utility holding company, and (ii) for the Fund together
with any affiliated fund or other affiliated entity to acquire and hold in the aggregate 20% or more of the voting securities
of any publicly traded public utility or utility holding company. Other requirements for FERC or state utility commission approval
of the acquisition of voting securities may apply as well. Apart from approval requirements with respect to acquisitions of voting
securities, the Fund may choose to limit its ownership of public utility or utility holding company voting securities in order
to avoid the imposition of regulatory requirements under federal or state law such as those that attend status as a &#8220;holding
company&#8221; under the Public Utility Holding Company Act of 2005.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">Similarly,
various types of ownership restrictions are imposed by the Federal Communications Commission (&#8220;FCC&#8221;), on investment
in media companies and cellular licensees. For example, the FCC&#8217;s broadcast and cable multiple-ownership and cross ownership
rules, which apply to the radio, television, and cable industries, provide that investment advisers are deemed to have an &#8220;attributable&#8221;
interest whenever the adviser has the right to determine how five percent or more of the issued and outstanding voting stock of
a broadcast company or cable system operator may be voted. These rules limit the number of broadcast stations both locally and
nationally that a single entity is permitted to own, operate, or control and prohibit ownership of certain competitive communications
providers in the same location. The FCC also applies limited ownership restrictions on cellular licensees serving rural areas.
An attributable interest in a cellular company arises from the right to control 20% or more of its voting stock. Attributable
interests that may result from the role of the Investment Adviser and its principals in connection with other funds, managed accounts
and companies may limit the Fund&#8217;s ability to invest in certain mass media and cellular companies. These limitations may
unfavorably restrict the ability of the Fund to make certain investments.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Deregulation.
</i>Changing regulation constitutes one of the key industry-specific risks for the Fund, especially with respect to its investments
in traditionally regulated public utilities and partially regulated utility or telecommunications companies. Domestic and foreign
regulators may monitor and control such companies&#8217; revenues and costs, and therefore may limit utility profits and dividends
paid to investors, which could result in reduced income to the Fund. Regulatory authorities also may restrict a company&#8217;s
access to new markets, thereby diminishing the company&#8217;s long-term prospects. In some jurisdictions certain portions of
various utilities functions have been deregulated. Deregulation may eliminate restrictions on profits and dividends of companies,
but may also subject these companies to greater risks of loss. Thus, deregulation could have a positive or negative impact on
the Fund. The Investment Adviser believes that certain Utilities Industry companies&#8217; fundamentals should continue to improve
as the industry undergoes deregulation. The nature of regulation of the Utilities Industry continues to evolve both in the United
States and in foreign countries. In recent years, changes in regulation in the United States increasingly have allowed companies
in the Utilities Industry to provide services and products outside their traditional geographic areas and lines of business, creating
new areas of competition within these industries. In some instances, companies in the Utilities Industry are operating on an unregulated
basis. However, a number of companies have failed in their efforts to take advantage of the deregulated environment and are seeking
to refocus in their primary business. Nonetheless, because of trends toward deregulation and the evolution of independent producers
as well as new entrants to the field of telecommunications, non-regulated providers of utility and telecommunications services
have become a</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">significant
part of their respective industries. The emergence of competition and deregulation may result in certain companies in the Utilities
Industry being able to earn more than their traditional regulated rates of return, while others may be forced to defend their
core business from increased competition and may be less profitable. Reduced profitability, as well as new uses of funds (such
as for expansion, operations or stock buybacks) could result in cuts in dividend payout rates. The Investment Adviser seeks to
take advantage of favorable investment opportunities that may arise from these structural changes. Of course, there can be no
assurance that favorable developments will occur in the future.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Environmental
and Other Regulatory Matters. </i>Companies in the Utilities Industry in which the Fund will invest may be subject to a number
of host country statutory and regulatory standards and required approvals relating to energy, labor and environmental laws. Certain
permits and regulatory approvals may be required to be obtained for certain investments by companies in which the Fund will invest
and failure by such companies to obtain such permits and regulatory approvals could adversely affect the Fund&#8217;s investment.
Companies also face considerable costs associated with environmental compliance, nuclear waste clean-up and safety regulation.
Increasingly, regulators are calling upon electric utilities to bear these added costs, and there is a risk that these costs will
not be fully recovered through an increase in revenues. Changing weather patterns and natural disasters affect consumer demand
for utility services (e.g., electricity, heat and air conditioning), which, in turn, affects utility revenues.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">The
adoption by a host country of new laws, policies or regulations or changes in the interpretation or application of existing laws,
policies and regulations that modify the present regulatory environment could also have an adverse effect on the Fund&#8217;s
investments. Regulatory risk affects companies in the Utilities Industry in part because governments may be party to private Utilities
Industry investments as lessors, customers, regulators or partners. Moreover, for political reasons, governments may control the
prices at which companies in the Utilities Industry can sell their products, which can adversely affect the Fund&#8217;s investment
in such a company.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">Under
the laws of certain countries that are host to Utilities Industry companies in which the Fund may invest, such companies may be
required to comply with a number of statutes and regulations during their operation pertaining to environmental controls or restrictions,
and the storage, handling, transportation and disposal of hazardous and toxic material, waste or other substances. Compliance
with such requirements may be costly and may materially affect the profitability of such companies. For example, governments have
been increasing their attention to issues related to greenhouse gas (&#8220;GHG&#8221;) emissions and climate change, and regulatory
measures to limit or reduce GHG emissions are currently in various stages of discussion or implementation. GHG emissions-related
regulations could substantially harm energy companies, including by reducing the demand for energy fuels and increasing compliance
costs. Failure by such a company to comply with any such statutes or regulations could have adverse effects on its business results
and prospects, which could have negative consequences for investors such as the Fund.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Foreign
Utility Companies. </i>Foreign companies in the Utilities Industry are also subject to regulation, although such regulation may
or may not be comparable to regulation in the United States. Foreign companies in the Utilities Industry may be more heavily regulated
by their respective governments than companies in the United States and, as in the United States, generally are required to seek
government</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">approval
for rate increases. In addition, many foreign utilities use fuels that may cause more pollution than those used in the United
States, which may require such utilities to invest in pollution control equipment to meet any proposed pollution restrictions.
Foreign regulatory systems vary from country to country and may evolve in ways different from regulation in the United States.
Additionally, because the effectiveness of the judicial systems in non-U.S. countries varies, the Fund or companies in which it
may invest may have difficulty in successfully pursuing claims in the courts of such countries.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">Privatization,
which refers to the trend toward investor ownership of assets rather than government ownership, is expected to occur in newer,
faster-growing economies and in mature economies. Of course, there is no assurance that such favorable developments will occur
or that investment opportunities in foreign markets will increase. The revenues of domestic and foreign utility companies generally
reflect the economic growth and development in the geographic areas in which they do business.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Financing.
</i>At certain times, including during inflationary periods, companies in the Utilities Industry encounter difficulties in obtaining
financing for product development, infrastructure and construction programs. Issuers experiencing such difficulties may also experience
lower profitability, which can result in reduced income to the Fund. Historically, companies in the Utilities Industry have also
encountered such financing difficulties during inflationary periods, although we cannot assure you that such a relationship will
continue and that companies in the Utilities Industry will not encounter financing difficulties during non-inflationary periods.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Equipment
and Supplies. </i>Companies in the Utilities Industry may face the risk of lengthy delays and increased costs associated with
the design, development, construction, licensing and operation of their facilities or sale of their products. Moreover, technological
innovations may render existing plants, equipment or products obsolete.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">Increased
costs and a reduction in the availability of fuel (such as oil, coal, nuclear or natural gas) also may adversely affect the profitability
of utility companies. Electric utilities may be burdened by unexpected increases in fuel and other operating costs. They may also
be negatively affected when long-term interest rates rise. Long-term borrowings are used to finance most utility investments,
and rising interest rates lead to higher financing costs and reduced earnings. Investments in certain kinds of utility companies
are also subject to certain additional risks.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Electric.
</i>Certain of the issuers of securities held in the Fund&#8217;s portfolio may own or operate nuclear generating facilities.
Governmental authorities may from time to time review existing policies and impose additional requirements governing the licensing,
construction and operation of nuclear power plants. In the past, nuclear generating projects in the electric utility industry
have experienced substantial cost increases, construction delays and licensing difficulties. These have been caused by various
factors, including inflation, high financing costs, required design changes and rework, allegedly faulty construction, objections
by groups and governmental officials, limits on the ability to obtain financing, reduced forecasts of energy requirements and
economic conditions. This experience indicates that the risk of significant cost increases, delays and licensing difficulties
remain present until completion and achievement of commercial operation of any nuclear project. Also, nuclear generating units
in service have experienced unplanned outages or extensions of scheduled outages due to equipment problems or</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">new
regulatory requirements sometimes followed by a significant delay in obtaining regulatory approval to return to service. A major
accident at a nuclear plant anywhere could cause the imposition of limits or prohibitions on the operation, construction or licensing
of nuclear units. Prolonged changes in climatic conditions can also have a significant impact on both the revenues of an electric
and gas utility as well as its expenses.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">The
construction and operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear
Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher operating
costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these costs in rate authorizations
or the risk that a company may not be permitted to operate or complete construction of a facility. In addition, operators of nuclear
power plants may be subject to significant costs for disposal of nuclear fuel and for decommissioning such plants.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">The
rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be affected to a greater
extent in the future by how their asset base is utilized. Electric utility companies that focus more on the generation of electricity
may be assigned less favorable ratings as this business is expected to be competitive and the least regulated. On the other hand,
companies that focus on transmission and distribution, which is expected to be the least competitive and the more regulated part
of the business, may see higher ratings given the greater predictability of cash flow.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">A
number of states are considering or have enacted deregulation proposals. The introduction of competition into the industry as
a result of such deregulation has at times resulted in lower revenue, lower credit ratings, increased default risk, and lower
electric utility security prices. Such increased competition may also cause long-term contracts, which electric utilities previously
entered into to buy power, to become &#8220;stranded assets&#8221; which have no economic value.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">Any
loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some electric utilities have acquired
electric utilities overseas to diversify, enhance earnings and gain experience in operating in a deregulated environment. In some
instances, such acquisitions have involved significant borrowings, which have burdened the acquirer&#8217;s balance sheet. There
is no assurance that current deregulation proposals will be adopted. However, deregulation in any form could significantly impact
the electric utilities industry.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">Following
deregulation of the energy markets in certain states, a number of companies have engaged in energy trading and incurred substantial
losses. Certain of these energy trading businesses have been accused of employing improper accounting practices and have been
required to make significant restatements of their financial results. In addition, several energy companies have been accused
of attempting to manipulate the price and availability of energy in certain states.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Telecommunications.
</i>The telecommunications industry today includes both traditional telephone companies with a history of broad market coverage
and highly regulated businesses and cable companies, which began as small, lightly regulated businesses focused on limited markets.
Today these two historically different businesses are converging in an industry which is trending toward larger, competitive,
national and international markets with an emphasis on deregulation. Companies that</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">distribute
telephone services and provide access to the telephone networks still comprise the greatest portion of this segment, but non-regulated
activities such as cellular telephone services, paging, data processing, equipment retailing, computer software and hardware services
are becoming increasingly significant components as well. The presence of unregulated companies in this industry and the entry
of traditional telephone companies into unregulated or less regulated businesses provide significant investment opportunities
with companies which may increase their earnings at faster rates than had been allowed in traditional regulated businesses. Still,
increasing competition, technological innovations and other structural changes could adversely affect the profitability of such
utilities and the growth rate of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely
that both traditional telephone companies and cable companies will continue to provide an expanding range of utility services
to residential, corporate and governmental customers.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Gas.
</i>Gas transmission companies and gas distribution companies are also undergoing significant changes. In the United States, interstate
transmission companies are regulated by the FERC, which began reducing its regulation of the industry in the 1980&#8217;s. Many
companies have diversified into oil and gas exploration and development, making returns more sensitive to energy prices. In the
recent decade, gas utility companies have been adversely affected by disruptions in the oil industry, including related to political
conditions in oil producing regions (such as the Middle East), by increased concentration and competition, and by differing approaches
to energy policy in the United States, including increased incentives for the exploration and production of alternative energy
and climate-related programs, revocation of federal permits for, and public opposition to, natural gas pipelines, such as the
cross-border operation permit for the Keystone XL Pipeline and other policy decisions that favor alternative energy sources. The
extension of these policies, or the adoption of similar policies, could adversely affect the financial performance of gas transmission
and distribution companies. Prolonged changes in climatic conditions can also have a significant impact on both the revenues and
expenses of a gas utility. Natural gas is the cleanest of the hydrocarbon fuels, and this may result in incremental shifts in
fuel consumption toward natural gas and away from oil and coal, even for electricity generation. However, technological or regulatory
changes within the industry may delay or prevent this result.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Water.
</i>In the case of the water utility sector, the industry is highly fragmented, and most water supply companies find themselves
in mature markets, although upgrading of fresh water and waste water systems is an expanding business.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Technology
and Competitive Risks. </i>The introduction and phase-in of new technologies can affect a utility company&#8217;s competitive
strength. The race by long-distance telephone providers to incorporate fiber optic technology is one example of competitive risk
within the utilities industry.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">The
increasing role of independent power producers (IPPs) in the natural gas and electric utility segments of the utilities industry
is another example of competitive risk. Typically, IPPs wholesale power to established local providers, but there is a trend toward
letting them sell power directly to industrial consumers. Co-generation facilities, such as those of landfill operators that produce
methane gas as a byproduct of their core business, pose another competitive challenge to gas and electric utilities. In addition
to offering a less expensive source of power, these companies may receive more favorable</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">regulatory
treatment than utilities seeking to expand facilities that consume nonrenewable energy sources.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Utilities
Industry Generally. </i>There can be no assurance that the positive developments noted above, including those relating to privatization
and changing regulation, will occur or that risk factors other than those noted above will not develop in the future.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">Moreover,
price disparities within selected utility groups and discrepancies in relation to averages and indices have occurred frequently
for reasons not directly related to the general movements or price trends of utility common stocks. Causes of these discrepancies
include changes in the overall demand for and supply of various securities (including the potentially depressing effect of new
stock offerings), and changes in investment objectives, market expectations or cash requirements of other purchasers and sellers
of securities.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Cybersecurity
Risks. </i>Companies in the Utilities Industry have experienced sabotage to company infrastructure, property and equipment, attempts
to breach company operating systems and other similar incidents in the past, which have resulted in shutdowns and/or disruptions
in their operations. For example, in May 2021, a U.S. fuel pipeline operator was the target of a ransomware attack, which resulted
in the shutdown of a massive oil pipeline system that supplies the eastern United States. Recently, in September 2022, several
subsea explosions ruptured the Nord Stream I pipeline and one Nordstream II pipe, causing a substantial disruption in the delivery
of natural gases under the Baltic Sea. Several counties continue to investigate the incident, but several, including Sweden, have
concluded the explosions were caused by grievous sabotage.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">Companies
in the Utilities Industry may continue to be subject to attempts to gain unauthorized access to or through their operating systems
and physical attacks on industry and company infrastructure, property and equipment. Any physical damage, system failure, cybersecurity
breach, ransomware attack, system disruption or other material harm could interrupt or delay operations and impact a company in
the Utilities Industry&#8217;s ability to manage its operations and report financial performance, which could have a materially
adverse effect on existing and future business. These and other developments may adversely impact the value of the Fund&#8217;s
investments in companies in the Utilities Industry.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Leveraged
Capital Structures. </i>It is expected that Utilities Industry companies in which the Fund will invest may employ considerable
leverage, a significant portion of which may be at floating interest rates. As a result, a Utilities Industry company may be subject
to increased exposure to adverse economic factors such as a significant rise in interest rates, a severe downturn in the economy
or deterioration in the condition of such company or its industry.</span></p>

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<td class="text"><p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--EquityRiskMember_dU_zJKItdt9xylc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Equity
Risk. </i></b>Investing in the Fund involves equity risk, which is the risk that the securities held by the Fund will fall in
market value due to adverse market and economic conditions, perceptions regarding the industries in which the issuers of securities
held by the Fund participate and the particular circumstances and performance of particular companies whose securities the Fund
holds. An investment in the Fund represents an indirect</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">economic
stake in the securities owned by the Fund, which are for the most part traded on securities exchanges or in the OTC markets. The
market value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably. The
net asset value of the Fund may at any point in time be less than the net asset value of the Fund at the time the shareholder
invested in the Fund, even after taking into account any reinvestment of distributions.</span></p>

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<td class="text"><p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--CommonStockRiskMember_dU_zQ9KzMFEhT9b" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Common
Stock Risk. </i></b>Common stock of an issuer in the Fund&#8217;s portfolio may decline in price for a variety of reasons, including
if the issuer fails to make anticipated dividend payments because, among other reasons, the issuer of the security experiences
a decline in its financial condition. Common stock in which the Fund invests is structurally subordinated as to income and residual
value to preferred stock, bonds and other debt instruments in a company&#8217;s capital structure, in terms of priority to corporate
income, and therefore will be subject to greater dividend risk than preferred stock or debt instruments of such issuers. In addition,
while common stock has historically generated higher average returns than fixed income securities, common stock has also experienced
significantly more volatility in generating those returns.</span></p>

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<td class="text"><p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--PreferredStockRiskMember_dU_z0eS18lTKA0k" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Preferred
Stock Risk. </i></b>There are special risks associated with the Fund&#8217;s investing in preferred securities, including:</span></p>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Deferral.</i> Preferred
securities may include provisions that permit the issuer, at its discretion, to defer dividends or distributions for a stated
period without any adverse consequences to the issuer. If the Fund owns a preferred security that is deferring its dividends or
distributions, the Fund may be required to report income for tax purposes although it has not yet received such income.</span></td>
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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Non-Cumulative Dividends.
</i>Some preferred securities are non-cumulative, meaning that the dividends do not accumulate and need not ever be paid. A portion
of the portfolio may include investments in non-cumulative preferred securities, whereby the issuer does not have an obligation
to make up any arrearages to its shareholders. Should an issuer of a non-cumulative preferred security held by the Fund determine
not to pay dividends or distributions on such security, the Fund&#8217;s return from that security may be adversely affected.
There is no assurance that dividends or distributions on non-cumulative preferred securities in which the Fund invests will be
declared or otherwise made payable.</span></td>
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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Subordination.</i> Preferred
securities are subordinated to bonds and other debt instruments in an issuer&#8217;s capital structure in terms of priority to
corporate income and liquidation payments, and therefore will be subject to greater credit risk than more senior debt security
instruments.</span></td>
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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Liquidity.</i> Preferred
securities may be substantially less liquid than many other securities, such as common stocks or U.S. government securities.</span></td>
</tr></table>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Limited Voting Rights.
</i>Generally, preferred security holders (such as the Fund) have no voting rights with respect to the issuing company unless
preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may be
entitled to elect a number of directors to the issuer&#8217;s board. Generally, once all the arrearages have been paid, the preferred
security holders no longer have voting rights.</span></td>
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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Special Redemption Rights.
</i>In certain varying circumstances, an issuer of preferred securities may redeem the securities prior to a specified date. For
instance, for certain types of preferred securities, a redemption may be triggered by a change in U.S. federal income tax or securities
laws. A redemption by the issuer may negatively impact the return of the security held by the Fund.</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_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_dU_zjPez8IsLPca" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Convertible
Securities Risk. </i></b>Convertible securities generally offer lower interest or dividend yields than non-convertible securities
of similar quality. The market values of convertible securities tend to decline as interest rates increase and, conversely, to
increase as interest rates decline. In the absence of adequate anti-dilution provisions in a convertible security, dilution in
the value of the Fund&#8217;s holding may occur in the event the underlying stock is subdivided, additional equity securities
are issued for below market value, a stock dividend is declared or the issuer enters into another type of corporate transaction
that has a similar effect.</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>
<td class="text"><p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--MergerArbitrageRiskMember_dU_zEReQs4xCTx8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Merger
Arbitrage Risk. </i></b>The Fund may invest in securities of companies for which a tender or exchange offer has been made or announced,
and in securities of companies for which a merger, consolidation, liquidation or reorganization proposal has been announced. The
principal risk of such investments is that certain of such proposed transactions may be renegotiated, terminated or involve a
longer time frame than originally contemplated, in which case the Fund may realize losses. Such risk is sometimes referred to
as &#8220;merger arbitrage risk.&#8221; Among the factors that affect the level of risk with respect to the completion of the
transaction are the deal spread and number of bidders, the friendliness of the buyer and seller, the strategic rationale behind
the transaction, the existence of regulatory hurdles, the level of due diligence completed on the target company and the ability
of the buyer to finance the transaction. If the spread between the purchase price and the current price of the seller&#8217;s
stock is small, the risk that the transaction will not be completed may outweigh the potential return. If there is very little
interest by other potential buyers in the target company, the risk of loss may be higher than where there are back-up buyers that
would allow the arbitrageur to realize a similar return if the current deal falls through. Unfriendly management of the target
company or change in friendly management in the middle of a deal increases the risk that the deal will not be completed even if
the target company&#8217;s board has approved the transaction and may involve the risk of litigation expense if the target company
pursues litigation in an attempt to prevent the deal from occurring. The underlying strategy behind the deal is also a risk consideration
because the less a target company will benefit from a merger or acquisition, the greater the risk. There is also a risk that an
acquiring company may back out of an announced deal if, in the process of completing its due diligence of the target company,
it discovers something undesirable about such company. In addition, merger transactions are also subject to regulatory risk because
a merger transaction often must be approved by a regulatory body or pass governmental antitrust review. All of these factors affect
the timing and likelihood that the transaction will close. Even if the Investment Adviser selects announced deals with the goal
of mitigating the risks that the transaction will fail to close, such risks may still delay the closing of such transaction to
a date later than the Fund originally anticipated, reducing the level of desired return to the Fund.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Merger
arbitrage positions are also subject to the risk of overall market movements. To the extent that a general increase or decline
in equity values affects the stocks involved in a merger arbitrage position differently, the position may be exposed to loss.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Finally,
merger arbitrage strategies depend for success on the overall volume of global merger activity, which has historically been cyclical
in nature. During periods when merger activity is low, it may be difficult or impossible to identify opportunities for profit
or to identify a sufficient number of such opportunities to provide balance among potential merger transactions. To the extent
that the number of announced deals and corporate reorganizations decreases or the number of investors in such transactions increases,
it is possible that merger arbitrage spreads will tighten, causing the profitability of investing in such transactions to diminish,
which will in turn decrease the returns to the Fund from such investment activity.</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="text"><p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--RecapitalizationRiskMember_dU_zRQfL291H0q6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b>Recapitalization
Risk</b>. In recapitalizations, a corporation may restructure its balance sheet by selling specific assets, significantly leveraging
other assets and creating new classes of equity securities to be distributed, together with a substantial payment in cash or in
debt securities, to existing shareholders. In connection with such transactions, there is a risk that the value of the cash and
new securities distributed will not be as high as the cost of the Fund&#8217;s original investment or that no such distribution
will ultimately be made and the value of the Fund&#8217;s investment will decline. To the extent an investment in a company that
has undertaken a recapitalization is retained by the Fund, the Fund&#8217;s risks will generally be comparable to those associated
with investments in highly leveraged companies, generally including higher than average sensitivity to (i) short-term interest
rate fluctuations, (ii) downturns in the general economy or within a particular industry or (iii) adverse developments within
the company itself.</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>
<td class="text"><p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--DistributionRiskforEquityIncomeSecuritiesMember_dU_zEgSqxSgDJC4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Distribution
Risk for Equity Income Securities. </i></b>In selecting equity income securities in which the Fund will invest, the Investment
Adviser will consider the issuer&#8217;s history of making regular periodic distributions (i.e., dividends) to its equity holders.
An issuer&#8217;s history of paying dividends, however, does not guarantee that the issuer will continue to pay dividends in the
future. The dividend income stream associated with equity income securities generally is not guaranteed and will be subordinate
to payment obligations of the issuer on its debt and other liabilities. Accordingly, in the event the issuer does not realize
sufficient income in a particular period both to service its liabilities and to pay dividends on its equity securities, it may
forgo paying dividends on its equity securities. In addition, because in most instances issuers are not obligated to make periodic
distributions to the holders of their equity securities, such distributions or dividends generally may be discontinued at the
issuer&#8217;s discretion.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Dividend-producing
equity income securities, in particular those whose market price is closely related to their yield, may exhibit greater sensitivity
to interest rate changes. See &#8220;&#8212;Fixed Income Securities Risks&#8212;Interest Rate Risk.&#8221; The Fund&#8217;s investments
in dividend-producing equity income securities may also limit its potential for appreciation during a broad market advance.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
prices of dividend-producing equity income securities can be highly volatile. Investors should not assume that the Fund&#8217;s
investments in these securities will necessarily reduce the volatility of the Fund&#8217;s net asset value or provide &#8220;protection,&#8221;
compared to other types of equity income securities, when markets perform poorly.</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>
<td class="text"><p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--NonDiversifiedStatusRiskMember_dU_zAiaBHZVRsz5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="color: Black"><b><i>Non-Diversified
Status Risk. </i></b>The Fund is classified as a &#8220;non-diversified&#8221; investment company under the 1940 Act, which means
the Fund is not limited by the 1940 Act in the proportion of its assets that may be invested in the securities of a single issuer.
As a non-diversified investment company, the Fund may invest in the securities of individual issuers to a greater degree than
a diversified investment company. As a result, the Fund may be more vulnerable to events affecting a single issuer and therefore,
subject to greater volatility than a fund that is more broadly diversified. Accordingly, an investment in the Fund may present
greater risk to an investor than an investment in a diversified company.</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>
<td class="text"><p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--FixedIncomeSecuritiesRisksMember_dU_zH2S5bXo18Te" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Fixed
Income Securities Risks. </i></b>Fixed income securities in which the Fund may invest are generally subject to the following risks:&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Interest Rate Risk.</i>
The market value of bonds and other fixed-income or dividend-paying securities changes in response to interest rate changes and
other factors. Interest rate risk is the risk that prices of bonds and other income-or dividend-paying securities will increase
as interest rates fall and decrease as</span></td>
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; color: #1D1D1B; text-align: justify"><span style="color: Black">interest
rates rise. Interest rates have risen in recent months, and the risk that they may continue to do so is pronounced. See &#8220;&#8212;
General Risks&#8212;Interest Rate Risks Generally.&#8221;&#160;</span></p>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Issuer Risk.</i> Issuer
risk is the risk that the value of an income-or dividend-paying security may decline for a number of reasons which directly relate
to the issuer, such as management performance, financial leverage, reduced demand for the issuer&#8217;s goods and services, historical
and prospective earnings of the issuer and the value of the assets of the issuer.</span></td>
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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Credit Risk.</i> Credit
risk is the risk that one or more income-or dividend-paying securities in the Fund&#8217;s portfolio will decline in price or
fail to pay interest/distributions or principal when due because the issuer of the security experiences a decline in its financial
status. Credit risk is increased when a portfolio security is downgraded or the perceived creditworthiness of the issuer deteriorates.
To the extent the Fund invests in below investment grade securities, it will be exposed to a greater amount of credit risk than
a fund which only invests in investment grade securities. See &#8220;&#8212;Non-Investment Grade Securities.&#8221; In addition,
to the extent the Fund uses credit derivatives, such use will expose it to additional risk in the event that the bonds underlying
the derivatives default. The degree of credit risk depends on the issuer&#8217;s financial condition and on the terms of the securities.</span></td>
</tr></table>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Prepayment Risk.</i> Prepayment
risk is the risk that during periods of declining interest rates, borrowers may exercise their option to prepay principal earlier
than scheduled. For income-or dividend-paying securities, such payments often occur during periods of declining interest rates,
forcing the Fund to reinvest in lower yielding securities, resulting in a possible decline in the Fund&#8217;s income and distributions
to shareholders. This is known as prepayment or &#8220;call&#8221; risk. Below investment grade securities frequently have call
features that allow the issuer to redeem the security at dates prior to its stated maturity at a specified price (typically greater
than par) only if certain prescribed conditions are met (&#8220;call protection&#8221;). For premium bonds (bonds acquired at
prices that exceed their par or principal value) purchased by the Fund, prepayment risk may be enhanced.</span></td>
</tr></table>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Reinvestment Risk.</i>
Reinvestment risk is the risk that income from the Fund&#8217;s portfolio will decline if the Fund invests the proceeds from matured,
traded or called fixed income securities at market interest rates that are below the Fund portfolio&#8217;s current earnings rate.</span></td>
</tr></table>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Duration and Maturity Risk.
</i>The Fund has no set policy regarding portfolio maturity or duration of the fixed-income securities it may hold. The Investment
Adviser may seek to adjust the duration or maturity of the Fund&#8217;s fixed-income holdings based on its assessment of current
and projected market conditions and all other factors that the Investment Adviser deems relevant. In comparison to maturity (which
is the date on which the issuer of a debt instrument is obligated to repay the principal amount), duration is a measure of the
price volatility of a debt instrument as a result in changes in market rates of interest, based on the weighted average timing
of the instrument&#8217;s expected principal and interest payments. Specifically, duration measures the anticipated percentage
change in net asset value that is expected for every percentage point change in interest rates. The two have an inverse relationship.
Duration can be a useful tool to estimate anticipated price changes to a fixed pool of income securities associated with changes
in interest rates. For example, a duration of five years means that a 1% decrease in interest rates will increase the net asset
value of the portfolio by approximately 5%; if interest rates increase by 1%, the net asset value will decrease by 5%. However,
in a managed portfolio of fixed income securities having differing interest or dividend rates or payment schedules, maturities,
redemption provisions, call</span></td>
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">or
prepayment provisions and credit qualities, actual price changes in response to changes in interest rates may differ significantly
from a duration-based estimate at any given time.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">Actual
price movements experienced by a portfolio of fixed income securities will be affected by how interest rates move (i.e., changes
in the relationship of long-term interest rates to short-term interest rates), the magnitude of any move in interest rates, actual
and anticipated prepayments of principal through call or redemption features, the extension of maturities through restructuring,
the sale of securities for portfolio management purposes, the reinvestment of proceeds from prepayments on and from sales of securities,
and credit quality-related considerations whether associated with financing costs to lower credit quality borrowers or otherwise,
as well as other factors. Accordingly, while duration maybe a useful tool to estimate potential price movements in relation to
changes in interest rates, investors are cautioned that duration alone will not predict actual changes in the net asset or market
value of the Fund&#8217;s shares and that actual price movements in the Fund&#8217;s portfolio may differ significantly from duration-based
estimates. Duration differs from maturity in that it takes into account a security&#8217;s yield, coupon payments and its principal
payments in addition to the amount of time until the security matures. As the value of a security changes over time, so will its
duration. Prices of securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter
durations. In general, a portfolio of securities with a longer duration can be expected to be more sensitive to interest rate
changes than a portfolio with a shorter duration. Any decisions as to the targeted duration or maturity of any particular category
of investments will be made based on all pertinent market factors at any given time. The Fund may incur costs in seeking to adjust
the portfolio average duration or maturity. There can be no assurance that the Investment Adviser&#8217;s assessment of current
and projected market conditions will be correct or that any strategy to adjust duration or maturity will be successful at any
given time.</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>
<td class="text"><p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--CorporateBondsRiskMember_dU_zP4XlJwf9348" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Corporate
Bonds Risk. </i></b>The market value of a corporate bond generally may be expected to rise and fall inversely with interest rates.
The market value of intermediate and longer term corporate bonds is generally more sensitive to changes in interest rates than
is the market value of shorter term corporate bonds. The market value of a corporate bond also may be affected by factors directly
related to the issuer, such as investors&#8217; perceptions of the creditworthiness of the issuer, the issuer&#8217;s financial
performance, perceptions of the issuer in the market place, performance of management of the issuer, the issuer&#8217;s capital
structure and use of financial leverage and demand for the issuer&#8217;s goods and services. Certain risks associated with investments
in corporate bonds are described elsewhere in this Annual Report in further detail, including under &#8220;Risk Factors and Special
Considerations &#8212; General Risks &#8212; Fixed Income Securities Risks &#8212; Credit Risk,&#8221; &#8220;&#8212;Fixed Income
Securities Risks&#8212;Interest Rate Risk&#8221; and &#8220;&#8212;Fixed Income Securities Risks&#8212;Prepayment Risk.&#8221;
There is a risk that the issuers of corporate bonds may not be able to meet their obligations on interest or principal payments
at the time called for by an instrument. Corporate bonds of below investment grade quality are often high risk and have speculative
characteristics and may be particularly susceptible to adverse issuer-specific developments. Corporate bonds of below investment
grade quality are subject to the risks described herein under &#8220;&#8212;Non-Investment Grade Securities.&#8221;</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>
<td class="text"><p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--NonInvestmentGradeSecuritiesMember_dU_z53wZeoRmLdi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Non-Investment
Grade Securities. </i></b>The Fund may invest in below investment-grade securities, also known as &#8220;high-yield&#8221; securities
or &#8220;junk&#8221; bonds. Securities rated below investment grade, which may be preferred stock or debt, are predominantly
speculative and involve major risk exposure to adverse conditions. Securities that are</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">rated
lower than &#8220;BBB&#8221; by S&amp;P or lower than &#8220;Baa&#8221; by Moody&#8217;s (or unrated debt securities of comparable
quality) are referred to in the financial press as &#8220;junk bonds&#8221; or &#8220;high-yield&#8221; securities and generally
pay a premium above the yields of U.S. government securities or debt securities of investment grade issuers because they are subject
to greater risks than these securities. These risks, which reflect their speculative character, include the following:</span></p>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">greater volatility;</span></td>
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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">greater credit risk and risk
of default;</span></td>
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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">potentially greater sensitivity
to general economic or industry conditions;</span></td>
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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">potential lack of attractive
resale opportunities (illiquidity); and</span></td>
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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">additional expenses to seek
recovery from issuers who default.</span></td>
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
addition, the prices of these non-investment grade securities are more sensitive to negative developments, such as a decline in
the issuer&#8217;s revenues or a general economic downturn, than are the prices of higher grade securities. Non-investment grade
securities tend to be less liquid than investment grade securities. The market value of non-investment grade securities may be
more volatile than the market value of investment grade securities and generally tends to reflect the market&#8217;s perception
of the creditworthiness of the issuer and short-term market developments to a greater extent than investment grade securities,
which primarily reflect fluctuations in general levels of interest rates.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Ratings
are relative and subjective and not absolute standards of quality. Securities ratings are based largely on the issuer&#8217;s
historical financial condition and the rating agencies&#8217; analysis at the time of rating. Consequently, the rating assigned
to any particular security is not necessarily a reflection of the issuer&#8217;s current financial condition.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund may purchase securities of companies that are experiencing significant financial or business difficulties, including companies
involved in bankruptcy or other reorganization and liquidation proceedings. Although such investments may result in significant
financial returns to the Fund, they involve a substantial degree of risk. The level of analytical sophistication, both financial
and legal, necessary for successful investments in issuers experiencing significant business and financial difficulties is unusually
high. There can be no assurance that the Fund will correctly evaluate the value of the assets collateralizing its investments
or the prospects for a successful reorganization or similar action. In any reorganization or liquidation proceeding relating to
a portfolio investment, the Fund may lose all or part of its investment or may be required to accept collateral with a value less
than the amount of the Fund&#8217;s initial investment.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">As
a part of its investments in non-investment grade securities, the Fund may invest in the securities of issuers in default. The
Fund invests in securities of issuers in default only when the Investment Adviser believes that such issuers will honor their
obligations and emerge from bankruptcy protection and that the value of such issuers&#8217; securities will appreciate. By investing
in the securities of issuers in default, the Fund bears the risk that these issuers will not continue to honor their obligations
or emerge from bankruptcy protection or that the value of these securities will not otherwise appreciate.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
addition to using statistical rating agencies and other sources, the Investment Adviser will also perform its own analysis of
issuers in seeking investments that it believes to be underrated (and thus higher yielding) in light of the financial condition
of the issuer. Its analysis of issuers may include, among other things, current</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">and
anticipated cash flow and borrowing requirements, value of assets in relation to historical cost, strength of management, responsiveness
to business conditions, credit standing and current anticipated results of operations. In selecting investments for the Fund,
the Investment Adviser may also consider general business conditions, anticipated changes in interest rates and the outlook for
specific industries.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Subsequent
to its purchase by the Fund, an issue of securities may cease to be rated or its rating may be reduced. In addition, it is possible
that statistical rating agencies might change their ratings of a particular issue to reflect subsequent events on a timely basis.
Moreover, such ratings do not assess the risk of a decline in market value. None of these events will require the sale of the
securities by the Fund, although the Investment Adviser will consider these events in determining whether the Fund should continue
to hold the securities.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Fixed
income securities, including non-investment grade securities and comparable unrated securities, frequently have call or buy-back
features that permit their issuers to call or repurchase the securities from their holders, such as the Fund. If an issuer exercises
these rights during periods of declining interest rates, the Fund may have to replace the security with a lower yielding security,
thus resulting in a decreased return for the Fund.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
market for non-investment grade and comparable unrated securities has at various times, particularly during times of economic
recession, experienced substantial reductions in market value and liquidity. Past recessions have adversely affected the ability
of certain issuers of such securities to repay principal and pay interest thereon. The market for those securities could react
in a similar fashion in the event of any future economic recession.</span></p>

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<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_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="text"><p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--USGovernmentSecuritiesAndCreditRatingDowngradeRiskMember_dU_zFN4cXf1JWVb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>U.S.
Government Securities and Credit Rating Downgrade Risk. </i></b>The Fund may invest in direct obligations of the government of
the United States or its agencies. Obligations issued or guaranteed by the U.S. government, its agencies, authorities and instrumentalities
and backed by the full faith and credit of the U.S. guarantee only that principal and interest will be timely paid to holders
of the securities. These entities do not guarantee that the value of such obligations will increase, and, in fact, the market
values of such obligations may fluctuate. In addition, not all U.S. government securities are backed by the full faith and credit
of the United States; some are the obligation solely of the entity through which they are issued. There is no guarantee that the
U.S. government would provide financial support to its agencies and instrumentalities if not required to do so by law.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
2011, S&amp;P lowered its long-term sovereign credit rating on the U.S. to &#8220;AA+&#8221; from &#8220;AAA.&#8221; The downgrade
by S&amp;P increased volatility in both stock and bond markets, resulting in higher interest rates and higher Treasury yields,
and increased the costs of all kinds of debt. Repeat occurrences of similar events could have significant adverse effects on the
U.S. economy generally and could result in significant adverse impacts on issuers of securities held by the Fund itself. The Investment
Adviser cannot predict the effects of similar events in the future on the U.S. economy and securities markets or on the Fund&#8217;s
portfolio. The Investment Adviser monitors developments and seeks to manage the Fund&#8217;s portfolio in a manner consistent
with achieving the Fund&#8217;s investment objective, but there can be no assurance that it will be successful in doing so and
the Investment Adviser may not timely anticipate or manage existing, new or additional risks, contingencies or 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=glu_ValueInvestingRiskMember', window );">Value Investing 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="text"><p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--ValueInvestingRiskMember_dU_zG03au0Tlbn9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Value
Investing Risk. </i></b>The Fund focuses its investments on the securities of companies that the Investment Adviser believes are
undervalued or inexpensive relative to other investments. These types of securities may present risks in addition to the general
risks associated with investing in common and preferred stocks. These securities generally are selected on the basis of an issuer&#8217;s
fundamentals relative to current market price. Such</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">securities
are subject to the risk of mis-estimation of certain fundamental factors. In addition, during certain time periods market dynamics
may strongly favor &#8220;growth&#8221; stocks of issuers that do not display strong fundamentals relative to market price based
upon positive price momentum and other factors. Disciplined adherence to a &#8220;value&#8221; investment mandate during such
periods can result in significant underperformance relative to overall market indices and other managed investment vehicles that
pursue growth style investments and/or flexible equity style mandates.</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>
<td class="text"><p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--SelectionRiskMember_dU_zgebgnNBHTIf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Selection
Risk. </i></b>Different types of stocks tend to shift into and out of favor with stock market investors, depending on market and
economic conditions. The performance of funds that invest in value-style stocks may at times be better or worse than the performance
of stock funds that focus on other types of stocks or that have a broader investment style.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#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=glu_SmallAndMidCapStockRiskMember', window );">Small and Mid-Cap 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>
<td class="text"><p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--SmallAndMidCapStockRiskMember_dU_zgTGvndXnE23" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Small
and Mid-Cap Stock Risk. </i></b>The Fund may invest in the equity securities of small-cap and/or mid-cap companies. Small and
mid-cap companies offer investment opportunities and additional risks. They may not be well known to the investing public, may
not be significantly owned by institutional investors and may not have steady earnings growth. These companies may have limited
product or business lines and markets, as well as shorter operating histories, less experienced management and more limited financial
resources than larger companies. Changes in any one line of business, therefore, may have a greater impact on a small or mid-cap
company&#8217;s stock price than is the case for a larger company. In addition, the securities of such companies may be more vulnerable
to adverse general market or economic developments, more volatile in price, have wider spreads between their bid and ask prices
and have significantly lower trading volumes than the securities of larger capitalization companies. As such, securities of these
small and mid-cap companies may be less liquid than those of larger companies, and may experience greater price fluctuations than
larger companies. In addition, small-cap or mid-cap company securities may not be widely followed by investors, which may result
in reduced demand.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">As
a result, the purchase or sale of more than a limited number of shares of the securities of a small or mid-cap company may affect
its market price. The Investment Adviser may need a considerable amount of time to purchase or sell its positions in these securities,
particularly when other Investment Adviser-managed accounts or other investors are also seeking to purchase or sell them.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
securities of small and mid-cap companies generally trade in lower volumes and are subject to greater and more unpredictable price
changes than larger capitalization securities or the market as a whole. In addition, small and mid-cap securities may be particularly
sensitive to changes in interest rates, borrowing costs and earnings. Investing in small and mid-cap securities requires a longer-term
view.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Small
and mid-cap companies, due to the size and kinds of markets that they serve, may be less susceptible than large-cap companies
to intervention from the U.S. federal government by means of price controls, regulations or litigation.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#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>
<td class="text"><p id="xdx_847_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForeignSecuritiesRiskMember_dU_z964fjBqd4N9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Foreign
Securities Risk. </i></b>Investments in the securities of foreign issuers involve certain considerations and risks not ordinarily
associated with investments in securities of domestic issuers and such securities may be more volatile than those of issuers located
in the United States. Foreign companies are not generally subject to uniform accounting, auditing and financial standards and
requirements comparable to those applicable to U.S. companies. Foreign securities exchanges, brokers and listed companies may
be subject to less government</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">supervision
and regulation than exists in the United States. Dividend and interest income may be subject to withholding and other foreign
taxes, which may adversely affect the net return on such investments. There may be difficulty in obtaining or enforcing a court
judgment abroad. In addition, it may be difficult to effect repatriation of capital invested in certain countries. In addition,
with respect to certain countries, there are risks of expropriation, confiscatory taxation, political or social instability or
diplomatic developments that could affect assets of the Fund held in foreign countries. Dividend income the Fund receives from
foreign securities may not be eligible for the special tax treatment applicable to qualified dividend income. Moreover, certain
equity investments in foreign issuers classified as passive foreign investment companies may be subject to additional taxation
risk.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">There
may be less publicly available information about a foreign company than a U.S. company, and foreign companies may not be subject
to accounting, auditing, and financial reporting standards and requirements comparable to or as uniform as those of U.S. companies.
Foreign securities markets may have substantially less volume than U.S. securities markets and some foreign company securities
are less liquid and their prices more volatile than securities of otherwise comparable U.S. companies. A portfolio of foreign
securities may also be adversely affected by fluctuations in the rates of exchange between the currencies of different nations
and by exchange control regulations, as there is generally less government supervision and regulation of exchanges, brokers, and
issuers than there is in the U.S. The Fund might have greater difficulty taking appropriate legal action in non-U.S. courts and
there may be less developed bankruptcy laws. Non-U.S. markets also have different clearance and settlement procedures which in
some markets have at times failed to keep pace with the volume of transactions, thereby creating substantial delays and settlement
failures that could adversely affect the Fund&#8217;s performance. In addition, a portfolio that includes foreign securities can
expect to have a higher expense ratio because of the increased transaction costs on non-U.S. securities markets and the increased
costs of maintaining the custody of foreign securities.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Investments
in foreign securities will expose the Fund to the direct or indirect consequences of political, social or economic changes in
the countries that issue the securities or in which the issuers are located. Certain countries in which the Fund may invest have
historically experienced, and may continue to experience, high rates of inflation, high interest rates, exchange rate fluctuations,
large amounts of external debt, balance of payments and trade difficulties and extreme poverty and unemployment. Many of these
countries are also characterized by political uncertainty and instability. The cost of servicing external debt will generally
be adversely affected by rising international interest rates because many external debt obligations bear interest at rates which
are adjusted based upon international interest rates.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund also may purchase ADRs or U.S. dollar-denominated securities of foreign issuers. ADRs are receipts issued by U.S. banks or
trust companies in respect of securities of foreign issuers held on deposit for use in the U.S. securities markets. While ADRs
may not necessarily be denominated in the same currency as the securities into which they may be converted, many of the risks
associated with foreign securities may also apply to ADRs. In addition, the underlying issuers of certain depositary receipts,
particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications
to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">The following provides
more detail on certain pronounced risks with foreign investing:&#160;</span></p>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Foreign Currency Risk.
</i>The Fund may invest in companies whose securities are denominated or quoted in currencies other than U.S. dollars or have
significant operations or markets outside of the United States. In such instances, the Fund will be exposed to currency risk,
including the risk of fluctuations in the exchange rate between U.S. dollars (in which the Fund&#8217;s shares are denominated)
and such foreign currencies, the risk of currency devaluations and the risks of non-exchangeability and blockage. As non-U.S.
securities may be purchased with and payable in currencies of countries other than the U.S. dollar, the value of these assets
measured in U.S. dollars may be affected favorably or unfavorably by changes in currency rates and exchange control regulations.
Fluctuations in currency rates may adversely affect the ability of the Investment Adviser to acquire such securities at advantageous
prices and may also adversely affect the performance of such assets.</span></td>
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Certain
non-U.S. currencies, primarily in developing countries, have been devalued in the past and might face devaluation in the future.
Currency devaluations generally have a significant and adverse impact on the devaluing country&#8217;s economy in the short and
intermediate term and on the financial condition and results of companies&#8217; operations in that country. Currency devaluations
may also be accompanied by significant declines in the values and liquidity of equity and debt securities of affected governmental
and private sector entities generally. To the extent that affected companies have obligations denominated in currencies other
than the devalued currency, those companies may also have difficulty in meeting those obligations under such circumstances, which
in turn could have an adverse effect upon the value of the Fund&#8217;s investments in such companies. There can be no assurance
that current or future developments with respect to foreign currency devaluations will not impair the Fund&#8217;s investment
flexibility, its ability to achieve its investment objective or the value of certain of its foreign currency-denominated investments.&#160;</span></p>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Tax Consequences of Foreign
Investing.</i> The Fund&#8217;s transactions in foreign currencies, foreign currency-denominated debt obligations and certain
foreign currency options, futures contracts and forward contracts (and similar instruments) may give rise to ordinary income or
loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. This treatment
could increase or decrease the Fund&#8217;s ordinary income distributions to you, and may cause some or all of the Fund&#8217;s
previously distributed income to be classified as a return of capital. In certain cases, the Fund may make an election to treat
gain or loss attributable to certain investments as capital gain or loss.</span></td>
</tr></table>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>EMU and Redenomination
Risk.</i> As the European debt crisis progressed, the possibility of one or more Eurozone countries exiting the European Monetary
Union (&#8220;EMU&#8221;), or even the collapse of the euro as a common currency, arose, creating significant volatility at times
in currency and financial markets generally. The effects of the collapse of the euro, or of the exit of one or more countries
from the EMU, on the U.S. and global economies and securities markets are impossible to predict and any such events could have
a significant adverse impact on the value and risk profile of the Fund&#8217;s portfolio. Any partial or complete dissolution
of the EMU could have significant adverse effects on currency and financial markets, and on the values of the Fund&#8217;s portfolio
investments. If one or more EMU countries were to stop using the euro as its primary currency, the Fund&#8217;s investments in
such countries may be redenominated into a different or newly adopted currency. As a result, the value of those investments could
decline significantly and unpredictably. In addition, securities or other investments that are redenominated may be subject to
foreign currency risk, liquidity risk and valuation risk to a greater extent than similar investments currently</span></td>
</tr></table>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">denominated
in euros. To the extent a currency used for redenomination purposes is not specified in respect of certain EMU-related investments,
or should the euro cease to be used entirely, the currency in which such investments are denominated may be unclear, making such
investments particularly difficult to value or dispose of. The Fund may incur additional expenses to the extent it is required
to seek judicial or other clarification of the denomination or value of such securities.&#160;</span></p>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Eurozone Risk.</i> A number
of countries in the EU have experienced, and may continue to experience, severe economic and financial difficulties, increasing
the risk of investing in the European markets. In particular, many EU nations are susceptible to economic risks associated with
high levels of debt, notably due to investments in sovereign debt of countries such as Greece, Italy, Spain, Portugal, and Ireland.
As a result, financial markets in the EU have been subject to increased volatility and declines in asset values and liquidity.
Responses to these financial problems by European governments, central banks, and others, including austerity measures and reforms,
may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences.
Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies,
financial markets, and asset valuations around the world. Greece, Ireland, and Portugal have already received one or more &#8220;bailouts&#8221;
from other Eurozone member states, and it is unclear how much additional funding they will require or if additional Eurozone member
states will require bailouts in the future. One or more other countries may also abandon the euro and/or withdraw from the EU,
placing its currency and banking system in jeopardy. The impact of these actions, especially if they occur in a disorderly fashion,
is not clear, but could be significant and far-reaching.</span></td>
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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Brexit Risk.</i> On January
31, 2020, the United Kingdom officially withdrew from the EU, commonly referred to as &#8220;Brexit.&#8221; Following a transition
period, the United Kingdom and the EU signed a Trade and Cooperation Agreement (&#8220;UK/EU Trade Agreement&#8221;), which came
into full force on May 1, 2021 and set out the foundation of the economic and legal framework for trade between the United Kingdom
and the EU. As the UK/EU Trade Agreement is a new legal framework, the implementation of the UK/EU Trade Agreement may result
in uncertainty in its application and periods of volatility in both the United Kingdom and wider European markets. The United
Kingdom&#8217;s exit from the EU is expected to result in additional trade costs and disruptions in this trading relationship.
Furthermore, there is the possibility that either party may impose tariffs on trade in the future in the event that regulatory
standards between the EU and the UK diverge. The terms of the future relationship may cause continued uncertainty in the global
financial markets, and adversely affect the Fund.</span></td>
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">In
particular, currency volatility may mean that our returns and the returns of our portfolio companies will be adversely affected
by market movements and may make it more difficult, or more expensive, for us to implement appropriate currency hedging. Potential
declines in the value of the British Pound and/or the euro against other currencies, along with the potential downgrading of the
United Kingdom&#8217;s sovereign credit rating, may also have an impact on the performance of any of our portfolio companies located
in the United Kingdom or Europe.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">In
addition, certain European countries have experienced negative interest rates on certain fixed-income instruments. A negative
interest rate policy is an unconventional central bank monetary policy tool where nominal target interest rates are set with a
negative value (i.e., below zero percent) intended to help</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">create
self-sustaining growth in the local economy. Negative interest rates may result in heightened market volatility and may detract
from the Fund&#8217;s performance to the extent the Fund is exposed to such interest rates. Among other things, these developments
have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the
economies of all EU countries, which in turn may have a material adverse effect on the Fund&#8217;s investments in such countries,
other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued
by certain EU countries.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">To
the extent the Fund has exposure to European markets or to transactions tied to the value of the euro, these events could negatively
affect the value and liquidity of the Fund&#8217;s investments. All of these developments may continue to significantly affect
the economies of all EU countries, which in turn may have a material adverse effect on the Fund&#8217;s investments in such countries,
other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued
by certain EU countries.</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Russia.</i> As a result
of Russia&#8217;s military invasion of Ukraine in February 2022, the United States and other countries imposed broad-reaching
political and economic sanctions on Russia, certain Russian allies believed to be providing them military or financial support,
on private and public companies domiciled in Russia, including public issuers and banking and financial institutions, and on a
variety of individuals. These
sanctions, combined with equivalent measures taken by foreign businesses ceasing operations in Russia, continue to adversely impact
global financial markets, disrupt global supply chains, and impair the value and liquidity of issuers and funds that continue
to maintain exposure to Russia and its allies, Russian investments, and sectors that can be impacted by restrictions on Russian
imports and exports, such as the oil and gas industry.</span></td>
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"><span style="color: Black">It
is not possible to predict the duration or extent of longer-term consequences of this conflict, which could include further sanctions,
retaliatory measures taken by Russia, embargoes, regional instability, geopolitical shifts and adverse effects on macroeconomic
conditions, security conditions, currency exchange rates, and financial markets around the globe. Any of the foregoing consequences,
including those we cannot yet predict, may negatively impact the Fund&#8217;s performance and the value of an investment in the
Fund, even if the Fund does not have direct exposure to Russian issuers or issuers in other countries impacted by the invasion.
In general terms, the overall negative impact to the Fund will depend on the extent to which the Fund is prohibited from selling
or otherwise transacting in their investments at any given time and whether a fair market valuation can be readily obtained, particularly
for any Russian currency-denominated investments and investments in US dollar-denominated American Depositary Receipts representing
securities of Russian issuers.</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>
<td class="text"><p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--RestrictedAndIlliquidSecuritiesMember_dU_zeX4g7HJLRGf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Restricted
and Illiquid Securities. </i></b>Unregistered securities are securities that cannot be sold publicly in the United States without
registration under the Securities Act. An illiquid investment is a security or other investment that cannot be disposed of within
seven days in the ordinary course of business at approximately the value at which the Fund has valued the investment. Unregistered
securities often can be resold only in privately negotiated transactions with a limited number of purchasers or in a public offering
registered under the Securities Act. Considerable delay could be encountered in either event and, unless otherwise contractually
provided for, the Fund&#8217;s proceeds upon sale may be reduced by the costs of registration or underwriting</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">discounts.
The difficulties and delays associated with such transactions could result in the Fund&#8217;s inability to realize a favorable
price upon disposition of unregistered securities, and at times might make disposition of such securities impossible. The Fund
may be unable to sell illiquid investments when it desires to do so, resulting in the Fund obtaining a lower price or being required
to retain the investment. Illiquid investments generally must be valued at fair value, which is inherently less precise than utilizing
market values for liquid investments, and may lead to differences between the price at which a security is valued for determining
the Fund&#8217;s net asset value and the price the Fund actually receives upon sale.</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=glu_ShortSalesRiskMember', window );">Short Sales 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="text"><p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--ShortSalesRiskMember_dU_zHLxymd1WbT3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Short
Sales Risk. </i></b>Short-selling involves selling securities which may or may not be owned and borrowing the same securities
for delivery to the purchaser, with an obligation to replace the borrowed securities at a later date. If the price of the security
sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will incur
a loss; conversely, if the price declines, the Fund will realize a capital gain. Any gain will be decreased, and any loss will
be increased, by the transaction costs incurred by the Fund, including the costs associated with providing collateral to the broker-dealer
(usually cash and liquid securities). Although the Fund&#8217;s gain is limited to the price at which it sold the security short,
its potential loss is theoretically unlimited.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Short-selling
necessarily involves certain additional risks. However, if the short seller does not own the securities sold short (an uncovered
short sale), the borrowed securities must be replaced by securities purchased at market prices in order to close out the short
position, and any appreciation in the price of the borrowed securities would result in a loss. Uncovered short sales expose the
Fund to the risk of uncapped losses until a position can be closed out due to the lack of an upper limit on the price to which
a security may rise. Purchasing securities to close out the short position can itself cause the price of the securities to rise
further, thereby exacerbating the loss. There is the risk that the securities borrowed by the Fund in connection with a short-sale
must be returned to the securities lender on short notice. If a request for return of borrowed securities occurs at a time when
other short-sellers of the security are receiving similar requests, a &#8220;short squeeze&#8221; can occur, and the Fund may
be compelled to replace borrowed securities previously sold short with purchases on the open market at the most disadvantageous
time, possibly at prices significantly in excess of the proceeds received at the time the securities were originally sold short.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
September 2008, in response to spreading turmoil in the financial markets, the SEC temporarily banned short selling in the stocks
of numerous financial services companies, and also promulgated new disclosure requirements with respect to short positions held
by investment managers. The SEC&#8217;s temporary ban on short selling of such stocks has since expired, but should similar restrictions
and/or additional disclosure requirements be promulgated, especially if market turmoil occurs, the Fund may be forced to cover
short positions more quickly than otherwise intended and may suffer losses as a result. Such restrictions may also adversely affect
the ability of the Fund to execute its investment strategies generally. Similar emergency orders were also instituted in non-U.S.
markets in response to increased volatility. The Fund&#8217;s ability to engage in short sales is also restricted by various regulatory
requirements relating to short sales.</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=glu_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>
<td class="text"><p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--LeverageRiskMember_dU_zlItssbVAaYj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Leverage
Risk. </i></b>The Fund currently uses financial leverage for investment purposes by issuing preferred shares. As of December 31,
2022, the amount of leverage represented approximately 39% of the Fund&#8217;s net assets. The Fund&#8217;s leveraged capital
structure creates special risks not associated with unleveraged funds that have a similar investment objective and policies. These
include the possibility of greater loss and the</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">likelihood
of higher volatility of the net asset value of the Fund and the asset coverage for any preferred shares or debt outstanding. Such
volatility may increase the likelihood of the Fund having to sell investments in order to meet its obligations to make distributions
on the preferred shares or principal or interest payments on debt securities, or to redeem preferred shares or repay debt when
it may be disadvantageous to do so. The Fund&#8217;s use of leverage may require it to sell portfolio investments at inopportune
times in order to raise cash to redeem preferred shares or otherwise de-leverage so as to maintain required asset coverage amounts
or comply with the mandatory redemption terms of any outstanding preferred shares. The use of leverage magnifies both the favorable
and unfavorable effects of price movements in the investments made by the Fund. To the extent the Fund is leveraged in its investment
operations, the Fund will be subject to substantial risk of loss. The Fund cannot assure that borrowings or the issuance of notes
or preferred shares will result in a higher yield or return to the holders of the common shares. Also, to the extent the Fund
utilizes leverage, a decline in net asset value could affect the ability of the Fund to make common share distributions and such
a failure to make distributions could result in the Fund ceasing to qualify as a RIC under the Code.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">For
more information regarding the risks of a leverage capital structure to holders of the Fund&#8217;s common shares, see &#8220;Risk
Factors and Special Considerations &#8212; Special Risks to Holder of Common Shares &#8212; Leverage Risk.&#8221;</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=glu_SpecialRisksRelatedToInvestmentinDerivativesMember', window );">Special Risks Related to Investment in Derivatives [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="text"><p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksRelatedToInvestmentinDerivativesMember_dU_zI0kv9BuFcOa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Special
Risks Related to Investment in Derivatives. </i></b>The Fund may participate in derivative transactions. Such transactions entail
certain execution, market, liquidity, counterparty, correlation, volatility, hedging and tax risks. Participation in the options
or futures markets, in currency exchange transactions and in other derivatives transactions involves investment risks and transaction
costs to which the Fund would not be subject absent the use of these strategies. If the Investment Adviser&#8217;s prediction
of movements in the direction of the securities, foreign currency, interest rate or other referenced instruments or markets is
inaccurate, the consequences to the Fund may leave the Fund in a worse position than if it had not used such strategies. Risks
inherent in the use of options, swaps, foreign currency, futures contracts and options on futures contracts, securities indices
and foreign currencies include:&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">dependence on the Investment
Adviser&#8217;s ability to predict correctly movements in the direction of the relevant measure;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">imperfect correlation between
the price of the derivative instrument and movements in the prices of the referenced assets;</span></td>
</tr></table>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">the fact that skills needed
to use these strategies are different from those needed to select portfolio securities;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">the possible absence of a
liquid secondary market for any particular instrument at any time;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">the possible need to defer
closing out certain hedged positions to avoid adverse tax consequences;</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">the possible inability of
the Fund to purchase or sell a security or instrument at a time that otherwise would be favorable for it to do so, or the possible
need for the Fund to sell a security or instrument at a disadvantageous time due to a need for the Fund to maintain &#8220;cover&#8221;
or to segregate securities in connection with the hedging techniques; and</span></td>
</tr></table>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black">the creditworthiness of counterparties.</span></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; color: #1D1D1B; text-align: justify"><span style="color: Black">Options,
futures contracts, swaps contracts, and options thereon and forward contracts on securities and currencies may be traded on foreign
exchanges. Such transactions may not be regulated as effectively as</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>




<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">similar
transactions in the United States, may not involve a clearing mechanism and related guarantees, and are subject to the risk of
governmental actions affecting trading in, or the prices of, foreign securities. The value of such positions also could be adversely
affected by (i) other complex foreign political, legal and economic factors, (ii) lesser availability than in the United States
of data on which to make trading decisions, (iii) delays in the ability of the Fund to act upon economic events occurring in the
foreign markets during non-business hours in the United States, (iv) the imposition of different exercise and settlement terms
and procedures and margin requirements than in the United States and (v) less trading volume. Exchanges on which options, futures,
swaps and options on futures or swaps are traded may impose limits on the positions that the Fund may take in certain circumstances.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Many
OTC derivatives are valued on the basis of dealers&#8217; pricing of these instruments. However, the price at which dealers value
a particular derivative and the price which the same dealers would actually be willing to pay for such derivative should the Fund
wish or be forced to sell such position may be materially different. Such differences can result in an overstatement of the Fund&#8217;s
net asset value and may materially adversely affect the Fund in situations in which the Fund is required to sell derivative instruments.
Exchange-traded derivatives and OTC derivative transactions submitted for clearing through a central counterparty have become
subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as possible margin requirements
mandated by the SEC or the CFTC. These regulators also have broad discretion to impose margin requirements on non-cleared OTC
derivatives. These margin requirements will increase the overall costs for the Fund.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">While
hedging transactions can reduce or eliminate losses, they can also reduce or eliminate gains. Hedges are sometimes subject to
imperfect matching between the derivative and the underlying instrument, and there can be no assurance that the Fund&#8217;s hedging
transactions will be effective. Derivatives may also give rise to a form of leverage and may expose the Fund to greater risk and
increase its costs. Future CFTC or SEC rulemakings could potentially further limit or completely restrict the Fund&#8217;s ability
to use these instruments as a part of the Fund&#8217;s investment strategy, increase the costs of using these instruments or make
them less effective. Limits or restrictions applicable to the counterparties with which the Fund engages in derivative transactions
could also prevent the Fund from using these instruments or affect the pricing or other factors relating to these instruments
or may change the availability of certain investments. New regulation may make derivatives more costly, may limit the availability
of derivatives, or may otherwise adversely affect the value or performance of derivatives.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#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=glu_CounterpartyRiskMember', window );">Counterparty Risk [Member]</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--CounterpartyRiskMember_dU_zGc9rwd1ach" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Counterparty
Risk. </i></b>The Fund will be subject to credit risk with respect to the counterparties to the derivative contracts purchased
by the Fund. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due
to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract
in bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such
circumstances.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
counterparty risk for cleared derivatives is generally lower than for uncleared OTC derivative transactions since generally a
clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the
parties&#8217; performance under the contract as each party to a trade looks only to the clearing organization for performance
of financial obligations under the derivative contract. However, there can be no assurance that a clearing organization, or its
members, will satisfy its obligations to the Fund, or that the Fund would be able to recover the full amount of assets deposited
on its behalf with the clearing</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>




<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>






<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">organization
in the event of the default by the clearing organization or the Fund&#8217;s clearing broker. In addition, cleared derivative
transactions benefit from daily marking-to-market and settlement, and segregation and minimum capital requirements applicable
to intermediaries. Uncleared OTC derivative transactions generally do not benefit from such protections. This exposes the Fund
to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute
over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to
suffer a loss. Such &#8220;counterparty risk&#8221; is accentuated for contracts with longer maturities where events may intervene
to prevent settlement, or where the Fund has concentrated its transactions with a single or small group of counterparties.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#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=glu_FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember', window );">Failure of Futures Commission Merchants and Clearing Organizations 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="text"><p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember_dU_zFxdMDkYpnMl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Failure
of Futures Commission Merchants and Clearing Organizations Risk. </i></b>The Fund may deposit funds required to margin open positions
in the derivative instruments subject to the CEA with a clearing broker registered as a &#8220;futures commission merchant&#8221;
(&#8220;FCM&#8221;). The CEA requires an FCM to segregate all funds received from customers with respect to any orders for the
purchase or sale of U.S. domestic futures contracts and cleared swaps from the FCM&#8217;s proprietary assets. Similarly, the
CEA requires each FCM to hold in a separate secure account all funds received from customers with respect to any orders for the
purchase or sale of foreign futures contracts and segregate any such funds from the funds received with respect to domestic futures
contracts. However, all funds and other property received by a clearing broker from its customers are held by the clearing broker
on a commingled basis in an omnibus account and may be invested by the clearing broker in certain instruments permitted under
the applicable regulation. There is a risk that assets deposited by the Fund with any swaps or futures clearing broker as margin
for futures contracts may, in certain circumstances, be used to satisfy losses of other clients of the Fund&#8217;s clearing broker.
In addition, the assets of the Fund may not be fully protected in the event of the clearing broker&#8217;s bankruptcy, as the
Fund would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing broker&#8217;s
combined domestic customer accounts.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Similarly,
the CEA requires a clearing organization approved by the CFTC as a derivatives clearing organization to segregate all funds and
other property received from a clearing member&#8217;s clients in connection with domestic futures, swaps and options contracts
from any funds held at the clearing organization to support the clearing member&#8217;s proprietary trading. Nevertheless, with
respect to futures contracts and options on futures, a clearing organization may use assets of a non-defaulting customer held
in an omnibus account at the clearing organization to satisfy losses in that account resulting from the default by another customer
on its payment obligations that leads to the clearing member&#8217;s default to the clearing organization. As a result, in the
situation of a double default by a customer of the Fund&#8217;s clearing member and the clearing member itself with respect to
payment obligations on the customer&#8217;s futures or options on futures, there is a risk that the Fund&#8217;s assets in an
omnibus account with the clearing organization may be used to satisfy losses from the double default and that the Fund may not
recover the full amount of any such assets.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#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=glu_SwapsRiskMember', window );">Swaps 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="text"><p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--SwapsRiskMember_dU_zEnjA686cLYa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Swaps
Risk. </i></b>Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from
a few weeks to more than one year. In a standard &#8220;swap&#8221; transaction, two parties agree to exchange the returns (or
differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns
to be exchanged or &#8220;swapped&#8221; between the parties are calculated with respect to a &#8220;notional amount,&#8221; i.e.,
the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign
currency, or in a &#8220;basket&#8221; of securities representing a particular</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>




<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>







<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">index.
The &#8220;notional amount&#8221; of the swap agreement is only a fictive basis on which to calculate the obligations that the
parties to a swap agreement have agreed to exchange.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Historically,
swap transactions have been individually negotiated non-standardized transactions entered into in the OTC markets and have not
been subject to the same type of government regulation as exchange-traded instruments. However, in the U.S., the Dodd-Frank Wall
Street Reform and Consumer Protection Act of 2010 (the &#8220;Dodd-Frank Act&#8221;) has made broad changes to the derivatives
market, granted significant new authority to the CFTC and the SEC to regulate derivatives (swaps and security-based swaps) and
participants in these markets. The Dodd-Frank Act is intended to regulate the derivatives market by requiring many derivative
transactions to be cleared and traded on an exchange, expanding entity registration requirements, imposing business conduct requirements
on dealers and requiring banks to move some derivatives trading units to a non-guaranteed affiliate separate from the deposit-taking
bank or divest them altogether. See &#8220;Risk Factors and Special Considerations&#8212;General Risks &#8211; Derivatives Regulation
Risk.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Swap
agreements will tend to shift the Fund&#8217;s investment exposure from one type of investment to another. For example, if the
Fund agreed to pay fixed rates in exchange for floating rates while holding fixed-rate bonds, the swap would tend to decrease
the Fund&#8217;s exposure to long-term interest rates. Caps and floors have an effect similar to buying or writing options. Depending
on how they are used, swap agreements may increase or decrease the overall volatility of the Fund&#8217;s investments and its
share price and yield. The most significant factor in the performance of swap agreements is the change in the specific interest
rate, currency, or other factors that determine the amounts of payments due to and from the Fund. If a swap agreement calls for
payments by the Fund, the Fund must be prepared to make such payments when due.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund may enter into swap agreements that would calculate the obligations of the parties to the agreements on a &#8220;net&#8221;
basis. Consequently, the Fund&#8217;s obligations (or rights) under a swap agreement will generally be equal only to the net amount
to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the
&#8220;net amount&#8221;). The Fund&#8217;s obligations under a swap agreement will be accrued daily (offset against any amounts
owing to the Fund) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by the maintenance of liquid
assets in accordance with SEC staff positions on the subject.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund&#8217;s use of swap agreements may not be successful in furthering its investment objective, as the Investment Adviser may
not accurately predict whether certain types of investments are likely to produce greater returns than other investments. Moreover,
swap agreements involve the risk that the party with whom the Fund has entered into the swap will default on its obligation to
pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the other party to the agreement. The
Fund may be able to eliminate its exposure under a swap agreement either by assignment or other disposition, or by entering into
an offsetting swap agreement with the same party or a similarly creditworthy party.</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=glu_ForwardForeignCurrencyExchangeContractsMember', window );">Forward Foreign Currency Exchange Contracts [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="text"><p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForwardForeignCurrencyExchangeContractsMember_dU_z5CsdExQeNT1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Forward
Foreign Currency Exchange Contracts. </i></b>The Fund may enter into forward foreign currency exchange contracts to protect the
value of its portfolio against uncertainty in the level of future currency exchange rates between a particular foreign currency
and the U.S. dollar or between foreign currencies in which its securities are or may be denominated. The Fund may enter into such
contracts on a spot (i.e., cash) basis at the rate then prevailing in the currency exchange market or on a forward basis, by entering
into a forward contract to</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">purchase
or sell currency. A forward contract on foreign currency is an obligation to purchase or sell a specific currency at a future
date, which may be any fixed number of days agreed upon by the parties from the date of the contract at a price set on the date
of the contract. Forward currency contracts (i) are traded in a market conducted directly between currency traders (typically,
commercial banks or other financial institutions) and their customers, (ii) generally have no deposit requirements and (iii) are
typically consummated without payment of any commissions. The Fund, however, may enter into forward currency contracts requiring
deposits or involving the payment of commissions.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
dealings of the Fund in forward foreign exchange are limited to hedging involving either specific transactions or portfolio positions.
Transaction hedging is the purchase or sale of one forward foreign currency for another currency with respect to specific receivables
or payables of the Fund accruing in connection with the purchase and sale of its portfolio securities or its payment of distributions.
Position hedging is the purchase or sale of one forward foreign currency for another currency with respect to portfolio security
positions denominated or quoted in the foreign currency to offset the effect of an anticipated substantial appreciation or depreciation,
respectively, in the value of the currency relative to the U.S. dollar. In this situation, the Fund also may, for example, enter
into a forward contract to sell or purchase a different foreign currency for a fixed U.S. dollar amount where it is believed that
the U.S. dollar value of the currency to be sold or bought pursuant to the forward contract will fall or rise, as the case may
be, whenever there is a decline or increase, respectively, in the U.S. dollar value of the currency in which its portfolio securities
are denominated (this practice being referred to as a &#8220;cross-hedge&#8221;).</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
hedging a specific transaction, the Fund may enter into a forward contract with respect to either the currency in which the transaction
is denominated or another currency deemed appropriate by the Investment Adviser. The amount the Fund may invest in forward currency
contracts is limited to the amount of its aggregate investments in foreign currencies.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
use of forward currency contracts may involve certain risks, including the failure of the counterparty to perform its obligations
under the contract, and such use may not serve as a complete hedge because of an imperfect correlation between movements in the
prices of the contracts and the prices of the currencies hedged or used for cover. The Fund will only enter into forward currency
contracts with parties which the Investment Adviser believes to be creditworthy institutions.</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>
<td class="text"><p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--FuturesContractsAndOptionsonFuturesMember_dU_z8wqt2cM6ua2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Futures
Contracts and Options on Futures. </i></b>Futures and options on futures entail certain risks, including, but not limited to,
the following: no assurance that futures contracts or options on futures can be offset at favorable prices; possible reduction
of the yield of the Fund due to the use of hedging; possible reduction in value of both the securities hedged and the hedging
instrument; possible lack of liquidity due to daily limits on price fluctuations; imperfect correlation between the contracts
and the securities being hedged; and losses from investing in futures transactions that are potentially unlimited.</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>
<td class="text"><p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--OptionsRiskMember_dU_zX3eA8VPpQvf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Options
Risk. </i></b>To the extent that the Fund purchases options pursuant to a hedging strategy, the Fund will be subject to the following
additional risks. If a put or call option purchased by the Fund is not sold when it has remaining value, and if the market price
of the underlying security remains equal to or greater than the exercise price (in the case of a put), or remains less than or
equal to the exercise price (in the case of a call), the Fund will lose its entire investment in the option.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Where
a put or call option on a particular security is purchased to hedge against price movements in that or a related security, the
price of the put or call option may move more or less than the price of the security. If restrictions on exercise are imposed,
the Fund may be unable to exercise an option it has purchased. If the Fund is unable to close out an option that it has purchased
on a security, it will have to exercise the option in order to realize any profit or the option may expire worthless.</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=glu_DerivativesRegulationRiskMember', window );">Derivatives Regulation 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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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--DerivativesRegulationRiskMember_dU_z05fxkGQps36" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Derivatives
Regulation Risk. </i></b>The Dodd-Frank Act has made broad changes to the derivatives market, granted significant new authority
to the CFTC and the SEC to regulate derivatives (swaps and security-based swaps) and participants in these markets. The Dodd-Frank
Act is intended to regulate the derivatives market by requiring many derivative transactions to be cleared and traded on an exchange,
expanding entity registration requirements, imposing business conduct requirements on dealers and requiring banks to move some
derivatives trading units to a non-guaranteed affiliate separate from the deposit-taking bank or divest them altogether. The CFTC
has implemented mandatory clearing and exchange-trading of certain derivatives contracts including many standardized interest
rate swaps and credit default index swaps. The CFTC continues to approve contracts for central clearing. Exchange-trading and
central clearing are expected to reduce counterparty credit risk by substituting the clearinghouse as the counterparty to a swap
and increase liquidity, but exchange-trading and central clearing do not make swap transactions risk-free. Uncleared swaps, such
as non-deliverable foreign currency forwards, are subject to certain margin requirements that mandate the posting and collection
of minimum margin amounts. This requirement may result in the Fund and its counterparties posting higher margin amounts for uncleared
swaps than would otherwise be the case. Certain rules require centralized reporting of detailed information about many types of
cleared and uncleared swaps. Reporting of swap data may result in greater market transparency, but may subject the Fund to additional
administrative burdens, and the safeguards established to protect trader anonymity may not function as expected.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
addition, on October 28, 2020, the SEC adopted new regulations governing the use of derivatives by closed-end funds, which the
Fund was required to comply with as of August 19, 2022. As a result, the Fund is required to implement and comply with the Rule
18f-4 limits described previously under &#8220;Special Risks Related to&#160;Investment in Derivatives&#8221; on the amount of
derivatives the Fund can enter into, eliminate the asset segregation framework previously used to comply with Section 18 of the
1940 Act, treat derivatives as senior securities so that a failure to comply with the limits would result in a statutory violation
and require the Fund, if the Fund&#8217;s use of derivatives is more than a limited specified exposure amount (10% of net assets),
to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. These requirements
may limit the ability of the Fund to invest in derivatives, engage in securities lending activities, short sales, reverse repurchase
agreements and similar financing transactions. Additionally, Rule 18f-4 and the SEC&#8217;s corresponding recission and withdrawal
of prior guidance and relief related to asset segregation and asset coverage requirements under section 18 of the 1940 Act may
affect the Fund&#8217;s ability to implement its investment strategy, pursue its investment objectives and may increase the cost
of the Fund&#8217;s 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=glu_MarketDiscountRiskMember', window );">Market Discount 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="text"><p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketDiscountRiskMember_dU_z1MOvIJTtz0i" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Market
Discount Risk. </i></b>Whether investors will realize gains or losses upon the sale of additional securities of the Fund will
depend upon the market price of the securities at the time of sale, which may be less or more than the Fund&#8217;s net asset
value per share or the liquidation value of any Fund preferred shares issued. Since the market price of any additional securities
the Fund may issue will be affected by such factors as the Fund&#8217;s dividend and distribution levels (which are in turn affected
by expenses), dividend and distribution stability,</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">net
asset value, market liquidity, the relative demand for and supply of such securities in the market, general market and economic
conditions and other factors beyond the control of the Fund, we cannot predict whether any such securities will trade at, below
or above net asset value or at, below or above their public offering price or at, below or above their liquidation value, as applicable.
For example, common shares of closed-end funds often trade at a discount to their net asset values and the Fund&#8217;s common
shares may trade at such a discount. This risk may be greater for investors expecting to sell their securities of the Fund soon
after the completion of a public offering for such securities. The risk of a market price discount from net asset value is separate
and in addition to the risk that net asset value itself may decline. The Fund&#8217;s securities are designed primarily for long-term
investors, and investors in the shares should not view the Fund as a vehicle for trading purposes.</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=glu_LongTermObjectiveNotACompleteInvestmentProgramMember', window );">Long Term Objective; Not a Complete Investment Program [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="text"><p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--LongTermObjectiveNotACompleteInvestmentProgramMember_dU_zfIPVRsa8XL2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Long
Term Objective; Not a Complete Investment Program. </i></b>The Fund is intended for investors seeking a consistent level of after-tax
total return consisting of income (with a current emphasis on qualifying dividends) and long-term capital gain. The Fund is not
meant to provide a vehicle for those who wish to play short-term swings in the stock market. An investment in shares of the Fund
should not be considered a complete investment program. Each shareholder should take into account the Fund&#8217;s investment
objective as well as the shareholder&#8217;s other investments when considering an investment in 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=glu_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>
<td class="text"><p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--ManagementRiskMember_dU_zVSSNirNGKPe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Management
Risk. </i></b>The Fund is subject to management risk because it is an actively managed portfolio. The Investment Adviser will
apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that
these will produce the desired results.</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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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--DecisionMakingAuthorityRiskMember_dU_zkRWiq9YoGIk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Decision-Making
Authority Risk. </i></b>Investors have no authority to make decisions or to exercise business discretion on behalf of the Fund,
except as set forth in the Fund&#8217;s governing documents. The authority for all such decisions is generally delegated to the
Board, who in turn, has delegated the day-to-day management of the Fund&#8217;s investment activities to the Investment Adviser,
subject to oversight by the Board.</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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on Key Personnel. </i></b>The Investment Adviser is dependent upon the expertise of Mr. Mario J. Gabelli in providing advisory
services with respect to the Fund&#8217;s investments. If the Investment Adviser were to lose the services of Mr. Gabelli, its
ability to service the Fund could be adversely affected. There can be no assurance that a suitable replacement could be found
for Mr. Gabelli in the event of his death, resignation, retirement or inability to act on behalf of the Investment Adviser.</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=glu_MarketDisruptionAndGeopoliticalRiskMember', window );">Market Disruption and Geopolitical 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="text"><p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketDisruptionAndGeopoliticalRiskMember_dU_zhUEi8mVhepd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Market
Disruption and Geopolitical Risk. </i></b>General economic and market conditions, such as interest rates, availability of credit,
inflation rates, economic uncertainty, supply chain disruptions, labor shortages, energy and other resource shortages, changes
in laws, trade barriers, currency exchange controls and national and international political circumstances (including governmental
responses to public health crises or the spread of infectious diseases), may have long-term negative effects on the U.S. and worldwide
financial markets and economy. These conditions have resulted in, and in many cases continue to result in, greater price volatility,
less liquidity, widening credit spreads and a lack of price transparency, with many securities remaining illiquid and of uncertain
value. Such market conditions may adversely affect the Company, including by making valuation of some of the Fund&#8217;s securities
uncertain and/or result in sudden and significant valuation increases or declines in the Fund&#8217;s holdings.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Risks
resulting from any future debt or other economic crisis could also have a detrimental impact on the global economy, the financial
condition of financial institutions and the Fund&#8217;s business, financial condition and results</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">of
operation. Market and economic disruptions have affected, and may in the future affect, consumer confidence levels and spending,
personal bankruptcy rates, levels of incurrence and default on consumer debt and home prices, among other factors. To the extent
uncertainty regarding the U.S. or global economy negatively impacts consumer confidence and consumer credit factors, the Fund
could be significantly and adversely affected.&#160;Downgrades to the credit ratings of major banks could result in increased
borrowing costs for such banks and negatively affect the broader economy. Moreover, Federal Reserve policy, including with respect
to certain interest rates, may also adversely affect the value, volatility and liquidity of dividend- and interest-paying securities.
Market volatility, rising interest rates and/or a return to unfavorable economic conditions could impair the Fund&#8217;s ability
to achieve its investment objectives.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
occurrence of events similar to those in recent years, such as localized wars, instability, new and ongoing pandemics (such as
COVID-19), epidemics or outbreaks of infectious diseases in certain parts of the world, and catastrophic events such as fires,
floods, earthquakes, tornadoes, hurricanes and global health epidemics, terrorist attacks in the U.S. and around the world, social
and political discord, debt crises sovereign debt downgrades, increasingly strained relations between the U.S. and a number of
foreign countries, new and continued political unrest in various countries, the exit or potential exit of one or more countries
from the EU or the EMU, continued changes in the balance of political power among and within the branches of the U.S. government,
government shutdowns, among others, may result in market volatility, may have long-term effects on the U.S. and worldwide financial
markets, and may cause further economic uncertainties in the U.S. and worldwide.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
particular, the consequences of the Russian military invasion of Ukraine, the impact on inflation and increased disruption to
supply chains and energy resources may impact the Fund&#8217;s portfolio companies, result in an economic downturn or recession
either globally or locally in the U.S. or other economies, reduce business activity, spawn additional conflicts (whether in the
form of traditional military action, reignited &#8220;cold&#8221; wars or in the form of virtual warfare such as cyberattacks)
with similar and perhaps wider ranging impacts and consequences and have an adverse impact on the Fund&#8217;s returns and net
asset values. In response to the conflict between Russia and Ukraine, the U.S. and other countries have imposed sanctions or other
restrictive actions against Russia, Russian-backed separatist regions in Ukraine, and certain banks, companies, government officials
and other individuals in Russia and Belarus. Any of the above factors, including sanctions, export controls, tariffs, trade wars
and other governmental actions, could have a material adverse effect on the Fund. The Fund has no way to predict the duration
or outcome of the situation, as the conflict and government reactions are rapidly developing and beyond the Fund&#8217;s control.
Prolonged unrest, military activities, or broad-based sanctions could have a material adverse effect on companies in which the
Fund invests. Such consequences also may increase such companies&#8217; funding costs or limit their access to the capital markets.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
current political climate has intensified concerns about a potential trade war between China and the U.S., as each country has
imposed tariffs on the other country&#8217;s products. These actions may trigger a significant reduction in international trade,
the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies
and/or large segments of China&#8217;s export industry, which could have a negative impact the Fund&#8217;s performance. U.S.
companies that source material and goods from China and those that make large amounts of sales in China would be particularly
vulnerable to an escalation of trade tensions. Uncertainty regarding the outcome of the trade tensions and the potential for a
trade war</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">could cause the U.S.
dollar to decline against safe haven currencies, such as the Japanese yen and the euro. Events such as these and their consequences
are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in
the future. Any of these effects could have a material adverse effect on the Fund.</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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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><p id="xdx_842_ecef--RiskTextBlock_hcef--RiskAxis__custom--EconomicEventsAndMarketRiskMember_dU_zFhoaJM9dLbi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Economic
Events and Market Risk. </i></b>Periods of market volatility remain, and may continue to occur in the future, in response to various
political, social and economic events both within and outside of the United States. These conditions have resulted in, and in
many cases continue to result in, greater price volatility, less liquidity, widening credit spreads and a lack of price transparency,
with many securities remaining illiquid and of uncertain value. Such market conditions may adversely affect the Fund, including
by making valuation of some of the Fund&#8217;s securities uncertain and/or result in sudden and significant valuation increases
or declines in the Fund&#8217;s holdings. If there is a significant decline in the value of the Fund&#8217;s portfolio, this may
impact the asset coverage levels for the Fund&#8217;s outstanding leverage.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Risks
resulting from any future debt or other economic crisis could also have a detrimental impact on the global economic recovery,
the financial condition of financial institutions and our business, financial condition and results of operation. Market and economic
disruptions have affected, and may in the future affect, consumer confidence levels and spending, personal bankruptcy rates, levels
of incurrence and default on consumer debt and home prices, among other factors. To the extent uncertainty regarding the U.S.
or global economy negatively impacts consumer confidence and consumer credit factors, our business, financial condition and results
of operations could be significantly and adversely affected. Downgrades to the credit ratings of major banks could result in increased
borrowing costs for such banks and negatively affect the broader economy.&#160;Moreover, Federal Reserve policy, including with
respect to certain interest rates, may also adversely affect the value, volatility and liquidity of dividend- and interest-paying
securities. Market volatility, rising interest rates and/or a return to unfavorable economic conditions could impair the Fund&#8217;s
ability to achieve its investment objectives.</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=glu_RegulationAndGovernmentInterventionRiskMember', window );">Regulation and Government Intervention 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="text"><p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--RegulationAndGovernmentInterventionRiskMember_dU_zmy5xQzEwlY6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Regulation
and Government Intervention Risk. </i></b>Changes enacted by the current presidential administration could significantly impact
the regulation of financial markets in the U.S. Areas subject to potential change, amendment or repeal include trade and foreign
policy, corporate tax rates, energy and infrastructure policies, the environment and sustainability, criminal and social justice
initiatives, immigration, healthcare and the oversight of certain federal financial regulatory agencies and the Federal Reserve.
Certain of these changes can, and have, been effectuated through executive order. For example, the current administration has
taken steps to rejoin the Paris climate accord of 2015 and incentivize certain clean energy technologies, cancel the&#160;Keystone
XL pipeline, provide military support to Ukraine and change immigration enforcement priorities. Other potential changes that could
be pursued by the current presidential administration could include an increase in the corporate income tax rate; changes to regulatory
enforcement priorities; and spending on clean energy and infrastructure. It is not possible to predict which, if any, of these
actions will be taken or, if taken, their effect on the economy, securities markets or the financial stability of the U.S. The
Fund may be affected by governmental action in ways that are not foreseeable, and there is a possibility that such actions could
have a significant adverse effect on the Fund and the Fund&#8217;s ability to achieve its investment objectives.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Additional
risks arising from the differences in expressed policy preferences among the various constituencies in the branches of the U.S.
government has led in the past, and may lead in the future, to short-term or</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">prolonged
policy impasses, which could, and has, resulted in shutdowns of the U.S. federal government. U.S. federal government shutdowns,
especially prolonged shutdowns, could have a significant adverse impact on the economy in general and could impair the ability
of issuers to raise capital in the securities markets. Any of these effects could have a material adverse effect on the Fund&#8217;s
net asset value.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
addition, the rules dealing with the U.S. federal income taxation are constantly under review by persons involved in the legislative
process and by the IRS and the U.S. Treasury Department. The Tax Cuts and Jobs Act made substantial changes to the Code. Among
those changes were a significant permanent reduction in the generally applicable corporate tax rate, changes in the taxation of
individuals and other non-corporate taxpayers that generally but not universally reduce their taxes on a temporary basis subject
to &#8220;sunset&#8221; provisions, the elimination or modification of various previously allowed deductions (including substantial
limitations on the deductibility of interest and, in the case of individuals, the deduction for personal state and local taxes),
certain additional limitations on the deduction of net operating losses, certain preferential rates of taxation on certain dividends
and certain business income derived by non-corporate taxpayers in comparison to other ordinary income recognized by such taxpayers,
and significant changes to the international tax rules. In addition, on August 16, 2022, the Biden administration signed into
law the Inflation Reduction Act, which modifies key aspects of the Code, including by creating an alternative minimum tax on certain
corporations and an excise tax on stock repurchases by certain corporations. The effect of these and other changes is uncertain,
both in terms of the direct effect on the taxation of an investment in the Fund&#8217;s shares and their indirect effect on the
value of the Fund&#8217;s assets, Fund shares or market conditions generally.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
addition, the U.S. government has proposed and adopted multiple regulations that could have a long-lasting impact on the Fund
and on the closed-end fund industry in general. The SEC&#8217;s final rules and amendments that modernize reporting and disclosure,
along with other potential upcoming regulations, including in respect of investment company names and other matters, could, among
other things, restrict the Fund&#8217;s ability to engage in transactions, and/or increase overall expenses of the Fund.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund may be affected by governmental action in ways that are not foreseeable, and there is a possibility that such actions could
have a significant adverse effect on the Fund and its ability to achieve its investment objective(s).</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund may be exposed to financial instruments that are tied to the London Interbank Offered Rate (&#8220;LIBOR&#8221;) to determine
payment obligations, financing terms, hedging strategies or investment value. The Fund&#8217;s investments may pay interest at
floating rates based on LIBOR or may be subject to interest caps or floors based on LIBOR. The Fund may also obtain financing
at floating rates based on LIBOR. Derivative instruments utilized by the Fund may also reference LIBOR.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
July 2017, the head of the United Kingdom Financial Conduct Authority announced the desire to phase out the use of LIBOR by the
end of 2021. LIBOR can no longer be used to calculate new deals as of December 31, 2021. Since December 31, 2021, all sterling,
euro, Swiss franc and Japanese yen LIBOR settings and the one-week and two-month U.S. dollar LIBOR settings have ceased to be
published or are no longer representative, and after June 30, 2023, the overnight, one-month, three-month, six-month and 12-month
U.S. dollar LIBOR settings will cease to be published or will no longer be representative. Various financial industry groups have
begun planning for the transition away from LIBOR, but there are challenges to converting certain securities and</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">transactions
to a new reference rate. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">As
an alternative to LIBOR, the Financial Reporting Council, in conjunction with the Alternative Reference Rates Committee, a steering
committee comprised of large U.S. financial institutions recommended replacing U.S. dollar LIBOR with the Secured Overnight Financing
Rate (&#8220;SOFR&#8221;), a new index calculated by reference to short-term repurchase agreements, backed by Treasury securities.
Abandonment of, or modifications to, LIBOR could have adverse impacts on newly issued financial instruments and any of our existing
financial instruments which reference LIBOR. Given the inherent differences between LIBOR and SOFR, or any other alternative benchmark
rate that may be established, there are many uncertainties regarding a transition from LIBOR, including, but not limited to, the
need to amend all contracts with LIBOR as the referenced rate and how this will impact the cost of variable rate debt and certain
derivative financial instruments. In addition, SOFR or other replacement rates may fail to gain market acceptance. Any failure
of SOFR or alternative reference rates to gain market acceptance could adversely affect the return on, value of and market for
securities linked to such rates.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Neither
the effect of the LIBOR transition process nor its ultimate success can yet be known. The transition process might lead to increased
volatility and illiquidity in markets for, and reduce the effectiveness of, new hedges placed against, instruments whose terms
currently include LIBOR. While some existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available
by providing for an alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of
any such alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting
provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions
in certain existing instruments. Moreover, these alternative rate-setting provisions may not be designed for regular use in an
environment where LIBOR ceases to be published, and may be an ineffective fallback following the discontinuation of LIBOR.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">On
March 15, 2022, President Biden signed into law the Consolidated Appropriations Act of 2022, which among other things, provides
for the use of interest rates based on SOFR in certain contracts currently based on LIBOR and a safe harbor from liability for
utilizing SOFR-based interest rates as a replacement for LIBOR. The elimination of LIBOR could have an adverse impact on the market
value of and/or transferability of any LIBOR-linked securities, loans, and other financial obligations or extensions of credit
held by or due to us or on our overall financial condition or results of operations.</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=glu_DeflationRiskMember', window );">Deflation 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="text"><p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--DeflationRiskMember_dU_zPlb4kRi5Sba" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Deflation
Risk. </i></b>Deflation risk is the risk that prices throughout the economy decline over time, which may have an adverse effect
on the market valuation of companies, their assets and their revenues. In addition, deflation may have an adverse effect on the
creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund&#8217;s
portfolio.</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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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--LegislationRiskMember_dU_zCGmnt0dT8Vk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Legislation
Risk. </i></b>At any time after the date of this Annual Report, legislation may be enacted that could negatively affect the assets
of the Fund. Legislation or regulation may change the way in which the Fund itself is regulated. The Investment Adviser cannot
predict the effects of any new governmental regulation that may be implemented and there can be no assurance that any new governmental
regulation will not adversely affect the Fund&#8217;s ability to achieve its investment objective.</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=glu_RelianceonServiceProvidersRiskMember', window );">Reliance on Service Providers 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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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--RelianceonServiceProvidersRiskMember_dU_zI6tCmYeQ0P4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Reliance
on Service Providers Risk. </i></b>The Fund must rely upon the performance of service providers to perform certain functions,
which may include functions that are integral to the Fund&#8217;s operations and financial performance. Failure by any service
provider to carry out its obligations to the Fund in accordance with the terms of its appointment, to exercise due care and skill
or to perform its obligations to the Fund at all as a result of insolvency, bankruptcy or other causes could have a material adverse
effect on the Fund&#8217;s performance and returns to shareholders. The termination of the Fund&#8217;s relationship with any
service provider, or any delay in appointing a replacement for such service provider, could materially disrupt the business of
the Fund and could have a material adverse effect on the Fund&#8217;s performance and returns to shareholders.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#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=glu_CyberSecurityRiskMember', window );">Cyber Security 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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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--CyberSecurityRiskMember_dU_zXb3nD65zBDf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Cyber
Security Risk. </i></b>The Fund and its service providers are susceptible to cyber security risks that include, among other things,
theft, unauthorized monitoring, release, misuse, loss, destruction or corruption of confidential and highly restricted data; denial
of service attacks; unauthorized access to relevant systems, compromises to networks or devices that the Fund and its service
providers use to service the Fund&#8217;s operations; or operational disruption or failures in the physical infrastructure or
operating systems that support the Fund and its service providers. Cyber attacks are becoming increasingly common and more sophisticated,
and may be perpetrated by computer hackers, cyber-terrorists or others engaged in corporate espionage. Cyber attacks against or
security breakdowns of the Fund or its service providers may adversely impact the Fund and its stockholders, potentially resulting
in, among other things, financial losses; the inability of Fund stockholders to transact business and the Fund to process transactions;
inability to calculate the Fund&#8217;s NAV; violations of applicable privacy and other laws; regulatory fines, penalties, reputational
damage, reimbursement or other compensation costs; and/or additional compliance costs. The Fund may incur additional costs for
cyber security risk management and remediation purposes. In addition, cyber security risks may also impact issuers of securities
in which the Fund invests, which may cause the Fund&#8217;s investment in such issuers to lose value. There have been a number
of recent highly publicized cases of companies reporting the unauthorized disclosure of client or customer information, as well
as cyberattacks involving the dissemination, theft and destruction of corporate information or other assets, as a result of failure
to follow procedures by employees or contractors or as a result of actions by third parties, including actions by terrorist organizations
and hostile foreign governments. Although service providers typically have policies and procedures, business continuity plans
and/or risk management systems intended to identify and mitigate cyber incidents, there are inherent limitations in such plans
and systems including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cyber
security policies, plans and systems put in place by its service providers or any other third parties whose operations may affect
the Fund or its shareholders. There can be no assurance that the Fund or its service providers will not suffer losses relating
to cyber attacks or other information security breaches in the future.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="color: Black">Because technology
is consistently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some risks
have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund&#8217;s ability
to plan for or respond to a cyber attack. In addition to deliberate cyber attacks, unintentional cyber incidents can occur, such
as the inadvertent release of confidential information by the Fund or its service providers. Like other funds and business enterprises,
the Fund and its service providers are subject to the risk of cyber incidents occurring from time to time.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#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=glu_MisconductOfEmployeesAndOfServiceProvidersRiskMember', window );">Misconduct of Employees and of Service Providers 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="text"><p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--MisconductOfEmployeesAndOfServiceProvidersRiskMember_dU_z4pWrufNxnQi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Misconduct
of Employees and of Service Providers Risk. </i></b>Misconduct or misrepresentations by employees of the Investment Adviser or
the Fund&#8217;s service providers could cause significant losses to the Fund. Employee</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>




<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>





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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">misconduct
may include binding the Fund to transactions that exceed authorized limits or present unacceptable risks and unauthorized trading
activities, concealing unsuccessful trading activities (which, in any case, may result in unknown and unmanaged risks or losses)
or making misrepresentations regarding any of the foregoing. Losses could also result from actions by the Fund&#8217;s service
providers, including, without limitation, failing to recognize trades and misappropriating assets. In addition, employees and
service providers may improperly use or disclose confidential information, which could result in litigation or serious financial
harm, including limiting the Fund&#8217;s business prospects or future marketing activities. Despite the Investment Adviser&#8217;s
due diligence efforts, misconduct and intentional misrepresentations may be undetected or not fully comprehended, thereby potentially
undermining the Investment Adviser&#8217;s due diligence efforts. As a result, no assurances can be given that the due diligence
performed by the Investment Adviser will identify or prevent any such misconduct.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#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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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--LoansOfPortfolioSecuritiesMember_dU_zjfMmzInWwBi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Loans
of Portfolio Securities. </i></b>Consistent with applicable regulatory requirements and the Fund&#8217;s investment restrictions,
the Fund may lend its portfolio securities to securities broker-dealers or financial institutions, provided that such loans are
callable at any time by the Fund (subject to certain notice provisions), and are at all times collateralized in accordance with
applicable regulatory requirements. The advantage of such loans is that the Fund continues to receive the income on the loaned
securities while at the same time earning interest on the cash amounts deposited as collateral, which will be invested in short-term
obligations. The Fund will not lend its portfolio securities if such loans are not permitted by the laws or regulations of any
state in which its shares are qualified for sale.</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=glu_LegalTaxAndRegulatoryRiskMember', window );">Legal, Tax and Regulatory 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="text"><p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--LegalTaxAndRegulatoryRiskMember_dU_zQsugWsJjnja" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Legal,
Tax and Regulatory Risk. </i></b>Legal, tax and regulatory changes could occur that may have material adverse effects on the Fund
or its shareholders. For example, the regulatory and tax environment for derivative instruments in which the Fund may participate
is evolving, and such changes in the regulation or taxation of derivative instruments may have material adverse effects on the
value of derivative instruments held by the Fund and the ability of the Fund to pursue its investment strategies. In addition,
on August 16, 2022, the Biden administration signed into law the Inflation Reduction Act, which modifies key aspects of the Code,
including by creating an alternative minimum tax on certain corporations and an excise tax on stock repurchases by certain corporations.
Changes to the U.S. federal tax laws and interpretations thereof could adversely affect an investment in the Fund.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">We
cannot assure you what percentage of the distributions paid on the Fund&#8217;s shares, if any, will consist of tax-advantaged
qualified dividend income or long-term capital gains or what the tax rates on various types of income will be in future years.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">To
qualify for the favorable U.S. federal income tax treatment generally accorded to RICs under the Code, the Fund must, among other
things, meet certain asset diversification tests, derive in each taxable year at least 90% of its gross income from certain prescribed
sources and distribute for each taxable year at least 90% of its &#8220;investment company taxable income.&#8221; Statutory limitations
on distributions on the common shares if the Fund fails to satisfy the 1940 Act&#8217;s asset coverage requirements could jeopardize
the Fund&#8217;s ability to meet such distribution requirements. While the Fund presently intends to purchase or redeem notes
or preferred shares, if any, to the extent necessary in order to maintain compliance with such asset coverage requirements, there
can be no assurance that such actions can be effected in time to meet the Code requirements. If for any taxable year the Fund
does not qualify as a RIC, all of its taxable income for that year (including its net capital gain) would be subject to tax at
regular corporate rates without any deduction for distributions to shareholders, and</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">such
distributions would be taxable as ordinary dividends to the extent of the Fund&#8217;s current and accumulated earnings and profits.
The resulting corporate taxes would materially reduce the Fund&#8217;s net assets and the amount of cash available for distribution
to shareholders. For a more complete discussion of these and other U.S. federal income tax considerations.</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=glu_InvestmentDilutionRiskMember', window );">Investment Dilution Risk [Member]</a></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_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>
<td class="text"><p id="xdx_842_ecef--RiskTextBlock_hcef--RiskAxis__custom--InvestmentDilutionRiskMember_dU_zNqUjqhpNjA3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Investment
Dilution Risk. </i></b>The Fund&#8217;s investors do not have preemptive rights to any shares the Fund may issue in the future.
The Fund&#8217;s Agreement and Declaration of Trust authorizes it to issue an unlimited number of shares. The Board may make certain
amendments to the Agreement and Declaration of Trust. After an investor purchases shares, the Fund may sell additional shares
or other classes of shares in the future or issue equity interests in private offerings. To the extent the Fund issues additional
equity interests after an investor purchases its shares, such investor&#8217;s percentage ownership interest in the Fund will
be diluted.</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=glu_AntiTakeoverProvisionsMember', window );">Anti-Takeover Provisions [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="text"><p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--AntiTakeoverProvisionsMember_dU_zUyy2m3ISGue" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Anti-Takeover
Provisions. </i></b>The Agreement and Declaration of Trust and By-Laws of the Fund include provisions that could limit the ability
of other entities or persons to acquire control of the Fund or convert the Fund to an open-end fund. See also &#8211; &#8220;Delaware
Statutory Trust Act &#8211; Control Share Acquisitions.&#8221;</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=glu_SpecialRisksToHoldersOfNotesMember', window );">Special Risks to Holders of Notes [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>
<td class="text"><p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfNotesMember_dU_z7yFjdllhl4f" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Special Risks
to Holders of Notes</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">An
investment in our notes is subject to special risks. Our notes are not likely to be listed on an exchange or automated quotation
system. We cannot assure you that any market will exist for our notes or if a market does exist, whether it will provide holders
with liquidity. Broker-dealers that maintain a secondary trading market for the notes are not required to maintain this market,
and the Fund is not required to redeem notes if an attempted secondary market sale fails because of a lack of buyers. To the extent
that our notes trade, they may trade at a price either higher or lower than their principal amount depending on interest rates,
the rating (if any) on such notes and other factors.</span></p>

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<td class="text"><p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfFixedRatePreferredSharesMember_dU_zhuzlFQVYhY4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Special Risks
to Holders of Fixed Rate Preferred Shares</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Illiquidity
Prior to Exchange Listing. </i></b>Prior to an offering, there will be no public market for any series of fixed rate preferred
shares. In the event any additional series of fixed rate preferred shares are issued, we expect to apply to list such shares on
a national securities exchange, which will likely be the NYSE. However, during an initial period, which is not expected to exceed
30 days after the date of initial issuance, such shares may not be listed on any securities exchange. During such period, the
underwriters may make a market in such shares, though they will have no obligation to do so. Consequently, an investment in such
shares may be illiquid during such period.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Market
Price Fluctuation. </i></b>Fixed rate preferred shares may trade at a premium to or discount from liquidation value for various
reasons, including changes in interest rates, perceived credit quality and other factors.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#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="text"><p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfNotesAndPreferredSharesMember_dU_zrsti7Fsh3c" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Special Risks
to Holders of Notes and Preferred Shares</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Common
Share Repurchases. </i></b>Repurchases of common shares by the Fund may reduce the net asset coverage of the notes and preferred
shares, which could adversely affect their liquidity or market prices.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Common
Share Distribution Policy. </i></b>In the event the Fund does not generate a total return from dividends and interest received
and net realized capital gains in an amount at least equal to its distributions for a given year, the Fund expects that it would
return capital as part of its distribution. This would decrease the asset coverage</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>




<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B">&#160;</p>





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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">per
share with respect to the Fund&#8217;s notes or preferred shares, which could adversely affect their liquidity or market prices.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">During
the fiscal year ended December 31, 2022, the Fund made distributions of $1.20 per common share, or which $0.55 per common share
comprised return of capital. The composition of each distribution is estimated based on earnings as of the record date for the
distribution. The actual composition of each distribution may change based on the Fund&#8217;s investment activity through the
end of the calendar year.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Credit
Quality Ratings. </i></b>The Fund may obtain credit quality ratings for its preferred shares or notes, if desired; however, it
is not required to do so and may issue preferred shares or notes without any rating. If rated, the Fund does not impose any minimum
rating necessary to issue such preferred shares or notes. The Fund&#8217;s portfolio must satisfy over-collateralization tests
established by the relevant rating agencies in order to obtain and maintain attractive credit quality ratings for preferred shares
or borrowings, if desired. These tests are more difficult to satisfy to the extent the Fund&#8217;s portfolio securities are of
lower credit quality, longer maturity or not diversified by issuer and industry.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">These
guidelines could affect portfolio decisions and may be more stringent than those imposed by the 1940 Act. With respect to ratings
(if any) of the notes or preferred shares, a rating by a ratings agency does not eliminate or necessarily mitigate the risks of
investing in our preferred shares or notes, and a rating may not fully or accurately reflect all of the securities&#8217; credit
risks. A rating does not address the liquidity or any other market risks of the securities being rated. A rating agency could
downgrade the rating of our notes or preferred shares, which may make such securities less liquid in the secondary market. If
a rating agency downgrades the rating assigned to our preferred shares or notes, we may alter our portfolio or redeem all or a
portion of the preferred shares or notes that are then redeemable under certain circumstances.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#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="text"><p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksOfNotesToHoldersOfPreferredSharesMember_dU_zn3VPIE2Q34j" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Special Risks
of Notes to Holders of Preferred Shares</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">As
provided in the 1940 Act, and subject to compliance with the Fund&#8217;s investment limitations, the Fund may issue notes. In
the event the Fund were to issue such securities, the Fund&#8217;s obligations to pay dividends or make distributions and, upon
liquidation of the Fund, liquidation payments in respect of its preferred shares would be subordinate to the Fund&#8217;s obligations
to make any principal and interest payments due and owing with respect to its outstanding notes. Accordingly, the Fund&#8217;s
issuance of notes would have the effect of creating special risks for the Fund&#8217;s preferred shareholders that would not be
present in a capital structure that did not include such 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>
<td class="text"><p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfCommonSharesMember_dU_zvjqNkvCAzOh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Special Risks
to Holders of Common Shares</b></span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Dilution
Risk. </i></b>If the Fund determines to conduct a rights offering to subscribe for common shares, holders of common shares may
experience dilution of the aggregate net asset value of their common shares. Such dilution will depend upon whether (i) such shareholders
participate in the rights offering and (ii) the Fund&#8217;s net asset value per common share is above or below the subscription
price on the expiration date of the rights offering.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Shareholders
who do not exercise their subscription rights may, at the completion of such an offering, own a smaller proportional interest
in the Fund than if they exercised their subscription rights. As a result of such an offering, a shareholder may experience dilution
in net asset value per share if the subscription price per share is below the net asset value per share on the expiration date.
If the subscription price per share is below the net</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">asset
value per share of the Fund&#8217;s shares on the expiration date, a shareholder will experience an immediate dilution of the
aggregate net asset value of such shareholder&#8217;s shares if the shareholder does not participate in such an offering and the
shareholder will experience a reduction in the net asset value per share of such shareholder&#8217;s shares whether or not the
shareholder participates in such an offering. The Fund cannot state precisely the extent of this dilution (if any) if the shareholder
does not exercise such shareholder&#8217;s subscription rights because the Fund does not know what the net asset value per share
will be when the offer expires or what proportion of the subscription rights will be exercised.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><b><i>Leverage
Risk. </i></b>The Fund currently uses financial leverage for investment purposes by issuing preferred shares and is also permitted
to use other types of financial leverage, such as through the issuance of debt securities or additional preferred shares and borrowing
from financial institutions. As provided in the 1940 Act and subject to certain exceptions, the Fund may issue additional senior
securities (which may be stock, such as preferred shares, and/or securities representing debt) only if immediately after such
issuance the value of the Fund&#8217;s total assets, less certain ordinary course liabilities, exceeds 300% of the amount of the
debt outstanding and exceeds 200% of the amount of preferred shares and debt outstanding. As of December 31, 2022, the amount
of leverage represented approximately 39% of the Fund&#8217;s net assets.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund&#8217;s leveraged capital structure creates special risks not associated with unleveraged funds having a similar investment
objective and policies. These include the possibility of greater loss and the likelihood of higher volatility of the net asset
value of the Fund and the asset coverage for the preferred shares. Such volatility may increase the likelihood of the Fund having
to sell investments in order to meet its obligations to make distributions on the preferred shares or principal or interest payments
on debt securities, or to redeem preferred shares or repay debt, when it may be disadvantageous to do so. The Fund&#8217;s use
of leverage may require it to sell portfolio investments at inopportune times in order to raise cash to redeem preferred shares
or otherwise de- leverage so as to maintain required asset coverage amounts or comply with the mandatory redemption terms of any
outstanding preferred shares. The use of leverage magnifies both the favorable and unfavorable effects of price movements in the
investments made by the Fund. To the extent that the Fund employs leverage in its investment operations, the Fund is subject to
substantial risk of loss. The Fund cannot assure you that borrowings or the issuance of notes or preferred shares will result
in a higher yield or return to the holders of the common shares. Also, since the Fund utilizes leverage, a decline in net asset
value could affect the ability of the Fund to make common share distributions and such a failure to make distributions could result
in the Fund ceasing to qualify as a RIC under the Code.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Any
decline in the net asset value of the Fund&#8217;s investments would be borne entirely by the holders of common shares. Therefore,
if the market value of the Fund&#8217;s portfolio declines, the leverage will result in a greater decrease in net asset value
to the holders of common shares than if the Fund were not leveraged. This greater net asset value decrease will also tend to cause
a greater decline in the market price for the common shares. The Fund might be in danger of failing to maintain the required asset
coverage of its borrowings, notes or preferred shares or of losing its ratings on its notes or preferred shares or notes or, in
an extreme case, the Fund&#8217;s current investment income might not be sufficient to meet the distribution or interest requirements
on the borrowings, preferred shares or notes. In order to counteract such an event, the Fund might need to liquidate investments
in order to fund a redemption or repayment of some or all of the borrowings, preferred shares or notes.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black"><i>Preferred
Share and Note Risk. </i>The issuance of preferred shares or notes causes the net asset value and market value of the common shares
to become more volatile. If the dividend rate on the preferred shares or the interest rate on the notes approaches the net rate
of return on the Fund&#8217;s investment portfolio, the benefit of leverage to the holders of the common shares would be reduced.
If the dividend rate on the preferred shares or the interest rate on the notes plus the management fee rate exceeds the net rate
of return on the Fund&#8217;s portfolio, the leverage will result in a lower rate of return to the holders of common shares than
if the Fund had not issued preferred shares or notes. If the Fund has insufficient investment income and gains, all or a portion
of the distributions to preferred shareholders or interest payments to note holders would come from the common shareholders&#8217;
capital. Such distributions and interest payments reduce the net assets attributable to common shareholders. The Prospectus Supplement
relating to any sale of preferred shares will set forth dividend rate on such preferred shares.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">In
addition, the Fund would pay (and the holders of common shares will bear) all costs and expenses relating to the issuance and
ongoing maintenance of the preferred shares or notes, including the advisory fees on the incremental assets attributable to the
preferred shares or notes.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Holders
of preferred shares and notes may have different interests than holders of common shares and may at times have disproportionate
influence over the Fund&#8217;s affairs. As provided in the 1940 Act and subject to certain exceptions, the Fund may issue senior
securities (which may be stock, such as preferred shares, and/or securities representing debt, such as notes) only if immediately
after the issuance the value of the Fund&#8217;s total assets, less certain ordinary course liabilities, exceeds 300% of the amount
of the debt outstanding (i.e., for every dollar of indebtedness outstanding, the Fund is required to have at least three dollars
of assets) and exceeds 200% of the amount of preferred shares and debt outstanding (i.e., for every dollar in liquidation preference
of preferred stock outstanding, the Fund is required to have two dollars of assets), which is referred to as the &#8220;asset
coverage&#8221; required by the 1940 Act. In the event the Fund fails to maintain an asset coverage of 100% for any notes outstanding
for certain periods of time, the 1940 Act requires that either an event of default be declared or that the holders of such notes
have the right to elect a majority of the Fund&#8217;s Trustees until asset coverage recovers to 110%. In addition, holders of
preferred shares, voting separately as a single class, have the right (subject to the rights of noteholders) to elect two members
of the Board at all times and in the event dividends become two full years in arrears would have the right to elect a majority
of the Trustees until such arrearage is completely eliminated. In addition, preferred shareholders have class voting rights on
certain matters, including changes in fundamental investment restrictions and conversion of the Fund to open-end status, and accordingly
can veto any such changes. Further, interest on notes will be payable when due as described in a Prospectus Supplement and if
the Fund does not pay interest when due, it will trigger an event of default and the Fund expects to be restricted from declaring
dividends and making other distributions with respect to common shares and preferred shares. Upon the occurrence and continuance
of an event of default, the holders of a majority in principal amount of a series of outstanding notes or the trustee will be
able to declare the principal amount of that series of notes immediately due and payable upon written notice to the Fund. The
1940 Act also generally restricts the Fund from declaring distributions on, or repurchasing, common or preferred shares unless
notes have an asset coverage of 300% (200% in the case of declaring distributions on preferred shares). The Fund&#8217;s common
shares are structurally subordinated as to income and residual value to any preferred shares or notes in the Fund&#8217;s capital
structure, in terms of priority to income and payment in liquidation.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"><span style="color: Black">Restrictions
imposed on the declarations and payment of dividends or other distributions to the holders of the Fund&#8217;s common shares and
preferred shares, both by the 1940 Act and by requirements imposed by rating agencies, might impair the Fund&#8217;s ability to
maintain its qualification as a RIC for U.S. federal income tax purposes. While the Fund intends to redeem its preferred shares
or notes to the extent necessary to enable the Fund to distribute its income as required to maintain its qualification as a RIC
under the Code, there can be no assurance that such actions can be effected in time to meet the Code requirements.&#160;</span></p>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Portfolio Guidelines of
Rating Agencies for Preferred Shares and/or Credit Facility.</i> In order to obtain and maintain attractive credit quality ratings
for preferred shares or borrowings, the Fund must comply with investment quality, diversification and other guidelines established
by the relevant rating agencies. These guidelines could affect portfolio decisions and may be more stringent than those imposed
by the 1940 Act. In the event that a rating on the Fund&#8217;s preferred shares or notes is lowered or withdrawn by the relevant
rating agency, the Fund may also be required to redeem all or part of its outstanding preferred shares or notes, and the common
shares of the Fund will lose the potential benefits associated with a leveraged capital structure.</span></td>
</tr></table>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Impact on Common Shares.
</i>Assuming that leverage will (1) be equal in amount to approximately 39% of the Fund&#8217;s total net assets (the Fund&#8217;s
amount of outstanding financial leverage as of December 31, 2022), and (2) charge interest or involve dividend payments at a projected
blended annual average leverage dividend or interest rate of <span id="xdx_902_ecef--AnnualInterestRatePercent_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_ziwP7djdAgwc">4.00%</span>%, then the total return generated by the Fund&#8217;s portfolio
(net of estimated expenses) must exceed approximately <span id="xdx_90E_ecef--AnnualCoverageReturnRatePercent_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_z1fJuaJqiSw6">1.57%</span> of the Fund&#8217;s total net assets in order to cover such interest
or dividend payments and other expenses specifically related to leverage. Of course, these numbers are merely estimates, used
for illustration. Actual dividend rates, interest or payment rates may vary frequently and may be significantly higher or lower
than the rate estimated above. The following table is furnished in response to requirements of the SEC. It is designed to illustrate
the effect of leverage on common share total return, assuming investment portfolio total returns (comprised of net investment
income of the Fund, realized gains or losses of the Fund and changes in the value of the securities held in the Fund&#8217;s portfolio)
of -10%, -5%, 0%, 5% and 10%. These assumed investment portfolio returns are hypothetical figures and are not necessarily indicative
of the investment portfolio returns experienced or expected to be experienced by the Fund. The table further reflects leverage
representing 39% of the Fund&#8217;s net assets (the Fund&#8217;s average amount of outstanding financial leverage during the
fiscal year ended December 31, 2022), the Fund&#8217;s current projected blended annual average leverage dividend or interest
rate of <span id="xdx_902_ecef--AnnualInterestRatePercent_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zsaXIReGjCH1">4.00%</span> (the average dividend rate on the Fund&#8217;s outstanding financial leverage as of December 31, 2022), a base management
fee at an annual rate of 0.50% and estimated annual incremental expenses attributable to any outstanding preferred shares of
approximately 0.01% of the Fund&#8217;s net assets attributable to common shares. These assumed investment portfolio returns are
hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced
by the Fund.</span></td>
</tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse; margin-left: 0.75in">
<tr style="vertical-align: top">
    <td style="width: 40%; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Assumed Return on Portfolio (Net of Expenses)</span></td>
    <td style="width: 12%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(10)%</span></td>
    <td style="width: 12%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5)%</span></td>
    <td style="width: 12%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0%</span></td>
    <td style="width: 11%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5%</span></td>
    <td style="width: 13%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10%</span></td></tr>
<tr style="vertical-align: top">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Corresponding Return to Common Shareholder</span></td>
    <td id="xdx_98F_ecef--ReturnAtMinusTenPercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zaRPw1ma1197" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(19.37)%</span></td>
    <td id="xdx_984_ecef--ReturnAtMinusFivePercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zQcapflVlsZj" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(11.14)%</span></td>
    <td id="xdx_988_ecef--ReturnAtZeroPercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zx2soeleoBLk" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2.91)%</span></td>
    <td id="xdx_98F_ecef--ReturnAtPlusFivePercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zeL1nA2JV771" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.33%</span></td>
    <td id="xdx_98C_ecef--ReturnAtPlusTenPercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_z6EPjHyMxt2i" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13.56%</span></td></tr>
</table>


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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">Common
share total return is composed of two elements&#8212;the common share distributions paid by the Fund (the amount of which is largely
determined by the taxable income of the Fund (including realized gains or losses) after paying interest on any debt and/or dividends
on any preferred shares) and unrealized gains or losses on the value of the securities the Fund owns. As required by SEC rules,
the table assumes that the Fund is more likely to suffer capital losses than to enjoy total return. For example, to assume a total
return of 0% the Fund must assume that the income it receives on its investments is entirely offset by expenses and losses in
the value of those investments.&#160;</span></p>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="color: Black">&#9679;</span></td><td style="text-align: justify"><span style="color: Black"><i>Market Discount Risk.</i>
As described above in &#8220;&#8212;General Risks&#8212;Market Discount Risk,&#8221; common shares of closed-end funds often trade
at a discount to their net asset values and the Fund&#8217;s common shares may trade at such a discount. This risk may be greater
for investors expecting to sell their common shares of the Fund soon after completion of a public offering. The common shares
of the Fund are designed primarily for long-term investors and investors in the shares should not view the Fund as a vehicle
for trading purposes.</span></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"><span style="color: Black">&#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>
<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=glu_SpecialRiskToHoldersOfSubscriptionRightsMember', window );">Special Risk to Holders of Subscription Rights [Member]</a></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>
<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_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></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>
<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_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRiskToHoldersOfSubscriptionRightsMember_dU_zVVeo6CduNXi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black"><b>Special Risk to
Holders of Subscription Rights</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">There
is a risk that changes in market conditions may result in the underlying common or preferred shares purchasable upon exercise
of the subscription rights being less attractive to investors at the conclusion of the subscription period. This may reduce or
eliminate the value of the subscription rights. Investors who receive subscription rights may find that there is no market to
sell rights they do not wish to exercise. If investors exercise only a portion of the rights, the number of common or preferred
shares issued may be reduced, and the common or preferred shares may trade at less favorable prices than larger offerings for
similar securities.</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>
<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_SecurityAxis=glu_SeriesACumulativePreferredStockMember', window );">Series A Cumulative Preferred Stock [Member]</a></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>
<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_FinancialHighlightsAbstract', window );"><strong>Financial Highlights [Abstract]</strong></a></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>
<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_SeniorSecuritiesAmount', window );">Senior Securities Amount</a></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="nump">$ 1,054,000<span></span>
</td>
<td class="nump">$ 1,626,000<span></span>
</td>
<td class="nump">$ 1,711,000<span></span>
</td>
<td class="nump">$ 1,711,000<span></span>
</td>
<td class="nump">$ 2,319,000<span></span>
</td>
<td class="nump">$ 51,304,000<span></span>
</td>
<td class="nump">$ 51,304,000<span></span>
</td>
<td class="nump">$ 51,304,000<span></span>
</td>
<td class="nump">$ 51,621,000<span></span>
</td>
<td class="nump">$ 51,621,000<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_SeniorSecuritiesCoveragePerUnit', window );">Senior Securities Coverage per Unit</a></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="nump">$ 127.34<span></span>
</td>
<td class="nump">$ 141.18<span></span>
</td>
<td class="nump">$ 130.97<span></span>
</td>
<td class="nump">$ 134.88<span></span>
</td>
<td class="nump">$ 127.17<span></span>
</td>
<td class="nump">$ 139.88<span></span>
</td>
<td class="nump">$ 129.47<span></span>
</td>
<td class="nump">$ 128.40<span></span>
</td>
<td class="nump">$ 137.34<span></span>
</td>
<td class="nump">$ 139.21<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_SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit', window );">Senior Securities Involuntary Liquidating Preference per Unit</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 50<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="nump">50.00<span></span>
</td>
<td class="nump">50.00<span></span>
</td>
<td class="nump">50.00<span></span>
</td>
<td class="nump">50.00<span></span>
</td>
<td class="nump">50.00<span></span>
</td>
<td class="nump">50.00<span></span>
</td>
<td class="nump">50.00<span></span>
</td>
<td class="nump">50.00<span></span>
</td>
<td class="nump">50.00<span></span>
</td>
<td class="nump">50.00<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_SeniorSecuritiesAverageMarketValuePerUnit', window );">Senior Securities Average Market Value per Unit</a></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="nump">$ 48.08<span></span>
</td>
<td class="nump">$ 46.44<span></span>
</td>
<td class="nump">$ 45.94<span></span>
</td>
<td class="nump">$ 46.84<span></span>
</td>
<td class="nump">$ 49.10<span></span>
</td>
<td class="nump">$ 50.90<span></span>
</td>
<td class="nump">$ 51.17<span></span>
</td>
<td class="nump">$ 50.49<span></span>
</td>
<td class="nump">$ 50.55<span></span>
</td>
<td class="nump">$ 50.88<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="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>
<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="text">&#160;<span></span>
</td>
<td class="text">Series A Cumulative Preferred Shares<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>
<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_OutstandingSecurityAuthorizedShares', window );">Outstanding Security, Authorized [Shares]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,200,000<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>
<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_OutstandingSecurityHeldShares', window );">Outstanding Security, Held [Shares]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<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>
<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_OutstandingSecurityNotHeldShares', window );">Outstanding Security, Not Held [Shares]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">21,087<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="nump">21,000<span></span>
</td>
<td class="nump">33,000<span></span>
</td>
<td class="nump">34,000<span></span>
</td>
<td class="nump">34,000<span></span>
</td>
<td class="nump">46,000<span></span>
</td>
<td class="nump">1,026,000<span></span>
</td>
<td class="nump">1,026,000<span></span>
</td>
<td class="nump">1,026,000<span></span>
</td>
<td class="nump">1,032,000<span></span>
</td>
<td class="nump">1,032,000<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_SecurityAxis=glu_SeriesBCumulativePreferredStockMember', window );">Series B Cumulative Preferred Stock [Member]</a></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>
<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_FinancialHighlightsAbstract', window );"><strong>Financial Highlights [Abstract]</strong></a></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>
<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_SeniorSecuritiesAmount', window );">Senior Securities Amount</a></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="nump">$ 60,251,000<span></span>
</td>
<td class="nump">$ 60,303,000<span></span>
</td>
<td class="nump">$ 62,901,000<span></span>
</td>
<td class="nump">$ 62,901,000<span></span>
</td>
<td class="nump">$ 62,901,000<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_SeniorSecuritiesCoveragePerUnit', window );">Senior Securities Coverage per Unit</a></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="nump">$ 127.34<span></span>
</td>
<td class="nump">$ 141.18<span></span>
</td>
<td class="nump">$ 130.97<span></span>
</td>
<td class="nump">$ 134.88<span></span>
</td>
<td class="nump">$ 127.17<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_SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit', window );">Senior Securities Involuntary Liquidating Preference per Unit</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 50<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="nump">50.00<span></span>
</td>
<td class="nump">50.00<span></span>
</td>
<td class="nump">50.00<span></span>
</td>
<td class="nump">50.00<span></span>
</td>
<td class="nump">50.00<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_SeniorSecuritiesAverageMarketValuePerUnit', window );">Senior Securities Average Market Value per Unit</a></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="nump">$ 50.25<span></span>
</td>
<td class="nump">$ 51.67<span></span>
</td>
<td class="nump">$ 51.66<span></span>
</td>
<td class="nump">$ 52.15<span></span>
</td>
<td class="nump">$ 51.32<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="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>
<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_OutstandingSecurityTitleTextBlock', window );">Outstanding Security, Title [Text Block]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Series B Cumulative Preferred Shares<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>
<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_OutstandingSecurityAuthorizedShares', window );">Outstanding Security, Authorized [Shares]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,370,433<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>
<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="text">&#160;<span></span>
</td>
<td class="nump">0<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>
<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="text">&#160;<span></span>
</td>
<td class="nump">1,205,013<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="nump">1,205,000<span></span>
</td>
<td class="nump">1,206,000<span></span>
</td>
<td class="nump">1,258,000<span></span>
</td>
<td class="nump">1,258,000<span></span>
</td>
<td class="nump">1,258,000<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_SecurityAxis=glu_CommonStockMember', window );">Common Stock [Member]</a></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>
<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="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>
<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_AnnualInterestRatePercent', window );">Annual Interest Rate [Percent]</a></td>
<td class="nump">4.00%<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>
<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_AnnualCoverageReturnRatePercent', window );">Annual Coverage Return Rate [Percent]</a></td>
<td class="nump">1.57%<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>
<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_ReturnAtMinusTenPercent', window );">Return at Minus Ten [Percent]</a></td>
<td class="num">(19.37%)<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>
<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_ReturnAtMinusFivePercent', window );">Return at Minus Five [Percent]</a></td>
<td class="num">(11.14%)<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>
<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_ReturnAtZeroPercent', window );">Return at Zero [Percent]</a></td>
<td class="num">(2.91%)<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>
<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_ReturnAtPlusFivePercent', window );">Return at Plus Five [Percent]</a></td>
<td class="nump">5.33%<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>
<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_ReturnAtPlusTenPercent', window );">Return at Plus Ten [Percent]</a></td>
<td class="nump">13.56%<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>
<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 13.34<span></span>
</td>
<td class="nump">$ 13.96<span></span>
</td>
<td class="nump">$ 16.00<span></span>
</td>
<td class="nump">$ 18.49<span></span>
</td>
<td class="nump">$ 19.43<span></span>
</td>
<td class="nump">$ 19.65<span></span>
</td>
<td class="nump">$ 19.54<span></span>
</td>
<td class="nump">$ 18.21<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_HighestPriceOrBid', window );">Highest Price or Bid</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15.38<span></span>
</td>
<td class="nump">17.04<span></span>
</td>
<td class="nump">20.26<span></span>
</td>
<td class="nump">21.49<span></span>
</td>
<td class="nump">21.24<span></span>
</td>
<td class="nump">22.20<span></span>
</td>
<td class="nump">22.77<span></span>
</td>
<td class="nump">19.69<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_LowestPriceOrBidNav', window );">Lowest Price or Bid, NAV</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13.69<span></span>
</td>
<td class="nump">14.01<span></span>
</td>
<td class="nump">16.19<span></span>
</td>
<td class="nump">18.80<span></span>
</td>
<td class="nump">19.81<span></span>
</td>
<td class="nump">20.08<span></span>
</td>
<td class="nump">20.69<span></span>
</td>
<td class="nump">19.57<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_HighestPriceOrBidNav', window );">Highest Price or Bid, NAV</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 16.45<span></span>
</td>
<td class="nump">$ 17.91<span></span>
</td>
<td class="nump">$ 20.03<span></span>
</td>
<td class="nump">$ 20.69<span></span>
</td>
<td class="nump">$ 20.89<span></span>
</td>
<td class="nump">$ 20.95<span></span>
</td>
<td class="nump">$ 21.51<span></span>
</td>
<td class="nump">$ 19.12<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_HighestPriceOrBidPremiumDiscountToNavPercent', window );">Highest Price or Bid, Premium (Discount) to NAV [Percent]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(6.50%)<span></span>
</td>
<td class="num">(4.86%)<span></span>
</td>
<td class="nump">1.15%<span></span>
</td>
<td class="nump">3.87%<span></span>
</td>
<td class="nump">1.69%<span></span>
</td>
<td class="nump">5.96%<span></span>
</td>
<td class="nump">5.85%<span></span>
</td>
<td class="nump">2.98%<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_LowestPriceOrBidPremiumDiscountToNavPercent', window );">Lowest Price or Bid, Premium (Discount) to NAV [Percent]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2.56%)<span></span>
</td>
<td class="num">(0.36%)<span></span>
</td>
<td class="num">(1.17%)<span></span>
</td>
<td class="num">(1.65%)<span></span>
</td>
<td class="num">(1.89%)<span></span>
</td>
<td class="num">(2.14%)<span></span>
</td>
<td class="num">(5.54%)<span></span>
</td>
<td class="num">(6.95%)<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_LatestSharePrice', window );">Latest Share Price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 14.08<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>
<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_LatestPremiumDiscountToNavPercent', window );">Latest Premium (Discount) to NAV [Percent]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(11.39%)<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>
<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_LatestNav', window );">Latest NAV</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 15.89<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>
<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="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>
<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="text">&#160;<span></span>
</td>
<td class="text">Common Shares<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>
<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="text">&#160;<span></span>
</td>
<td class="nump">0<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>
<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="text">&#160;<span></span>
</td>
<td class="nump">5,968,911<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>
<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_SecurityAxis=glu_CumulativePreferredStockMember', window );">Cumulative Preferred Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_CapitalStockLongTermDebtAndOtherSecuritiesAbstract', window );"><strong>Capital Stock, Long-Term Debt, and Other Securities [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_SecurityVotingRightsTextBlock', window );">Security Voting Rights [Text Block]</a></td>
<td class="text"><p id="xdx_845_ecef--SecurityVotingRightsTextBlock_hcef--SecurityAxis__custom--CumulativePreferredStockMember_dU_zT0Nsl9vEU1c" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
holders of Preferred Shares generally are entitled to one vote per share held on each matter submitted to a vote of stockholders
of the Fund and will vote together with holders of common stock as a single class. The holders of Preferred Shares voting together
as a single class also have the right currently to elect two Trustees and, under certain circumstances, are entitled to elect
a majority of the Board of Trustees. In addition, the affirmative vote of a majority of the votes entitled to be cast by holders
of all outstanding shares of the preferred shares, voting as a single class, will be required to approve any plan of reorganization
adversely affecting the preferred stock, and the approval of two-thirds of each class, voting separately, of the Fund&#8217;s
outstanding voting stock must approve the conversion of the Fund from a closed-end to an open-end investment company. The approval
of a majority (as defined in the 1940 Act) of the outstanding preferred shares and a majority (as defined in the 1940 Act) of
the Fund&#8217;s outstanding voting securities are required to approve certain other actions, including changes in the Fund&#8217;s
investment objectives or fundamental investment policies.</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_PreferredStockRestrictionsOtherTextBlock', window );">Preferred Stock Restrictions, Other [Text Block]</a></td>
<td class="text"><p id="xdx_844_ecef--PreferredStockRestrictionsOtherTextBlock_hcef--SecurityAxis__custom--CumulativePreferredStockMember_dU_zxwyX9Jq1Sv2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Fund&#8217;s Declaration of Trust, as amended, authorizes the issuance of an unlimited number of shares of $0.001 par value Preferred
Shares. Preferred Shares are senior to the common shares and result in the financial leveraging of the common shares. Such leveraging
tends to magnify both the risks and opportunities to common shareholders. Dividends on the Series A and Series B Preferred are
cumulative and the liquidation value is $50 per share. The Fund is required by the 1940 Act and by the Fund&#8217;s Statement
of Preferences to meet certain asset coverage tests with respect to the Preferred Shares. If the Fund fails to meet these requirements
and does not correct such failure, the Fund may be required to redeem, in part or in full, the Series A and Series B Preferred
Shares at the redemption price of $50 per share plus an amount equal to the accumulated and unpaid dividends whether or not declared
on such shares in order to meet these requirements. Additionally, failure to meet the foregoing asset coverage requirements could
restrict the Fund&#8217;s ability to pay dividends to common shareholders and could lead to sales of portfolio securities at inopportune
times. The income received on the Fund&#8217;s assets may vary in a manner unrelated to the fixed and variable rates, which could
have either a beneficial or detrimental impact on net investment income and gains available to common shareholders.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">As
of December 31, 2022 the Fund had an effective shelf registration authorizing the issuance of $141 million in common or preferred
shares.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Series A Preferred has an annual dividend rate of 3.80%. The Fund may redeem at any time all or any part of the Series A Preferred
at the liquidation value plus accumulated and unpaid dividends. During the year</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">ended
December 31, 2022, the Fund repurchased and retired 11,442 of the Series A Preferred Shares in the open market at an investment
of $534,861 and an average discount of approximately 6.53% from its liquidation preference.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">The
Series B Preferred pay distributions at the annualized rate of 4% on the $50 per share liquidation value. The Series B preferred
may be put back to the Fund during the thirty day period prior to December 26, 2023 at the per share liquidation value of $50
plus any accumulated and unpaid dividends. Commencing on December 26, 2023, the Fund, at its option, may redeem the remaining
Series B Preferred on the same terms.</span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"><span style="color: Black">On
December 28, 2021, the Fund redeemed and retired 51,968 shares of Series B Preferred where shareholders properly submitted for
redemption during the 30 day period prior to December 26, 2021 at their liquidation value of $50 per share plus any accumulated
and unpaid dividends. On January 8, 2022, the fund repurchased 1,048 shares of Series B Preferred at their liquidation preference
of $50 per share.</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_OutstandingSecuritiesTableTextBlock', window );">Outstanding Securities [Table Text Block]</a></td>
<td class="text"><p id="xdx_848_ecef--OutstandingSecuritiesTableTextBlock_hcef--SecurityAxis__custom--CumulativePreferredStockMember_dU_z3La3yaqnXBl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"><span style="color: Black">The following table
summarizes Cumulative Preferred Stock information:</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="text-align: center; vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; width: 23%; text-align: left; padding-right: 3pt"><b>Series</b></td>
    <td style="border-bottom: Black 1pt solid; width: 15%; padding-right: 3pt; padding-left: 3pt"><b>Issue Date</b></td>
    <td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 3pt; padding-left: 3pt"><b>Authorized</b></td>
    <td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 3pt; padding-left: 3pt"><b>Number of</b><br/>
<b>Shares</b><br/>
<b>Outstanding at</b><br/>
<b>12/31/2022</b></td>
    <td style="border-bottom: Black 1pt solid; width: 12%; padding-right: 3pt; padding-left: 3pt"><b>Net Proceeds</b></td>
    <td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 3pt; padding-left: 3pt"><b>2022 Dividend</b><br/>
<b>Rate Range</b></td>
    <td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 3pt; padding-left: 3pt"><b>Dividend</b><br/>
<b>Rate at</b><br/>
<b>12/31/2022</b></td>
    <td style="border-bottom: Black 1pt solid; width: 10%; padding-left: 3pt"><b>Accrued</b><br/>
<b>Dividends at</b><br/>
<b>12/31/2022</b></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 3pt">A 3.800%</td>
    <td style="text-align: right; padding-right: 3pt; padding-left: 3pt">April 11, 2013</td>
    <td id="xdx_981_ecef--OutstandingSecurityAuthorizedShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesACumulativePreferredStockMember_zQkG1sOd2y82" style="text-align: right; padding-right: 3pt; padding-left: 3pt">1,200,000</td>
    <td id="xdx_981_ecef--OutstandingSecurityNotHeldShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesACumulativePreferredStockMember_zFsDq5EeZKp4" style="text-align: right; padding-right: 3pt; padding-left: 3pt">21,087</td>
    <td style="text-align: right; padding-right: 3pt; padding-left: 3pt">$70,286,465</td>
    <td style="text-align: right; padding-right: 3pt; padding-left: 3pt">Fixed Rate</td>
    <td style="text-align: right; padding-right: 3pt; padding-left: 3pt">3.800%</td>
    <td style="text-align: right; padding-left: 3pt">$556</td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 3pt">B 4.000%</td>
    <td style="text-align: right; padding-right: 3pt; padding-left: 3pt">December 19, 2018</td>
    <td id="xdx_989_ecef--OutstandingSecurityAuthorizedShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesBCumulativePreferredStockMember_zgbnCJd0ecf8" style="text-align: right; padding-right: 3pt; padding-left: 3pt">1,370,433</td>
    <td id="xdx_98C_ecef--OutstandingSecurityNotHeldShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesBCumulativePreferredStockMember_zA6djPpVYqz9" style="text-align: right; padding-right: 3pt; padding-left: 3pt">1,205,013</td>
    <td style="text-align: right; padding-right: 3pt; padding-left: 3pt">81,988,557</td>
    <td style="text-align: right; padding-right: 3pt; padding-left: 3pt">Fixed Rate</td>
    <td style="text-align: right; padding-right: 3pt; padding-left: 3pt">4.000%</td>
    <td style="text-align: right; padding-left: 3pt">$33,473</td></tr>
</table>


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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_DividendReinvestmentAndCashPurchaseFees', window );">Dividend Reinvestment and Cash Purchase Fees</a></td>
<td class="nump">2.50<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>
<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_SecurityAxis=glu_DividendsOnPreferredSharesNotIncludedMember', window );">Dividends On Preferred Shares Not Included [Member]</a></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>
<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_OtherAnnualExpensesAbstract', window );"><strong>Other Annual Expenses [Abstract]</strong></a></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>
<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_ExpenseExampleYear01', window );">Expense Example, Year 01</a></td>
<td class="nump">14<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>
<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_ExpenseExampleYears1to3', window );">Expense Example, Years 1 to 3</a></td>
<td class="nump">44<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>
<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_ExpenseExampleYears1to5', window );">Expense Example, Years 1 to 5</a></td>
<td class="nump">76<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>
<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_ExpenseExampleYears1to10', window );">Expense Example, Years 1 to 10</a></td>
<td class="nump">$ 167<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>
<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>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_AnnualCoverageReturnRatePercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br> -Subparagraph 2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_AnnualCoverageReturnRatePercent</td>
</tr>
<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: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_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>
</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_AnnualInterestRatePercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br> -Subparagraph 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_AnnualInterestRatePercent</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>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<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_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>
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<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>
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<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>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</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>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</div></td></tr>
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<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>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</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_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>
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<tr>
<td><strong> Data Type:</strong></td>
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</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_FinancialHighlightsAbstract">
<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 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_FinancialHighlightsAbstract</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_LatestNav">
<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_LatestNav</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_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_LatestSharePrice">
<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_LatestSharePrice</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_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_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_NetExpenseOverAssetsPercent">
<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_NetExpenseOverAssetsPercent</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_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_OutstandingSecurityAuthorizedShares">
<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 2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OutstandingSecurityAuthorizedShares</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_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_PreferredStockRestrictionsOtherTextBlock">
<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 b<br> -Subparagraph 2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_PreferredStockRestrictionsOtherTextBlock</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_ReturnAtMinusFivePercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br> -Subparagraph 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ReturnAtMinusFivePercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ReturnAtMinusTenPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br> -Subparagraph 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ReturnAtMinusTenPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ReturnAtPlusFivePercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br> -Subparagraph 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ReturnAtPlusFivePercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ReturnAtPlusTenPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br> -Subparagraph 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ReturnAtPlusTenPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ReturnAtZeroPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br> -Subparagraph 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ReturnAtZeroPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskFactorsTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph a<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskFactorsTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>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;">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_SecurityVotingRightsTextBlock">
<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> -Subparagraph 2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SecurityVotingRightsTextBlock</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_SeniorSecuritiesAmount">
<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 4<br> -Subsection 3<br> -Paragraph 2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SeniorSecuritiesAmount</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_SeniorSecuritiesAverageMarketValuePerUnit">
<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 4<br> -Subsection 3<br> -Paragraph 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_SeniorSecuritiesAverageMarketValuePerUnit</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_SeniorSecuritiesCoveragePerUnit">
<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 4<br> -Subsection 3<br> -Paragraph 3<br> -Subparagraph Instruction 2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SeniorSecuritiesCoveragePerUnit</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_SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit">
<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 4<br> -Subsection 3<br> -Paragraph 4<br> -Subparagraph Instruction 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_SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit</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_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_cef_WaiversAndReimbursementsOfFeesPercent">
<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_WaiversAndReimbursementsOfFeesPercent</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_cef_RiskAxis=glu_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=glu_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=glu_InterestRateRiskGenerallyMember">
<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=glu_InterestRateRiskGenerallyMember</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=glu_InflationRiskMember">
<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=glu_InflationRiskMember</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=glu_IndustryRisksMember">
<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=glu_IndustryRisksMember</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=glu_EquityRiskMember">
<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=glu_EquityRiskMember</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=glu_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=glu_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=glu_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=glu_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=glu_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=glu_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=glu_MergerArbitrageRiskMember">
<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=glu_MergerArbitrageRiskMember</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=glu_RecapitalizationRiskMember">
<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=glu_RecapitalizationRiskMember</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=glu_DistributionRiskforEquityIncomeSecuritiesMember">
<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=glu_DistributionRiskforEquityIncomeSecuritiesMember</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=glu_NonDiversifiedStatusRiskMember">
<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=glu_NonDiversifiedStatusRiskMember</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=glu_FixedIncomeSecuritiesRisksMember">
<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=glu_FixedIncomeSecuritiesRisksMember</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=glu_CorporateBondsRiskMember">
<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=glu_CorporateBondsRiskMember</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=glu_NonInvestmentGradeSecuritiesMember">
<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=glu_NonInvestmentGradeSecuritiesMember</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=glu_USGovernmentSecuritiesAndCreditRatingDowngradeRiskMember">
<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=glu_USGovernmentSecuritiesAndCreditRatingDowngradeRiskMember</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=glu_ValueInvestingRiskMember">
<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=glu_ValueInvestingRiskMember</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=glu_SelectionRiskMember">
<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=glu_SelectionRiskMember</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=glu_SmallAndMidCapStockRiskMember">
<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=glu_SmallAndMidCapStockRiskMember</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=glu_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=glu_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=glu_RestrictedAndIlliquidSecuritiesMember">
<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=glu_RestrictedAndIlliquidSecuritiesMember</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=glu_ShortSalesRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<td style="white-space:nowrap;">cef_RiskAxis=glu_ShortSalesRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td style="white-space:nowrap;">cef_RiskAxis=glu_LeverageRiskMember</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> Data Type:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td style="white-space:nowrap;">cef_RiskAxis=glu_FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td style="white-space:nowrap;">cef_RiskAxis=glu_ForwardForeignCurrencyExchangeContractsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=glu_DerivativesRegulationRiskMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td style="white-space:nowrap;">cef_RiskAxis=glu_MarketDiscountRiskMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Name:</strong></td>
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<td><strong> Name:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td style="white-space:nowrap;">cef_RiskAxis=glu_DecisionMakingAuthorityRiskMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td style="white-space:nowrap;">cef_RiskAxis=glu_MarketDisruptionAndGeopoliticalRiskMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td style="white-space:nowrap;">cef_RiskAxis=glu_EconomicEventsAndMarketRiskMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Name:</strong></td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
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<td><strong> Data Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table></div>
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<td style="white-space:nowrap;">cef_RiskAxis=glu_DeflationRiskMember</td>
</tr>
<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>
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<td><strong> Period Type:</strong></td>
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<td style="white-space:nowrap;">cef_RiskAxis=glu_LegislationRiskMember</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> Data Type:</strong></td>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=glu_RelianceonServiceProvidersRiskMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td style="white-space:nowrap;">cef_RiskAxis=glu_CyberSecurityRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="From2022-01-012022-12-31_custom_SeriesACumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">127.34</cef:SeniorSecuritiesCoveragePerUnit>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="From2021-01-012021-12-31_custom_SeriesACumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">141.18</cef:SeniorSecuritiesCoveragePerUnit>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="From2020-01-012020-12-31_custom_SeriesACumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">130.97</cef:SeniorSecuritiesCoveragePerUnit>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="From2019-01-012019-12-31_custom_SeriesACumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">134.88</cef:SeniorSecuritiesCoveragePerUnit>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="From2018-01-012018-12-31_custom_SeriesACumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">127.17</cef:SeniorSecuritiesCoveragePerUnit>
    <cef:SeniorSecuritiesAmount
      contextRef="From2022-01-012022-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="-3"
      unitRef="USD">60251000</cef:SeniorSecuritiesAmount>
    <cef:SeniorSecuritiesAmount
      contextRef="From2021-01-012021-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="-3"
      unitRef="USD">60303000</cef:SeniorSecuritiesAmount>
    <cef:SeniorSecuritiesAmount
      contextRef="From2020-01-012020-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="-3"
      unitRef="USD">62901000</cef:SeniorSecuritiesAmount>
    <cef:SeniorSecuritiesAmount
      contextRef="From2019-01-012019-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="-3"
      unitRef="USD">62901000</cef:SeniorSecuritiesAmount>
    <cef:SeniorSecuritiesAmount
      contextRef="From2018-01-012018-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="-3"
      unitRef="USD">62901000</cef:SeniorSecuritiesAmount>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2022-01-012022-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="-3"
      unitRef="Shares">1205000</cef:OutstandingSecurityNotHeldShares>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2021-01-012021-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="-3"
      unitRef="Shares">1206000</cef:OutstandingSecurityNotHeldShares>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2020-01-012020-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="-3"
      unitRef="Shares">1258000</cef:OutstandingSecurityNotHeldShares>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2019-01-012019-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="-3"
      unitRef="Shares">1258000</cef:OutstandingSecurityNotHeldShares>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2018-01-012018-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="-3"
      unitRef="Shares">1258000</cef:OutstandingSecurityNotHeldShares>
    <cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit
      contextRef="From2022-01-012022-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">50.00</cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit>
    <cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit
      contextRef="From2021-01-012021-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">50.00</cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit>
    <cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit
      contextRef="From2020-01-012020-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">50.00</cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit>
    <cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit
      contextRef="From2019-01-012019-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">50.00</cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit>
    <cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit
      contextRef="From2018-01-012018-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">50.00</cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2022-01-012022-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">50.25</cef:SeniorSecuritiesAverageMarketValuePerUnit>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2021-01-012021-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">51.67</cef:SeniorSecuritiesAverageMarketValuePerUnit>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2020-01-012020-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">51.66</cef:SeniorSecuritiesAverageMarketValuePerUnit>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2019-01-012019-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">52.15</cef:SeniorSecuritiesAverageMarketValuePerUnit>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2018-01-012018-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">51.32</cef:SeniorSecuritiesAverageMarketValuePerUnit>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="From2022-01-012022-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">127.34</cef:SeniorSecuritiesCoveragePerUnit>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="From2021-01-012021-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">141.18</cef:SeniorSecuritiesCoveragePerUnit>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="From2020-01-012020-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">130.97</cef:SeniorSecuritiesCoveragePerUnit>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="From2019-01-012019-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">134.88</cef:SeniorSecuritiesCoveragePerUnit>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="From2018-01-012018-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">127.17</cef:SeniorSecuritiesCoveragePerUnit>
    <cef:CapitalStockTableTextBlock contextRef="From2023-03-09to2023-03-09">&lt;p id="xdx_806_ecef--CapitalStockTableTextBlock_dU_zRznZBXVtEr9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;6.&#x2002;
Capital. &lt;/b&gt;The Fund is authorized to issue an unlimited number of common shares of beneficial interest (par value $0.001). The
Board has authorized the repurchase of its shares on the open market when the shares are trading at a discount of 10% or more
(or such other percentage as the Board may determine from time to time) from the NAV of the shares. During the years ended December
31, 2022 and December 31, 2021, the Fund did not repurchase and retire any common shares in the open market.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;On
May 12, 2022, the Fund distributed one transferable right for the 5,377,458 common shares outstanding on that date. Four rights
were required to purchase one additional common share at the subscription price of $16 per share. On June 30, 2022, the Fund issued
591,453 common shares receiving net proceeds of $9,148,248 after the deduction of estimated offering expenses of $315,000. The
NAV of the Fund decreased by $0.14 per share on the day the additional shares were issued due to the shares being issued below
NAV.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;For the years ended
December 31, 2022 and 2021, transactions in common stock were as follows:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"&gt;
&lt;tr style="text-align: center; vertical-align: bottom"&gt;
    &lt;td style="padding-left: 0.125in; text-indent: -0.125in"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold"&gt;Year Ended&lt;br/&gt; December 31, 2022&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold"&gt;Year Ended&lt;br/&gt; December 31, 2021&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="text-align: center; vertical-align: bottom"&gt;
    &lt;td style="padding-left: 0.125in; text-indent: -0.125in"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold"&gt;Shares&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold"&gt;Amount&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold"&gt;Shares&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold"&gt;Amount&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="width: 40%; text-align: left; padding-left: 0.125in; text-indent: -0.125in"&gt;Increase in net assets from common shares issued in offering&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;591,453&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;9,463,248&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;&#x2014;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;$&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;&#x2014;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"&gt;Net increase in net assets from common shares issued upon reinvestment of distributions&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;1,628&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;31,744&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;2,252&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;47,444&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in; text-indent: -0.125in"&gt;Net increase&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 3pt double; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 3pt double; text-align: right"&gt;593,081&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 3pt double; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 3pt double; text-align: right"&gt;9,494,992&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 3pt double; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 3pt double; text-align: right"&gt;2,252&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 3pt double; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 3pt double; text-align: right"&gt;47,444&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;



&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_844_ecef--PreferredStockRestrictionsOtherTextBlock_hcef--SecurityAxis__custom--CumulativePreferredStockMember_dU_zxwyX9Jq1Sv2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
Fund&#x2019;s Declaration of Trust, as amended, authorizes the issuance of an unlimited number of shares of $0.001 par value Preferred
Shares. Preferred Shares are senior to the common shares and result in the financial leveraging of the common shares. Such leveraging
tends to magnify both the risks and opportunities to common shareholders. Dividends on the Series A and Series B Preferred are
cumulative and the liquidation value is $50 per share. The Fund is required by the 1940 Act and by the Fund&#x2019;s Statement
of Preferences to meet certain asset coverage tests with respect to the Preferred Shares. If the Fund fails to meet these requirements
and does not correct such failure, the Fund may be required to redeem, in part or in full, the Series A and Series B Preferred
Shares at the redemption price of $50 per share plus an amount equal to the accumulated and unpaid dividends whether or not declared
on such shares in order to meet these requirements. Additionally, failure to meet the foregoing asset coverage requirements could
restrict the Fund&#x2019;s ability to pay dividends to common shareholders and could lead to sales of portfolio securities at inopportune
times. The income received on the Fund&#x2019;s assets may vary in a manner unrelated to the fixed and variable rates, which could
have either a beneficial or detrimental impact on net investment income and gains available to common shareholders.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;As
of December 31, 2022 the Fund had an effective shelf registration authorizing the issuance of $141 million in common or preferred
shares.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
Series A Preferred has an annual dividend rate of 3.80%. The Fund may redeem at any time all or any part of the Series A Preferred
at the liquidation value plus accumulated and unpaid dividends. During the year&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"/&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;ended
December 31, 2022, the Fund repurchased and retired 11,442 of the Series A Preferred Shares in the open market at an investment
of $534,861 and an average discount of approximately 6.53% from its liquidation preference.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
Series B Preferred pay distributions at the annualized rate of 4% on the $50 per share liquidation value. The Series B preferred
may be put back to the Fund during the thirty day period prior to December 26, 2023 at the per share liquidation value of $50
plus any accumulated and unpaid dividends. Commencing on December 26, 2023, the Fund, at its option, may redeem the remaining
Series B Preferred on the same terms.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;On
December 28, 2021, the Fund redeemed and retired 51,968 shares of Series B Preferred where shareholders properly submitted for
redemption during the 30 day period prior to December 26, 2021 at their liquidation value of $50 per share plus any accumulated
and unpaid dividends. On January 8, 2022, the fund repurchased 1,048 shares of Series B Preferred at their liquidation preference
of $50 per share.&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_852_zaPqlMWkIfte" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_848_ecef--OutstandingSecuritiesTableTextBlock_hcef--SecurityAxis__custom--CumulativePreferredStockMember_dU_z3La3yaqnXBl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The following table
summarizes Cumulative Preferred Stock information:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="text-align: center; vertical-align: bottom"&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 23%; text-align: left; padding-right: 3pt"&gt;&lt;b&gt;Series&lt;/b&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 15%; padding-right: 3pt; padding-left: 3pt"&gt;&lt;b&gt;Issue Date&lt;/b&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 3pt; padding-left: 3pt"&gt;&lt;b&gt;Authorized&lt;/b&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 3pt; padding-left: 3pt"&gt;&lt;b&gt;Number of&lt;/b&gt;&lt;br/&gt;
&lt;b&gt;Shares&lt;/b&gt;&lt;br/&gt;
&lt;b&gt;Outstanding at&lt;/b&gt;&lt;br/&gt;
&lt;b&gt;12/31/2022&lt;/b&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 12%; padding-right: 3pt; padding-left: 3pt"&gt;&lt;b&gt;Net Proceeds&lt;/b&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 3pt; padding-left: 3pt"&gt;&lt;b&gt;2022 Dividend&lt;/b&gt;&lt;br/&gt;
&lt;b&gt;Rate Range&lt;/b&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 3pt; padding-left: 3pt"&gt;&lt;b&gt;Dividend&lt;/b&gt;&lt;br/&gt;
&lt;b&gt;Rate at&lt;/b&gt;&lt;br/&gt;
&lt;b&gt;12/31/2022&lt;/b&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 10%; padding-left: 3pt"&gt;&lt;b&gt;Accrued&lt;/b&gt;&lt;br/&gt;
&lt;b&gt;Dividends at&lt;/b&gt;&lt;br/&gt;
&lt;b&gt;12/31/2022&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt;
    &lt;td style="padding-right: 3pt"&gt;A 3.800%&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 3pt; padding-left: 3pt"&gt;April 11, 2013&lt;/td&gt;
    &lt;td id="xdx_981_ecef--OutstandingSecurityAuthorizedShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesACumulativePreferredStockMember_zQkG1sOd2y82" style="text-align: right; padding-right: 3pt; padding-left: 3pt"&gt;1,200,000&lt;/td&gt;
    &lt;td id="xdx_981_ecef--OutstandingSecurityNotHeldShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesACumulativePreferredStockMember_zFsDq5EeZKp4" style="text-align: right; padding-right: 3pt; padding-left: 3pt"&gt;21,087&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 3pt; padding-left: 3pt"&gt;$70,286,465&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 3pt; padding-left: 3pt"&gt;Fixed Rate&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 3pt; padding-left: 3pt"&gt;3.800%&lt;/td&gt;
    &lt;td style="text-align: right; padding-left: 3pt"&gt;$556&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt;
    &lt;td style="padding-right: 3pt"&gt;B 4.000%&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 3pt; padding-left: 3pt"&gt;December 19, 2018&lt;/td&gt;
    &lt;td id="xdx_989_ecef--OutstandingSecurityAuthorizedShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesBCumulativePreferredStockMember_zgbnCJd0ecf8" style="text-align: right; padding-right: 3pt; padding-left: 3pt"&gt;1,370,433&lt;/td&gt;
    &lt;td id="xdx_98C_ecef--OutstandingSecurityNotHeldShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesBCumulativePreferredStockMember_zA6djPpVYqz9" style="text-align: right; padding-right: 3pt; padding-left: 3pt"&gt;1,205,013&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 3pt; padding-left: 3pt"&gt;81,988,557&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 3pt; padding-left: 3pt"&gt;Fixed Rate&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 3pt; padding-left: 3pt"&gt;4.000%&lt;/td&gt;
    &lt;td style="text-align: right; padding-left: 3pt"&gt;$33,473&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_852_zFJ3QXi5mghd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_845_ecef--SecurityVotingRightsTextBlock_hcef--SecurityAxis__custom--CumulativePreferredStockMember_dU_zT0Nsl9vEU1c" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
holders of Preferred Shares generally are entitled to one vote per share held on each matter submitted to a vote of stockholders
of the Fund and will vote together with holders of common stock as a single class. The holders of Preferred Shares voting together
as a single class also have the right currently to elect two Trustees and, under certain circumstances, are entitled to elect
a majority of the Board of Trustees. In addition, the affirmative vote of a majority of the votes entitled to be cast by holders
of all outstanding shares of the preferred shares, voting as a single class, will be required to approve any plan of reorganization
adversely affecting the preferred stock, and the approval of two-thirds of each class, voting separately, of the Fund&#x2019;s
outstanding voting stock must approve the conversion of the Fund from a closed-end to an open-end investment company. The approval
of a majority (as defined in the 1940 Act) of the outstanding preferred shares and a majority (as defined in the 1940 Act) of
the Fund&#x2019;s outstanding voting securities are required to approve certain other actions, including changes in the Fund&#x2019;s
investment objectives or fundamental investment policies.&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_850_zc25XAwaIPDj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:CapitalStockTableTextBlock>
    <cef:PreferredStockRestrictionsOtherTextBlock contextRef="From2023-03-092023-03-09_custom_CumulativePreferredStockMember">&lt;p id="xdx_844_ecef--PreferredStockRestrictionsOtherTextBlock_hcef--SecurityAxis__custom--CumulativePreferredStockMember_dU_zxwyX9Jq1Sv2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
Fund&#x2019;s Declaration of Trust, as amended, authorizes the issuance of an unlimited number of shares of $0.001 par value Preferred
Shares. Preferred Shares are senior to the common shares and result in the financial leveraging of the common shares. Such leveraging
tends to magnify both the risks and opportunities to common shareholders. Dividends on the Series A and Series B Preferred are
cumulative and the liquidation value is $50 per share. The Fund is required by the 1940 Act and by the Fund&#x2019;s Statement
of Preferences to meet certain asset coverage tests with respect to the Preferred Shares. If the Fund fails to meet these requirements
and does not correct such failure, the Fund may be required to redeem, in part or in full, the Series A and Series B Preferred
Shares at the redemption price of $50 per share plus an amount equal to the accumulated and unpaid dividends whether or not declared
on such shares in order to meet these requirements. Additionally, failure to meet the foregoing asset coverage requirements could
restrict the Fund&#x2019;s ability to pay dividends to common shareholders and could lead to sales of portfolio securities at inopportune
times. The income received on the Fund&#x2019;s assets may vary in a manner unrelated to the fixed and variable rates, which could
have either a beneficial or detrimental impact on net investment income and gains available to common shareholders.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;As
of December 31, 2022 the Fund had an effective shelf registration authorizing the issuance of $141 million in common or preferred
shares.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
Series A Preferred has an annual dividend rate of 3.80%. The Fund may redeem at any time all or any part of the Series A Preferred
at the liquidation value plus accumulated and unpaid dividends. During the year&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"/&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;ended
December 31, 2022, the Fund repurchased and retired 11,442 of the Series A Preferred Shares in the open market at an investment
of $534,861 and an average discount of approximately 6.53% from its liquidation preference.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
Series B Preferred pay distributions at the annualized rate of 4% on the $50 per share liquidation value. The Series B preferred
may be put back to the Fund during the thirty day period prior to December 26, 2023 at the per share liquidation value of $50
plus any accumulated and unpaid dividends. Commencing on December 26, 2023, the Fund, at its option, may redeem the remaining
Series B Preferred on the same terms.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;On
December 28, 2021, the Fund redeemed and retired 51,968 shares of Series B Preferred where shareholders properly submitted for
redemption during the 30 day period prior to December 26, 2021 at their liquidation value of $50 per share plus any accumulated
and unpaid dividends. On January 8, 2022, the fund repurchased 1,048 shares of Series B Preferred at their liquidation preference
of $50 per share.&lt;/span&gt;&lt;/p&gt;

</cef:PreferredStockRestrictionsOtherTextBlock>
    <cef:OutstandingSecuritiesTableTextBlock contextRef="From2023-03-092023-03-09_custom_CumulativePreferredStockMember">&lt;p id="xdx_848_ecef--OutstandingSecuritiesTableTextBlock_hcef--SecurityAxis__custom--CumulativePreferredStockMember_dU_z3La3yaqnXBl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The following table
summarizes Cumulative Preferred Stock information:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="text-align: center; vertical-align: bottom"&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 23%; text-align: left; padding-right: 3pt"&gt;&lt;b&gt;Series&lt;/b&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 15%; padding-right: 3pt; padding-left: 3pt"&gt;&lt;b&gt;Issue Date&lt;/b&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 3pt; padding-left: 3pt"&gt;&lt;b&gt;Authorized&lt;/b&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 3pt; padding-left: 3pt"&gt;&lt;b&gt;Number of&lt;/b&gt;&lt;br/&gt;
&lt;b&gt;Shares&lt;/b&gt;&lt;br/&gt;
&lt;b&gt;Outstanding at&lt;/b&gt;&lt;br/&gt;
&lt;b&gt;12/31/2022&lt;/b&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 12%; padding-right: 3pt; padding-left: 3pt"&gt;&lt;b&gt;Net Proceeds&lt;/b&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 3pt; padding-left: 3pt"&gt;&lt;b&gt;2022 Dividend&lt;/b&gt;&lt;br/&gt;
&lt;b&gt;Rate Range&lt;/b&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 3pt; padding-left: 3pt"&gt;&lt;b&gt;Dividend&lt;/b&gt;&lt;br/&gt;
&lt;b&gt;Rate at&lt;/b&gt;&lt;br/&gt;
&lt;b&gt;12/31/2022&lt;/b&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 10%; padding-left: 3pt"&gt;&lt;b&gt;Accrued&lt;/b&gt;&lt;br/&gt;
&lt;b&gt;Dividends at&lt;/b&gt;&lt;br/&gt;
&lt;b&gt;12/31/2022&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt;
    &lt;td style="padding-right: 3pt"&gt;A 3.800%&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 3pt; padding-left: 3pt"&gt;April 11, 2013&lt;/td&gt;
    &lt;td id="xdx_981_ecef--OutstandingSecurityAuthorizedShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesACumulativePreferredStockMember_zQkG1sOd2y82" style="text-align: right; padding-right: 3pt; padding-left: 3pt"&gt;1,200,000&lt;/td&gt;
    &lt;td id="xdx_981_ecef--OutstandingSecurityNotHeldShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesACumulativePreferredStockMember_zFsDq5EeZKp4" style="text-align: right; padding-right: 3pt; padding-left: 3pt"&gt;21,087&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 3pt; padding-left: 3pt"&gt;$70,286,465&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 3pt; padding-left: 3pt"&gt;Fixed Rate&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 3pt; padding-left: 3pt"&gt;3.800%&lt;/td&gt;
    &lt;td style="text-align: right; padding-left: 3pt"&gt;$556&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt;
    &lt;td style="padding-right: 3pt"&gt;B 4.000%&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 3pt; padding-left: 3pt"&gt;December 19, 2018&lt;/td&gt;
    &lt;td id="xdx_989_ecef--OutstandingSecurityAuthorizedShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesBCumulativePreferredStockMember_zgbnCJd0ecf8" style="text-align: right; padding-right: 3pt; padding-left: 3pt"&gt;1,370,433&lt;/td&gt;
    &lt;td id="xdx_98C_ecef--OutstandingSecurityNotHeldShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesBCumulativePreferredStockMember_zA6djPpVYqz9" style="text-align: right; padding-right: 3pt; padding-left: 3pt"&gt;1,205,013&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 3pt; padding-left: 3pt"&gt;81,988,557&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 3pt; padding-left: 3pt"&gt;Fixed Rate&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 3pt; padding-left: 3pt"&gt;4.000%&lt;/td&gt;
    &lt;td style="text-align: right; padding-left: 3pt"&gt;$33,473&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:OutstandingSecuritiesTableTextBlock>
    <cef:OutstandingSecurityAuthorizedShares
      contextRef="From2022-12-312022-12-31_custom_SeriesACumulativePreferredStockMember"
      decimals="INF"
      unitRef="Shares">1200000</cef:OutstandingSecurityAuthorizedShares>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2022-12-312022-12-31_custom_SeriesACumulativePreferredStockMember"
      decimals="INF"
      unitRef="Shares">21087</cef:OutstandingSecurityNotHeldShares>
    <cef:OutstandingSecurityAuthorizedShares
      contextRef="From2022-12-312022-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="INF"
      unitRef="Shares">1370433</cef:OutstandingSecurityAuthorizedShares>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2022-12-312022-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="INF"
      unitRef="Shares">1205013</cef:OutstandingSecurityNotHeldShares>
    <cef:SecurityVotingRightsTextBlock contextRef="From2023-03-092023-03-09_custom_CumulativePreferredStockMember">&lt;p id="xdx_845_ecef--SecurityVotingRightsTextBlock_hcef--SecurityAxis__custom--CumulativePreferredStockMember_dU_zT0Nsl9vEU1c" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
holders of Preferred Shares generally are entitled to one vote per share held on each matter submitted to a vote of stockholders
of the Fund and will vote together with holders of common stock as a single class. The holders of Preferred Shares voting together
as a single class also have the right currently to elect two Trustees and, under certain circumstances, are entitled to elect
a majority of the Board of Trustees. In addition, the affirmative vote of a majority of the votes entitled to be cast by holders
of all outstanding shares of the preferred shares, voting as a single class, will be required to approve any plan of reorganization
adversely affecting the preferred stock, and the approval of two-thirds of each class, voting separately, of the Fund&#x2019;s
outstanding voting stock must approve the conversion of the Fund from a closed-end to an open-end investment company. The approval
of a majority (as defined in the 1940 Act) of the outstanding preferred shares and a majority (as defined in the 1940 Act) of
the Fund&#x2019;s outstanding voting securities are required to approve certain other actions, including changes in the Fund&#x2019;s
investment objectives or fundamental investment policies.&lt;/span&gt;&lt;/p&gt;

</cef:SecurityVotingRightsTextBlock>
    <cef:PurposeOfFeeTableNoteTextBlock contextRef="From2023-03-09to2023-03-09">&lt;p id="xdx_80C_ecef--PurposeOfFeeTableNoteTextBlock_dU_zl0Gox6nvBCj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
following table shows the Fund&#x2019;s expenses, including preferred shares offering expenses, as a percentage of net assets attributable
to common shares. All expenses of the Fund are borne, directly or indirectly, by the common shareholders. The table is based on
the capital structure of the Fund as of December 31, 2022. The purpose of the table and example below is to help you understand
all fees and expenses that you, as a holder of common shares, would bear directly or indirectly.&lt;/span&gt;&lt;/p&gt;

</cef:PurposeOfFeeTableNoteTextBlock>
    <cef:ShareholderTransactionExpensesTableTextBlock contextRef="From2023-03-09to2023-03-09">&lt;p id="xdx_803_ecef--ShareholderTransactionExpensesTableTextBlock_dU_zu8OCTVS3KQf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="width: 40%"&gt;&lt;b&gt;&lt;i&gt;Shareholder Transaction Expenses&lt;/i&gt;&lt;/b&gt;&lt;/td&gt;
    &lt;td style="width: 20%; text-align: center"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;Sales Load (as a percentage of offering price)&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span id="xdx_909_ecef--SalesLoadPercent_d0_c20230309__20230309_zT8wdAkAAEKa"&gt;-&lt;/span&gt;% (a)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;Offering Expenses Borne by the Fund&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-left: 0.125in"&gt;(as a percentage of offering price)&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span id="xdx_90B_ecef--OtherTransactionExpensesPercent_d0_c20230309__20230309_z8vph15sMUH2"&gt;-&lt;/span&gt;% (a)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;Dividend Reinvestment and Voluntary Cash Purchase Plan&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-left: 0.125in"&gt;Fees&lt;/td&gt;
    &lt;td style="text-align: center"&gt;-&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-left: 0.25in"&gt;Purchase Transactions&lt;/td&gt;
    &lt;td style="text-align: center"&gt;$&lt;span id="xdx_90E_ecef--DividendReinvestmentAndCashPurchaseFees_pp2p0_c20230309__20230309__cef--SecurityAxis__custom--PurchaseTransactionMember_zoC4nj5GAAzj"&gt;0.75&lt;/span&gt; (b)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-left: 0.25in"&gt;Sales Transaction&lt;/td&gt;
    &lt;td style="text-align: center"&gt;$&lt;span id="xdx_90C_ecef--DividendReinvestmentAndCashPurchaseFees_pp2p0_c20230309__20230309__cef--SecurityAxis__custom--SaleTransactionMember_zSp7pzOi425d"&gt;2.50&lt;/span&gt; (b)&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


</cef:ShareholderTransactionExpensesTableTextBlock>
    <cef:SalesLoadPercent
      contextRef="From2023-03-09to2023-03-09"
      decimals="INF"
      unitRef="Ratio">-0</cef:SalesLoadPercent>
    <cef:OtherTransactionExpensesPercent
      contextRef="From2023-03-09to2023-03-09"
      decimals="INF"
      unitRef="Ratio">-0</cef:OtherTransactionExpensesPercent>
    <cef:DividendReinvestmentAndCashPurchaseFees
      contextRef="From2023-03-092023-03-09_custom_PurchaseTransactionMember"
      decimals="2"
      unitRef="USD">0.75</cef:DividendReinvestmentAndCashPurchaseFees>
    <cef:DividendReinvestmentAndCashPurchaseFees
      contextRef="From2023-03-092023-03-09_custom_SaleTransactionMember"
      decimals="2"
      unitRef="USD">2.50</cef:DividendReinvestmentAndCashPurchaseFees>
    <cef:AnnualExpensesTableTextBlock contextRef="From2023-03-09to2023-03-09">&lt;p id="xdx_808_ecef--AnnualExpensesTableTextBlock_dU_zKRi2nzRjAFf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; margin-left: auto; border-collapse: collapse; width: 60%; margin-right: auto"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Annual Expenses&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Percentages of Net Assets&lt;br/&gt; Attributable to Common Shares&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="width: 41%; text-align: left"&gt;Management Fees&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 8%; text-align: right"&gt;&lt;span id="xdx_905_ecef--ManagementFeesPercent_dp_c20230309__20230309_z5v0DGCbeJr8"&gt;0.82&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: left"&gt;%(c)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: left"&gt;Interest Expense&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;span id="xdx_90F_ecef--InterestExpensesOnBorrowingsPercent_dp_c20230309__20230309_zQ78ahxOH0Pe"&gt;0.00&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;%(d)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: left"&gt;Other Expenses&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;span id="xdx_905_ecef--OtherAnnualExpensesPercent_dp_c20230309__20230309_z9BrLnZi66A5"&gt;0.56&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;%(e)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: left"&gt;Total Annual Expenses&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;span id="xdx_909_ecef--TotalAnnualExpensesPercent_dp_c20230309__20230309_zRP6In25Sb9i"&gt;1.38&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;%&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: left"&gt;Dividends on Preferred Shares&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;span id="xdx_908_ecef--WaiversAndReimbursementsOfFeesPercent_dp0_c20230309__20230309_zux17lHU25wh"&gt;2.58&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;%&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: left"&gt;Total Annual Expenses and Dividends on Preferred&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;span id="xdx_908_ecef--NetExpenseOverAssetsPercent_dp_c20230309__20230309_zOMq6bDicHD3"&gt;3.96&lt;/span&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;%(c)&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;



</cef:AnnualExpensesTableTextBlock>
    <cef:ManagementFeesPercent
      contextRef="From2023-03-09to2023-03-09"
      decimals="INF"
      unitRef="Ratio">0.0082</cef:ManagementFeesPercent>
    <cef:InterestExpensesOnBorrowingsPercent
      contextRef="From2023-03-09to2023-03-09"
      decimals="INF"
      unitRef="Ratio">0.0000</cef:InterestExpensesOnBorrowingsPercent>
    <cef:OtherAnnualExpensesPercent
      contextRef="From2023-03-09to2023-03-09"
      decimals="INF"
      unitRef="Ratio">0.0056</cef:OtherAnnualExpensesPercent>
    <cef:TotalAnnualExpensesPercent
      contextRef="From2023-03-09to2023-03-09"
      decimals="INF"
      unitRef="Ratio">0.0138</cef:TotalAnnualExpensesPercent>
    <cef:WaiversAndReimbursementsOfFeesPercent
      contextRef="From2023-03-09to2023-03-09"
      decimals="INF"
      unitRef="Ratio">0.0258</cef:WaiversAndReimbursementsOfFeesPercent>
    <cef:NetExpenseOverAssetsPercent
      contextRef="From2023-03-09to2023-03-09"
      decimals="INF"
      unitRef="Ratio">0.0396</cef:NetExpenseOverAssetsPercent>
    <cef:OtherExpensesNoteTextBlock contextRef="From2023-03-09to2023-03-09">&#x201c;Other Expenses&#x201d;
are based on the Fund&#x2019;s fiscal year ended December 31, 2022.</cef:OtherExpensesNoteTextBlock>
    <cef:ExpenseExampleTableTextBlock contextRef="From2023-03-09to2023-03-09">&lt;p id="xdx_809_ecef--ExpenseExampleTableTextBlock_dU_zRRfv3LUuLCh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
following example illustrates the expenses you would pay on a $1,000 investment in common shares, assuming a 5% annual portfolio
total return.* The actual amounts in connection with any offering will be set forth in the Prospectus Supplement if applicable.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"&gt;
&lt;tr style="vertical-align: top"&gt;
    &lt;td style="width: 28%; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 12%; text-align: center"&gt;&lt;b&gt;1 Year&lt;/b&gt;&lt;/td&gt;
    &lt;td style="width: 1%; padding-bottom: 1pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 12%; text-align: center"&gt;&lt;b&gt;3 Year&lt;/b&gt;&lt;/td&gt;
    &lt;td style="width: 1%; padding-bottom: 1pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 12%; text-align: center"&gt;&lt;b&gt;5 Year&lt;/b&gt;&lt;/td&gt;
    &lt;td style="width: 1%; padding-bottom: 1pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 12%; text-align: center"&gt;&lt;b&gt;10 Year&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt;
    &lt;td&gt;Total Expenses Incurred&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_989_ecef--ExpenseExampleYear01_c20230309__20230309_zcHF9AAhNH2d" style="text-align: center"&gt;$40&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_989_ecef--ExpenseExampleYears1to3_c20230309__20230309_zdgL5WIkH0Ci" style="text-align: center"&gt;$121&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_984_ecef--ExpenseExampleYears1to5_c20230309__20230309_zj9jmg9VF6cj" style="text-align: center"&gt;$204&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_988_ecef--ExpenseExampleYears1to10_c20230309__20230309_zhYMYqj0jbG7" style="text-align: center"&gt;$418&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"&gt;&lt;div style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"&gt;&#160;&lt;/div&gt;&lt;/div&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0"/&gt;&lt;td style="width: 22pt"&gt;&lt;span style="color: Black"&gt;*&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;*The
                                         example should not be considered a representation of future expenses. The example is
                                         based on total Annual Expenses and Dividends on Preferred Shares shown in the table above
                                         and assumes that the amounts set forth in the table do not change and that all distributions
                                         are reinvested at net asset value. Actual expenses may be greater or less than those
                                         assumed. Moreover, the Fund&#x2019;s actual rate of return may be greater or less than
                                         the hypothetical 5% return shown in the example.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

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

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;The
example includes Dividends on Preferred Shares. If Dividends on Preferred Shares were not included in the example calculation,
the expenses for the 1-, 3-, 5- and 10-year periods in the table above would be as follows (based on the same assumptions as above):
$&lt;span id="xdx_907_ecef--ExpenseExampleYear01_c20230309__20230309__cef--SecurityAxis__custom--DividendsOnPreferredSharesNotIncludedMember_z8760jUOOdV6"&gt;14&lt;/span&gt;, $&lt;span id="xdx_904_ecef--ExpenseExampleYears1to3_c20230309__20230309__cef--SecurityAxis__custom--DividendsOnPreferredSharesNotIncludedMember_zF43o3YgE8N"&gt;44&lt;/span&gt;, $&lt;span id="xdx_90C_ecef--ExpenseExampleYears1to5_c20230309__20230309__cef--SecurityAxis__custom--DividendsOnPreferredSharesNotIncludedMember_zzCC2QknXHZ3"&gt;76&lt;/span&gt;, and $&lt;span id="xdx_903_ecef--ExpenseExampleYears1to10_c20230309__20230309__cef--SecurityAxis__custom--DividendsOnPreferredSharesNotIncludedMember_z7dxPWwtk1u2"&gt;167&lt;/span&gt;.&lt;/i&gt;&lt;/span&gt;&lt;/p&gt;

</cef:ExpenseExampleTableTextBlock>
    <cef:ExpenseExampleYear01
      contextRef="From2023-03-09to2023-03-09"
      decimals="0"
      unitRef="USD">40</cef:ExpenseExampleYear01>
    <cef:ExpenseExampleYears1to3
      contextRef="From2023-03-09to2023-03-09"
      decimals="0"
      unitRef="USD">121</cef:ExpenseExampleYears1to3>
    <cef:ExpenseExampleYears1to5
      contextRef="From2023-03-09to2023-03-09"
      decimals="0"
      unitRef="USD">204</cef:ExpenseExampleYears1to5>
    <cef:ExpenseExampleYears1to10
      contextRef="From2023-03-09to2023-03-09"
      decimals="0"
      unitRef="USD">418</cef:ExpenseExampleYears1to10>
    <cef:ExpenseExampleYear01
      contextRef="From2023-03-092023-03-09_custom_DividendsOnPreferredSharesNotIncludedMember"
      decimals="0"
      unitRef="USD">14</cef:ExpenseExampleYear01>
    <cef:ExpenseExampleYears1to3
      contextRef="From2023-03-092023-03-09_custom_DividendsOnPreferredSharesNotIncludedMember"
      decimals="0"
      unitRef="USD">44</cef:ExpenseExampleYears1to3>
    <cef:ExpenseExampleYears1to5
      contextRef="From2023-03-092023-03-09_custom_DividendsOnPreferredSharesNotIncludedMember"
      decimals="0"
      unitRef="USD">76</cef:ExpenseExampleYears1to5>
    <cef:ExpenseExampleYears1to10
      contextRef="From2023-03-092023-03-09_custom_DividendsOnPreferredSharesNotIncludedMember"
      decimals="0"
      unitRef="USD">167</cef:ExpenseExampleYears1to10>
    <cef:SharePriceTableTextBlock contextRef="From2023-03-09to2023-03-09">&lt;p id="xdx_80F_ecef--SharePriceTableTextBlock_dU_z4LMfHr3CrZf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
following table sets forth for the quarters indicated, the high and low sale prices on the NYSE American per share of our common
shares and the net asset value and the premium or discount from net asset value per share at which the common shares were trading,
expressed as a percentage of net asset value, at each of the high and low sale prices provided.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"&gt;
&lt;tr style="text-align: center; vertical-align: bottom"&gt;
    &lt;td style="padding-left: 0.5in"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_486_ecef--HighestPriceOrBid_zspG0tbpoYZ4" style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_481_ecef--LowestPriceOrBid_zTnbLZuRiY7" style="font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_48F_ecef--HighestPriceOrBidNav_zw52nQrOJ0z9" style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_48A_ecef--LowestPriceOrBidNav_zTSMEXvLp3Ne" style="font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_485_ecef--HighestPriceOrBidPremiumDiscountToNavPercent_zWy1PINsEzJ1" style="font-weight: bold"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_48E_ecef--LowestPriceOrBidPremiumDiscountToNavPercent_zWRG2h4uzb1" style="font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="text-align: center; vertical-align: bottom"&gt;
    &lt;td style="padding-left: 0.5in"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold"&gt;Common Share&lt;br/&gt; Market Price&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold"&gt;Corresponding&lt;br/&gt; Net Asset&lt;br/&gt; Value&lt;br/&gt; (&#x201c;NAV&#x201d;) Per&lt;br/&gt; Share&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold"&gt;Corresponding&lt;br/&gt; Premium or&lt;br/&gt; Discount as a %&lt;br/&gt; of NAV&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="text-align: center; vertical-align: bottom"&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Quarter Ended&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;High&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Low&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;High&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Low&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;High&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Low&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_41A_20210101__20210331__cef--SecurityAxis__custom--CommonStockMember_zbvIAVRzKgBd" style="vertical-align: bottom"&gt;
    &lt;td style="width: 34%; padding-left: 0.5in"&gt;March 31, 2021&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 10%; text-align: center"&gt;$19.69&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 10%; text-align: center"&gt;$18.21&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 10%; text-align: center"&gt;$19.12&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 10%; text-align: center"&gt;$19.57&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 10%; text-align: center"&gt;2.98%&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 10%; text-align: center"&gt;(6.95)%&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_414_20210401__20210630__cef--SecurityAxis__custom--CommonStockMember_z1xJG4HkIhf2" style="vertical-align: bottom"&gt;
    &lt;td style="padding-left: 0.5in"&gt;June 30, 2021&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;$22.77&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;$19.54&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;$21.51&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;$20.69&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;5.85%&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;(5.54)%&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_41A_20210701__20210930__cef--SecurityAxis__custom--CommonStockMember_zwcFveRuBHU" style="vertical-align: bottom"&gt;
    &lt;td style="padding-left: 0.5in"&gt;September 30, 2021&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;$22.20&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;$19.65&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;$20.95&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;$20.08&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;5.96%&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;(2.14)%&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_412_20211001__20211231__cef--SecurityAxis__custom--CommonStockMember_zAqOj6g9zlM8" style="vertical-align: bottom"&gt;
    &lt;td style="padding-left: 0.5in"&gt;December 31, 2021&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;$21.24&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;$19.43&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;$20.89&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;$19.81&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;1.69%&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;(1.89)%&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_41C_20220101__20220331__cef--SecurityAxis__custom--CommonStockMember_z9X4bMfesEq2" style="vertical-align: bottom"&gt;
    &lt;td style="padding-left: 0.5in"&gt;March 31, 2022&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;$21.49&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;$18.49&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;$20.69&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;$18.80&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;3.87%&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;(1.65)%&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_41B_20220401__20220630__cef--SecurityAxis__custom--CommonStockMember_zOeQqSiln7d5" style="vertical-align: bottom"&gt;
    &lt;td style="padding-left: 0.5in"&gt;June 30, 2022&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;$20.26&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;$16.00&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;$20.03&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;$16.19&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;1.15%&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;(1.17)%&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_417_20220701__20220930__cef--SecurityAxis__custom--CommonStockMember_zHGlx3Qb6M36" style="vertical-align: bottom"&gt;
    &lt;td style="padding-left: 0.5in"&gt;September 30, 2022&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;$17.04&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;$13.96&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;$17.91&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;$14.01&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;(4.86)%&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;(0.36)%&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_410_20221001__20221231__cef--SecurityAxis__custom--CommonStockMember_zN7Axm0lGsLi" style="vertical-align: bottom"&gt;
    &lt;td style="padding-left: 0.5in"&gt;December 31, 2022&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;$15.38&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;$13.34&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;$16.45&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;$13.69&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;(6.50)%&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;(2.56)%&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;



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      unitRef="USDPShares">19.12</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="From2021-01-012021-03-31_custom_CommonStockMember"
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      unitRef="USDPShares">19.57</cef:LowestPriceOrBidNav>
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      unitRef="Ratio">-0.0695</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
    <cef:HighestPriceOrBid
      contextRef="From2021-04-012021-06-30_custom_CommonStockMember"
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      unitRef="USDPShares">22.77</cef:HighestPriceOrBid>
    <cef:LowestPriceOrBid
      contextRef="From2021-04-012021-06-30_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">19.54</cef:LowestPriceOrBid>
    <cef:HighestPriceOrBidNav
      contextRef="From2021-04-012021-06-30_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">21.51</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="From2021-04-012021-06-30_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">20.69</cef:LowestPriceOrBidNav>
    <cef:HighestPriceOrBidPremiumDiscountToNavPercent
      contextRef="From2021-04-012021-06-30_custom_CommonStockMember"
      decimals="INF"
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    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
      contextRef="From2021-04-012021-06-30_custom_CommonStockMember"
      decimals="INF"
      unitRef="Ratio">-0.0554</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
    <cef:HighestPriceOrBid
      contextRef="From2021-07-012021-09-30_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">22.20</cef:HighestPriceOrBid>
    <cef:LowestPriceOrBid
      contextRef="From2021-07-012021-09-30_custom_CommonStockMember"
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      unitRef="USDPShares">19.65</cef:LowestPriceOrBid>
    <cef:HighestPriceOrBidNav
      contextRef="From2021-07-012021-09-30_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">20.95</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="From2021-07-012021-09-30_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">20.08</cef:LowestPriceOrBidNav>
    <cef:HighestPriceOrBidPremiumDiscountToNavPercent
      contextRef="From2021-07-012021-09-30_custom_CommonStockMember"
      decimals="INF"
      unitRef="Ratio">0.0596</cef:HighestPriceOrBidPremiumDiscountToNavPercent>
    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
      contextRef="From2021-07-012021-09-30_custom_CommonStockMember"
      decimals="INF"
      unitRef="Ratio">-0.0214</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
    <cef:HighestPriceOrBid
      contextRef="From2021-10-012021-12-31_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">21.24</cef:HighestPriceOrBid>
    <cef:LowestPriceOrBid
      contextRef="From2021-10-012021-12-31_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">19.43</cef:LowestPriceOrBid>
    <cef:HighestPriceOrBidNav
      contextRef="From2021-10-012021-12-31_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">20.89</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="From2021-10-012021-12-31_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">19.81</cef:LowestPriceOrBidNav>
    <cef:HighestPriceOrBidPremiumDiscountToNavPercent
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    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
      contextRef="From2021-10-012021-12-31_custom_CommonStockMember"
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      unitRef="Ratio">-0.0189</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
    <cef:HighestPriceOrBid
      contextRef="From2022-01-012022-03-31_custom_CommonStockMember"
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    <cef:LowestPriceOrBid
      contextRef="From2022-01-012022-03-31_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">18.49</cef:LowestPriceOrBid>
    <cef:HighestPriceOrBidNav
      contextRef="From2022-01-012022-03-31_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">20.69</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="From2022-01-012022-03-31_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">18.80</cef:LowestPriceOrBidNav>
    <cef:HighestPriceOrBidPremiumDiscountToNavPercent
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    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
      contextRef="From2022-01-012022-03-31_custom_CommonStockMember"
      decimals="INF"
      unitRef="Ratio">-0.0165</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
    <cef:HighestPriceOrBid
      contextRef="From2022-04-012022-06-30_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">20.26</cef:HighestPriceOrBid>
    <cef:LowestPriceOrBid
      contextRef="From2022-04-012022-06-30_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">16.00</cef:LowestPriceOrBid>
    <cef:HighestPriceOrBidNav
      contextRef="From2022-04-012022-06-30_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">20.03</cef:HighestPriceOrBidNav>
    <cef:LowestPriceOrBidNav
      contextRef="From2022-04-012022-06-30_custom_CommonStockMember"
      decimals="INF"
      unitRef="USDPShares">16.19</cef:LowestPriceOrBidNav>
    <cef:HighestPriceOrBidPremiumDiscountToNavPercent
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    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
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    <cef:HighestPriceOrBid
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    <cef:LowestPriceOrBid
      contextRef="From2022-07-012022-09-30_custom_CommonStockMember"
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    <cef:LowestPriceOrBidNav
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      decimals="INF"
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    <cef:LowestPriceOrBidPremiumDiscountToNavPercent
      contextRef="From2022-07-012022-09-30_custom_CommonStockMember"
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    <cef:HighestPriceOrBid
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    <cef:LowestPriceOrBid
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      decimals="INF"
      unitRef="Ratio">-0.0256</cef:LowestPriceOrBidPremiumDiscountToNavPercent>
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      decimals="INF"
      unitRef="USDPShares">14.08</cef:LatestSharePrice>
    <cef:LatestNav
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      unitRef="USDPShares">15.89</cef:LatestNav>
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      contextRef="From2022-12-312022-12-31_custom_CommonStockMember"
      decimals="INF"
      unitRef="Ratio">-0.1139</cef:LatestPremiumDiscountToNavPercent>
    <cef:OutstandingSecuritiesTableTextBlock contextRef="From2023-03-09to2023-03-09">&lt;p id="xdx_804_ecef--OutstandingSecuritiesTableTextBlock_dU_zZ6xEJdcf4Xi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;Outstanding Securities&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The following information
regarding the Fund&#x2019;s authorized shares is as of December 31, 2022.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="text-align: center; vertical-align: bottom"&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 45%; text-align: left"&gt;&lt;b&gt;Title of Class&lt;/b&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 15%; text-align: center"&gt;&lt;b&gt;Amount Authorized&lt;/b&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 15%; text-align: center"&gt;&lt;b&gt;Amount Held by&lt;/b&gt;&lt;br/&gt;
&lt;b&gt;Fund for its Account&lt;/b&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 25%; text-align: center"&gt;&lt;b&gt;Amount Outstanding Exclusive of&lt;/b&gt;&lt;br/&gt;
&lt;b&gt;Amount Held by Fund&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt;
    &lt;td id="xdx_98F_ecef--OutstandingSecurityTitleTextBlock_c20221231__20221231__cef--SecurityAxis__custom--CommonStockMember_zkHRXQtVsTKi"&gt;Common Shares&lt;/td&gt;
    &lt;td style="text-align: center"&gt;Unlimited&lt;/td&gt;
    &lt;td id="xdx_98B_ecef--OutstandingSecurityHeldShares_d0_c20221231__20221231__cef--SecurityAxis__custom--CommonStockMember_z44XPrYcImM" style="text-align: center"&gt;&#x2013;&lt;/td&gt;
    &lt;td id="xdx_98E_ecef--OutstandingSecurityNotHeldShares_c20221231__20221231__cef--SecurityAxis__custom--CommonStockMember_zvwsJgIvCEOl" style="text-align: center"&gt;5,968,911&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt;
    &lt;td id="xdx_989_ecef--OutstandingSecurityTitleTextBlock_c20221231__20221231__cef--SecurityAxis__custom--SeriesACumulativePreferredStockMember_zRT8AsB02jX6"&gt;Series A Cumulative Preferred Shares&lt;/td&gt;
    &lt;td id="xdx_98B_ecef--OutstandingSecurityAuthorizedShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesACumulativePreferredStockMember_zIyWYoYwwIai" style="text-align: center"&gt;1,200,000&lt;/td&gt;
    &lt;td id="xdx_98E_ecef--OutstandingSecurityHeldShares_d0_c20221231__20221231__cef--SecurityAxis__custom--SeriesACumulativePreferredStockMember_z6pWnHXXb7d1" style="text-align: center"&gt;&#x2013;&lt;/td&gt;
    &lt;td id="xdx_98A_ecef--OutstandingSecurityNotHeldShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesACumulativePreferredStockMember_z4a3nqVrRgXi" style="text-align: center"&gt;21,087&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt;
    &lt;td id="xdx_98E_ecef--OutstandingSecurityTitleTextBlock_c20221231__20221231__cef--SecurityAxis__custom--SeriesBCumulativePreferredStockMember_zQDxm9yPY5k2"&gt;Series B Cumulative Preferred Shares&lt;/td&gt;
    &lt;td id="xdx_980_ecef--OutstandingSecurityAuthorizedShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesBCumulativePreferredStockMember_zqferrUpk8dk" style="text-align: center"&gt;1,370,433&lt;/td&gt;
    &lt;td id="xdx_986_ecef--OutstandingSecurityHeldShares_d0_c20221231__20221231__cef--SecurityAxis__custom--SeriesBCumulativePreferredStockMember_zDkKRUjV7hx2" style="text-align: center"&gt;&#x2013;&lt;/td&gt;
    &lt;td id="xdx_98A_ecef--OutstandingSecurityAuthorizedShares_c20221231__20221231__cef--SecurityAxis__custom--SeriesBCumulativePreferredStockMember_z1vjeUplkg6l" style="text-align: center"&gt;1,370,433&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


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    <cef:OutstandingSecurityHeldShares
      contextRef="From2022-12-312022-12-31_custom_CommonStockMember"
      decimals="INF"
      unitRef="Shares">0</cef:OutstandingSecurityHeldShares>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2022-12-312022-12-31_custom_CommonStockMember"
      decimals="INF"
      unitRef="Shares">5968911</cef:OutstandingSecurityNotHeldShares>
    <cef:OutstandingSecurityTitleTextBlock contextRef="From2022-12-312022-12-31_custom_SeriesACumulativePreferredStockMember">Series A Cumulative Preferred Shares</cef:OutstandingSecurityTitleTextBlock>
    <cef:OutstandingSecurityAuthorizedShares
      contextRef="From2022-12-312022-12-31_custom_SeriesACumulativePreferredStockMember"
      decimals="INF"
      unitRef="Shares">1200000</cef:OutstandingSecurityAuthorizedShares>
    <cef:OutstandingSecurityHeldShares
      contextRef="From2022-12-312022-12-31_custom_SeriesACumulativePreferredStockMember"
      decimals="INF"
      unitRef="Shares">0</cef:OutstandingSecurityHeldShares>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2022-12-312022-12-31_custom_SeriesACumulativePreferredStockMember"
      decimals="INF"
      unitRef="Shares">21087</cef:OutstandingSecurityNotHeldShares>
    <cef:OutstandingSecurityTitleTextBlock contextRef="From2022-12-312022-12-31_custom_SeriesBCumulativePreferredStockMember">Series B Cumulative Preferred Shares</cef:OutstandingSecurityTitleTextBlock>
    <cef:OutstandingSecurityAuthorizedShares
      contextRef="From2022-12-312022-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="INF"
      unitRef="Shares">1370433</cef:OutstandingSecurityAuthorizedShares>
    <cef:OutstandingSecurityHeldShares
      contextRef="From2022-12-312022-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="INF"
      unitRef="Shares">0</cef:OutstandingSecurityHeldShares>
    <cef:OutstandingSecurityAuthorizedShares
      contextRef="From2022-12-312022-12-31_custom_SeriesBCumulativePreferredStockMember"
      decimals="INF"
      unitRef="Shares">1370433</cef:OutstandingSecurityAuthorizedShares>
    <cef:SeniorSecuritiesAmount
      contextRef="From2017-01-012017-12-31_custom_SeriesACumulativePreferredStockMember"
      decimals="-3"
      unitRef="USD">51304000</cef:SeniorSecuritiesAmount>
    <cef:SeniorSecuritiesAmount
      contextRef="From2016-01-012016-12-31_custom_SeriesACumulativePreferredStockMember"
      decimals="-3"
      unitRef="USD">51304000</cef:SeniorSecuritiesAmount>
    <cef:SeniorSecuritiesAmount
      contextRef="From2015-01-012015-12-31_custom_SeriesACumulativePreferredStockMember"
      decimals="-3"
      unitRef="USD">51304000</cef:SeniorSecuritiesAmount>
    <cef:SeniorSecuritiesAmount
      contextRef="From2014-01-012014-12-31_custom_SeriesACumulativePreferredStockMember"
      decimals="-3"
      unitRef="USD">51621000</cef:SeniorSecuritiesAmount>
    <cef:SeniorSecuritiesAmount
      contextRef="From2013-01-012013-12-31_custom_SeriesACumulativePreferredStockMember"
      decimals="-3"
      unitRef="USD">51621000</cef:SeniorSecuritiesAmount>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2017-01-012017-12-31_custom_SeriesACumulativePreferredStockMember"
      decimals="-3"
      unitRef="Shares">1026000</cef:OutstandingSecurityNotHeldShares>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2016-01-012016-12-31_custom_SeriesACumulativePreferredStockMember"
      decimals="-3"
      unitRef="Shares">1026000</cef:OutstandingSecurityNotHeldShares>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2015-01-012015-12-31_custom_SeriesACumulativePreferredStockMember"
      decimals="-3"
      unitRef="Shares">1026000</cef:OutstandingSecurityNotHeldShares>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2014-01-012014-12-31_custom_SeriesACumulativePreferredStockMember"
      decimals="-3"
      unitRef="Shares">1032000</cef:OutstandingSecurityNotHeldShares>
    <cef:OutstandingSecurityNotHeldShares
      contextRef="From2013-01-012013-12-31_custom_SeriesACumulativePreferredStockMember"
      decimals="-3"
      unitRef="Shares">1032000</cef:OutstandingSecurityNotHeldShares>
    <cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit
      contextRef="From2017-01-012017-12-31_custom_SeriesACumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">50.00</cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit>
    <cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit
      contextRef="From2016-01-012016-12-31_custom_SeriesACumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">50.00</cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit>
    <cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit
      contextRef="From2015-01-012015-12-31_custom_SeriesACumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">50.00</cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit>
    <cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit
      contextRef="From2014-01-012014-12-31_custom_SeriesACumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">50.00</cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit>
    <cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit
      contextRef="From2013-01-012013-12-31_custom_SeriesACumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">50.00</cef:SeniorSecuritiesInvoluntaryLiquidatingPreferencePerUnit>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2017-01-012017-12-31_custom_SeriesACumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">50.90</cef:SeniorSecuritiesAverageMarketValuePerUnit>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2016-01-012016-12-31_custom_SeriesACumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">51.17</cef:SeniorSecuritiesAverageMarketValuePerUnit>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2015-01-012015-12-31_custom_SeriesACumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">50.49</cef:SeniorSecuritiesAverageMarketValuePerUnit>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2014-01-012014-12-31_custom_SeriesACumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">50.55</cef:SeniorSecuritiesAverageMarketValuePerUnit>
    <cef:SeniorSecuritiesAverageMarketValuePerUnit
      contextRef="From2013-01-012013-12-31_custom_SeriesACumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">50.88</cef:SeniorSecuritiesAverageMarketValuePerUnit>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="From2017-01-012017-12-31_custom_SeriesACumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">139.88</cef:SeniorSecuritiesCoveragePerUnit>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="From2016-01-012016-12-31_custom_SeriesACumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">129.47</cef:SeniorSecuritiesCoveragePerUnit>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="From2015-01-012015-12-31_custom_SeriesACumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">128.40</cef:SeniorSecuritiesCoveragePerUnit>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="From2014-01-012014-12-31_custom_SeriesACumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">137.34</cef:SeniorSecuritiesCoveragePerUnit>
    <cef:SeniorSecuritiesCoveragePerUnit
      contextRef="From2013-01-012013-12-31_custom_SeriesACumulativePreferredStockMember"
      decimals="INF"
      unitRef="USDPShares">139.21</cef:SeniorSecuritiesCoveragePerUnit>
    <cef:InvestmentObjectivesAndPracticesTextBlock contextRef="From2023-03-09to2023-03-09">&lt;p id="xdx_802_ecef--InvestmentObjectivesAndPracticesTextBlock_dU_zxkwib1H5Uch" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;INVESTMENT
OBJECTIVES AND POLICIES&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;Investment Objectives and Policies&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 142pt 0pt 0; text-indent: 140.75pt; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
Fund&#x2019;s investment objective is to seek a consistent level of after-tax total return over the long-term with an emphasis
currently on qualifying dividends. The Fund will attempt to achieve its investment objective by investing, under normal market
conditions, at least 80% of its assets in (i) equity securities (including common stock, preferred stock, convertible stock and
options on these securities) of domestic and foreign companies involved to a substantial extent (i.e., at least 50% of the assets,
gross income or net profits of a company is committed to or derived from) in providing (a) products, services or equipment for
the generation or distribution of electricity, gas or water, (b) infrastructure operations such as airports, toll roads and municipal
services and (c) telecommunications services such as telephone, telegraph, satellite, cable, microwave, radiotelephone, mobile
communication and cellular, paging, electronic mail, videotext, voice communications, data communications and internet (collectively,
the &#x201c;Utilities Industry&#x201d;) and (ii) securities (including preferred and debt securities, as well as government obligations)
of issuers that are expected to periodically pay dividends or interest. The Fund&#x2019;s 80% policy is not fundamental and shareholders
will be notified if it is changed. In addition, under normal market conditions, at least 25% of the Fund&#x2019;s assets will consist
of securities (including preferred and debt securities) of domestic and foreign companies involved to a substantial extent in
the Utilities Industry. The remaining Fund assets will generally be invested in other securities that the Investment Adviser views
as not being correlated with the Fund&#x2019;s Utilities Industry investments. Such investments may include convertible securities,
securities of issuers subject to reorganization or other risk arbitrage investments, certain derivative instruments including
equity contract for difference swap transactions, other debt securities (including obligations of the U.S. Government), and money
market instruments. The Fund may invest without limitation in securities of foreign issuers and will generally be invested in
securities of issuers located in at least three countries, including the United States. It is anticipated that, under normal market
conditions, at least 40% of the Fund&#x2019;s assets will be invested in foreign securities. Foreign securities are securities
of issuers based outside the United States. The Fund considers an issuer to be based outside of the United States if (1) it is
organized under the laws of, or has a principal office located in, another country; (2) the principal trading market for its securities
is in another country; or (3) it (directly or through its consolidated subsidiaries) derived in its most current fiscal year at
least 50% of its total assets, capitalization, gross revenue or profit from goods produced, services performed or sales made in
another country. The Fund may purchase sponsored ADRs or U.S. dollar denominated securities of foreign issuers, which will be
considered foreign securities for purposes of the Fund&#x2019;s investment policies. Typically, the Fund will not hold any foreign
securities of emerging market issuers and, if it does, such securities are not expected to comprise more than 10% of the Fund&#x2019;s
managed assets. The Fund expects to invest in securities across all market capitalization ranges. The Fund may invest up to 10%
of its total assets in securities&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="font: 12pt Arial, Helvetica, Sans-Serif; color: Black"&gt;&lt;b/&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;rated
below investment grade by recognized statistical rating agencies or unrated securities of comparable quality, including securities
of issuers in default, which are likely to have the lowest rating. Securities rated below investment grade, which may be preferred
shares or debt, are predominantly speculative and involve major risk exposure to adverse conditions. Securities that are rated
lower than &#x201c;BBB&#x201d; by S&amp;amp;P, or lower than &#x201c;Baa&#x201d; by Moody&#x2019;s or unrated securities considered by
the Investment Adviser to be of comparable quality, are commonly referred to as &#x201c;junk bonds&#x201d; or &#x201c;high yield&#x201d;
securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;No assurance can
be given that the Fund&#x2019;s investment objective will be achieved.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;Investment Methodology
of the Fund&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;In
selecting securities for the Fund, the Investment Adviser normally considers the following factors, among others:&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;the industry of the issuer
of a security;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;the potential of the Fund
to earn gains from writing covered call options on such securities;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;the interest or dividend income
generated by the securities;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;the potential for capital
appreciation of the securities;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;the prices of the securities
relative to comparable securities;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;whether the securities are
entitled to the benefits of call protection or other protective covenants;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;the existence of any anti-dilution
protections or guarantees of the security; and&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;the number and size of investments of the portfolio as to issuers.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;
&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 110pt 0pt 0.25in; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
Investment Adviser&#x2019;s investment philosophy with respect to debt and equity securities is to identify assets that are selling
in the public market at a discount to their private market value. The Investment Adviser defines private market value as the value
informed purchasers are willing to pay to acquire assets with similar characteristics.&#160;The Investment Adviser also normally
evaluates an issuer&#x2019;s free cash flow and long-term earnings trends.&#160;Finally, the Investment Adviser looks for a catalyst,
something indigenous to the company, its industry or country that will surface additional value.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;Certain Investment
Practices&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Utilities
Industry Concentration. &lt;/i&gt;&lt;/b&gt;Under normal market conditions the Fund will invest at least 25% of its assets in the securities
(including preferred and debt securities) of domestic and foreign companies involved to a substantial extent in the Utilities
Industry.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Tax-Advantaged
Qualified Dividends. &lt;/i&gt;&lt;/b&gt;The Fund&#x2019;s investments will emphasize securities that will pay tax-advantaged qualified dividends.
For the Fund to receive tax-advantaged qualified dividends, the Fund must, in addition to other requirements, hold the otherwise
qualified stock for more than 60 days during the 121-day period beginning 60 days before the ex-dividend date (or, in the case
of preferred stock, more than 90 days during the 181-day period beginning 90 days before the ex-dividend date). The &#x201c;ex-dividend
date&#x201d; is the date which is established by a stock exchange (usually two business days before the record date) whereby the
owner of a security at the commencement of such date is entitled to receive the next issued dividend payment for such security,
even if the security is sold by such owner on the ex-dividend date or thereafter. In addition, for dividends to be tax-advantaged
qualified dividends, the Fund cannot have an option to sell or be under a contractual&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;obligation
to sell (pursuant to a short sale or otherwise) substantially identical stock or securities. Accordingly, the Fund&#x2019;s writing
of call options may, depending on the terms of the option, adversely impact the Fund&#x2019;s ability to pay tax-advantaged qualified
dividends. For an individual shareholder to be taxed at the rates applicable to tax-advantaged qualified dividends on dividends
received from the Fund that are attributable to tax-advantaged qualified dividends received by the Fund, the shareholder must
hold its common shares for more than 61 days during the 121-day period beginning 60 days before the ex-dividend date for the Fund&#x2019;s
common shares (or, in the case of preferred stock, more than 91 days during the 181-day period beginning 90 days before the ex-dividend
date for the Fund&#x2019;s preferred shares). Consequently, short-term investors in the Fund may not realize the benefits of tax-advantaged
qualified dividends. There can be no assurance as to the portion of the Fund&#x2019;s dividends that will be tax-advantaged.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Foreign
Securities. &lt;/i&gt;&lt;/b&gt;Subject to the Fund&#x2019;s other policies including investing at least 25% of its assets in the Utilities
Industry, the Fund may invest without limit in the securities of foreign issuers, which are generally denominated in foreign currencies.
The Fund expects to generally be invested in securities of issuers located in at least three countries, including the United States
and possibly including developing countries. It is anticipated that, under normal market conditions, at least 40% of the Fund&#x2019;s
assets will be invested in foreign securities. Typically, the Fund will not hold any foreign securities of emerging market issuers
and, if it does, such securities are not expected to comprise more than 10% of the Fund&#x2019;s managed assets.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
Investment Adviser believes that investing in foreign securities offers both enhanced investment opportunities and additional
risks beyond those present in U.S. securities. Investing in foreign securities may provide increased diversification by adding
securities from various foreign countries (i) that offer different investment opportunities, (ii) that generally are affected
by different economic trends and (iii) whose stock markets may not be correlated with U.S. markets. At the same time, these opportunities
and trends involve risks that may not be encountered in U.S. investments.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"&gt;&lt;span style="color: Black"&gt;The following considerations
comprise both risks and opportunities not typically associated with investing in U.S. securities: fluctuations in exchange rates
of foreign currencies; possible imposition of exchange control regulations or currency restrictions that would prevent cash from
being brought back to the United States; less public information with respect to issuers of securities; less government supervision
of stock exchanges, securities brokers and issuers of securities; the difficulty in obtaining or enforcing a court judgment abroad;
lack of uniform accounting, auditing and financial reporting standards; lack of uniform settlement periods and trading practices;
less liquidity and frequently greater price volatility in foreign markets than in the United States; possible imposition of foreign
taxes; the possibility of expropriation or confiscatory taxation, seizure or nationalization of foreign bank deposits or other
assets; the adoption of foreign government restrictions and other adverse political, social or diplomatic developments that could
affect investment; sometimes less advantageous legal, operational and financial protections applicable to foreign sub-custodial
arrangements; and the historically lower level of responsiveness of foreign management to shareholder concerns (such as dividends
and return on investment).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
Fund may also purchase sponsored American Depository Receipts (&#x201c;ADRs&#x201d;) or U.S. dollar denominated securities of foreign
issuers, which will be considered foreign securities for purposes of the Fund&#x2019;s investment policies. ADRs are receipts issued
by U.S. banks or trust companies in respect of securities of foreign issuers&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;held on deposit for
use in the U.S. securities markets. See &#x201c;Risk Factors and Special Considerations&#x2014;Foreign Securities.&#x201d;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Income
Securities. &lt;/i&gt;&lt;/b&gt;Although it is the Fund&#x2019;s policy to invest in securities of companies in the Utilities Industry to the
extent attractive opportunities are available, the Fund may also invest in income securities other than Utilities Industry securities
that are expected to periodically accrue or generate income for their holders. Such income securities include (i) fixed income
securities such as bonds, debentures, notes, preferred stock, short-term discounted Treasury Bills or certain securities of the
U.S. government sponsored instrumentalities, as well as money market mutual funds that invest in those securities, which, in the
absence of an applicable exemptive order or rule, will not be affiliated with the Investment Adviser, and (ii) common and preferred
stocks of issuers that have historically paid periodic dividends. Fixed income securities obligate the issuer to pay to the holder
of the security a specified return, which may be either fixed or reset periodically in accordance with the terms of the security.
Fixed income securities generally are senior to an issuer&#x2019;s common stock and their holders generally are entitled to receive
amounts due before any distributions are made to common stockholders. Common stocks, on the other hand, generally do not obligate
an issuer to make periodic distributions to holders.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
market value of fixed income securities, especially those that provide a fixed rate of return, may be expected to rise and fall
inversely with interest rates and in general is affected by the credit rating of the issuer, the issuer&#x2019;s performance and
perceptions of the issuer in the market place. The market value of callable or redeemable fixed income securities may also be
affected by the issuer&#x2019;s call and redemption rights. In addition, it is possible that the issuer of fixed income securities
may not be able to meet its interest or principal obligations to holders. Further, holders of non-convertible fixed income securities
do not participate in any capital appreciation of the issuer.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
Fund may also invest in obligations of government sponsored instrumentalities. Unlike non-U.S. government securities, obligations
of certain agencies and instrumentalities of the U.S. government, such as the Government National Mortgage Association, are supported
by the &#x201c;full faith and credit&#x201d; of the U.S. government; others, such as those of the Export-Import Bank of the U.S.,
are supported by the right of the issuer to borrow from the U.S. Treasury; others, such as those of the Federal National Mortgage
Association, are supported by the discretionary authority of the U.S. government to purchase the agency&#x2019;s obligations; and
still others, such as those of the Student Loan Marketing Association, are supported only by the credit of the instrumentality.
No assurance can be given that the U.S. government would provide financial support to U.S. government sponsored instrumentalities
if it is not obligated to do so by law. Although the Fund may invest in all types of obligations of agencies and instrumentalities
of the U.S. government, the Fund currently intends to invest only in obligations that are supported by the &#x201c;full faith and
credit&#x201d; of the U.S. government.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
Fund also may invest in common stock of issuers that have historically paid periodic dividends or otherwise made distributions
to common stockholders. Unlike fixed income securities, dividend payments generally are not guaranteed and so may be discontinued
by the issuer at its discretion or because of the issuer&#x2019;s inability to satisfy its liabilities. Further, an issuer&#x2019;s
history of paying dividends does not guarantee that it will continue to pay dividends in the future. In addition to dividends,
under certain circumstances the holders of common stock may benefit from the capital appreciation of the issuer.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Common
stocks represent the residual ownership interest in the issuer and holders of common stock are entitled to the income and increase
in the value of the assets and business of the issuer after all of its debt obligations and obligations to preferred shareholders
are satisfied. Common stocks generally have voting rights. Common stocks fluctuate in price in response to many factors including
historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor
perceptions and market liquidity.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Value
Investing. &lt;/i&gt;&lt;/b&gt;The Fund&#x2019;s portfolio manager will use various value methods in managing its assets. In selecting securities
for the Fund, he evaluates the quality of a company&#x2019;s balance sheet, the level of its cash flows and other measures of a
company&#x2019;s financial condition and profitability. The portfolio manager may also consider other factors, such as a company&#x2019;s
unrecognized asset values, its future growth prospects or its turnaround potential following an earnings disappointment or other
business difficulties. The portfolio manager then uses these factors to assess the company&#x2019;s current worth, basing this
assessment on either what he believes a knowledgeable buyer might pay to acquire the entire company or what he thinks the value
of the company should be in the stock market.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
Fund&#x2019;s portfolio manager generally invests in securities of companies that are trading significantly below his estimate
of the company&#x2019;s current worth in an attempt to reduce the risk of overpaying for such companies. Seeking long-term growth
of capital, he also evaluates the prospects for the market price of the company&#x2019;s securities to increase over a two- to
five-year period toward this estimate.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
Investment Adviser&#x2019;s value approach strives to reduce some of the other risks of investing in the securities of smaller
companies (for the Fund&#x2019;s portfolio taken as a whole) by evaluating other risk factors. For example, its portfolio manager
generally attempts to lessen financial risk by buying companies with strong balance sheets and low leverage.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;While
there can be no assurance that this risk-averse value approach will be successful, the Investment Adviser believes that it can
reduce some of the risks of investing.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Although
the Investment Adviser&#x2019;s approach to security selection seeks to reduce downside risk to the Fund&#x2019;s portfolio, especially
during periods of broad stock market declines, it may also potentially have the effect of limiting gains in strong up markets.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Risk
Arbitrage. &lt;/i&gt;&lt;/b&gt;Subject to the Fund&#x2019;s other policies including investing at least 25% of its assets in the Utilities
Industry, the Fund may invest without limitation in securities pursuant to &#x201c;risk arbitrage&#x201d; strategies or in other
investment funds managed pursuant to such strategies. Risk arbitrage investments are made in securities of companies for which
a tender or exchange offer has been made or announced and in securities of companies for which a merger, consolidation, liquidation
or reorganization proposal has been announced if, in the judgment of the Investment Adviser, there is a reasonable prospect of
total return significantly greater than the brokerage and other transaction expenses involved. Risk arbitrage strategies attempt
to exploit merger activity to capture the spread between current market values of securities and their values after successful
completion of a merger, restructuring or similar corporate transaction. Transactions associated with risk arbitrage strategies
typically involve the purchases or sales of securities in connection with announced corporate actions which may include, but are
not limited to, mergers, consolidations, acquisitions, transfers of assets, tender offers, exchange offers, re-capitalizations,
liquidations, divestitures, spin-offs and similar transactions. However, a merger or other restructuring or tender or exchange
offer anticipated by the Fund and in which it holds an arbitrage position&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;may
not be completed on the terms contemplated or within the time frame anticipated, resulting in losses to the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;In
general, securities which are the subject of such an offer or proposal sell at a premium to their historic market price immediately
prior to the announcement of the offer but may trade at a discount or premium to what the stated or appraised value of the security
would be if the contemplated transaction were approved or consummated.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Such
investments may be advantageous when the discount significantly overstates the risk of the contingencies involved; significantly
undervalues the securities, assets or cash to be received by shareholders as a result of the contemplated transaction; or fails
adequately to recognize the possibility that the offer or proposal may be replaced or superseded by an offer or proposal of greater
value. The evaluation of such contingencies requires unusually broad knowledge and experience on the part of the Investment Adviser
which must appraise not only the value of the issuer and its component businesses as well as the assets or securities to be received
as a result of the contemplated transaction but also the financial resources and business motivation behind the offer and/or the
dynamics and business climate when the offer or proposal is in process. Since such investments are ordinarily short term in nature,
they will tend to increase the turnover ratio of the Fund, thereby increasing its brokerage and other transaction expenses. Risk
arbitrage strategies may also involve short selling, options hedging and other arbitrage techniques to capture price differentials.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Forward
Foreign Currency Exchange Contracts. &lt;/i&gt;&lt;/b&gt;Subject to guidelines of the Board of Trustees, the Fund may enter into forward foreign
currency exchange contracts to protect the value of its portfolio against uncertainty in the level of future currency exchange
rates between a particular foreign currency and the U.S. dollar or between foreign currencies in which its securities are or may
be denominated. The Fund may enter into such contracts on a spot (i.e., cash) basis at the rate then prevailing in the currency
exchange market or on a forward basis by entering into a forward contract to purchase or sell currency. A forward contract on
foreign currency is an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days
agreed upon by the parties from the date of the contract at a price set on the date of the contract. Forward currency contracts
(i) are traded in a market conducted directly between currency traders (typically, commercial banks or other financial institutions)
and their customers, (ii) generally have no deposit requirements and (iii) are typically consummated without payment of any commissions.
The Fund, however, may enter into forward currency contracts requiring deposits or involving the payment of commissions. The Fund
expects to invest in forward currency contracts for hedging or currency risk management purposes and not in order to speculate
on currency exchange rate movements. The Fund will only enter into forward currency contracts with parties which it believes to
be creditworthy.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;In
hedging a specific transaction, the Fund may enter into a forward contract with respect to either the currency in which the transaction
is denominated or another currency deemed appropriate by the Investment Adviser. The amount the Fund may invest in forward currency
contracts is limited to the amount of its aggregate investments in foreign currencies. The use of forward currency contracts may
involve certain risks, including the failure of the counterparty to perform its obligations under the contract, and such use may
not serve as a complete hedge because of an imperfect correlation between movements in the prices of the contracts and the prices
of the currencies hedged or used for cover. The Fund will only enter into forward currency contracts with parties that the Investment
Adviser believes to be creditworthy institutions.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Restricted
and Illiquid Securities. &lt;/i&gt;&lt;/b&gt;Subject to the Fund&#x2019;s other policies including investing at least 25% of its assets in
the Utilities Industry, the Fund may invest without limit in securities for which there is no readily available trading market
or are otherwise illiquid. Illiquid securities include securities legally restricted as to resale, such as commercial paper issued
pursuant to Section 4(a)(2) of the Securities Act of 1933 (the &#x201c;Securities Act&#x201d;) and securities eligible for resale
pursuant to Rule 144A thereunder. Section 4(a)(2) and Rule 144A securities may, however, be treated as liquid by the Investment
Adviser pursuant to procedures adopted by the Board, which require consideration of factors such as trading activity, availability
of market quotations and number of dealers willing to purchase the security. If the Fund invests in Rule 144A securities, the
level of portfolio illiquidity may be increased to the extent that eligible buyers become uninterested in purchasing such securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;It
may be difficult to sell such securities at a price representing the fair value until such time as such securities may be sold
publicly. Where registration is required, a considerable period may elapse between a decision to sell the securities and the time
when it would be permitted to sell. Thus, the Fund may not be able to obtain as favorable a price as that prevailing at the time
of the decision to sell. The Fund may also acquire securities through private placements under which it may agree to contractual
restrictions on the resale of such securities. Such restrictions might prevent their sale at a time when such sale would otherwise
be desirable.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Leveraging.
&lt;/i&gt;&lt;/b&gt;As provided in the 1940 Act and subject to certain exceptions, the Fund may issue senior securities (which may be additional
classes of stock, such as preferred shares, or securities representing debt) so long as its total assets, less certain ordinary
course liabilities, exceed 300% of the amount of the debt outstanding and exceed 200% of the amount of preferred shares and debt
outstanding. The issuance of senior securities would leverage the common shares. The Fund&#x2019;s participation in certain derivative
transactions that have economic leverage embedded in them, as described below, may also leverage the common shares. Although the
timing and other terms of the offering of senior securities and the terms of the senior securities would be determined by the
Fund&#x2019;s Board, the Fund expects to primarily invest the proceeds of any senior securities offering in dividend paying or
income producing equity or debt securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
use of leverage magnifies the impact of changes in net asset value, which means that, all else being equal, the use of leverage
results in outperformance on the upside and underperformance on the downside. In addition, if the cost of leverage exceeds the
return on the securities acquired with the proceeds of leverage, the use of leverage will diminish rather than enhance the return
to the Fund. The use of leverage generally increases the volatility of returns to the Fund. Such volatility may increase the likelihood
of the Fund having to sell investments in order to meet its obligations to make distributions on the preferred shares or principal
or interest payments on debt securities, or to redeem preferred shares or repay debt, when it may be disadvantageous to do so.
The Fund&#x2019;s use of leverage may require it to sell portfolio investments at inopportune times in order to raise cash to redeem
preferred shares or otherwise de-leverage so as to maintain required asset coverage amounts or comply with any mandatory redemption
terms of any outstanding preferred shares. See &#x201c;Risk Factors and Special Considerations&#x2014;Leverage Risk.&#x201d;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;In
the event the Fund had both outstanding preferred shares and senior securities representing debt at the same time, the Fund&#x2019;s
obligations to pay dividends or distributions and, upon liquidation of the Fund, liquidation payments in respect of its preferred
shares would be subordinate to the Fund&#x2019;s obligations to make any principal and/or interest payments due and owing with
respect to its outstanding senior debt securities. Accordingly, the Fund&#x2019;s issuance of senior securities representing debt
would have the effect of creating special risks for&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;the
Fund&#x2019;s preferred shareholders that would not be present in a capital structure that did not include such securities. See
&#x201c;Risk Factors and Special Considerations&#x2014;Special Risks to Holders of Fixed Rate Preferred Shares.&#x201d;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Subject
to the requirements of Rule 18f-4 under the 1940 Act (&#x201c;Rule 18f-4&#x201d;), the Fund may enter into derivative transactions
including transactions that have economic leverage embedded in them. Rule 18f-4 defines &#x201c;derivatives transactions&#x201d;
as (1) any swap, security-based swap, futures contract, forward contract, option, any combination of the foregoing, or any similar
instrument, under which a fund is or may be required to make any payment or delivery of cash or other assets during the life of
the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; and (2) any short sale
borrowing. Derivatives transactions entered into by the Fund in compliance with Rule 18f-4 will not be considered senior securities
for purposes of computing the asset coverage requirements described above. Economic leverage exists when the Fund achieves the
right to a return on a capital base that exceeds the investment which the Fund has contributed to the instrument achieving a return.
Derivative transactions that the Fund may enter into and the risks associated with them are described elsewhere in this Annual
Report. The Fund cannot assure you that investments in derivative transactions that have economic leverage embedded in them will
result in a higher return on its common shares.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;If
the Fund enters into any reverse repurchase agreement or similar financing transactions obligating the Fund to make future payments,
the Fund must either treat all such transactions as derivatives transactions for all purposes under Rule 18f-4 or otherwise comply
with the asset coverage requirements described above and combine the aggregate amount of indebtedness associated with all such
transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the Fund&#x2019;s
asset coverage ratio limit requirements. The asset coverage requirements under section 18 of the 1940 Act and the limits and conditions
imposed by Rule 18f-4 may limit or restrict portfolio management.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Non-Investment
Grade Securities. &lt;/i&gt;&lt;/b&gt;The Fund may invest up to 10% of its total assets in fixed-income securities rated below investment
grade by recognized statistical rating agencies or unrated securities of comparable quality. The prices of these lower grade securities
are more sensitive to negative developments, such as a decline in the issuer&#x2019;s revenues or a general economic downturn,
than are the prices of higher grade securities. Securities of below investment grade quality&#x2014;those securities rated below
&#x201c;Baa&#x201d; by Moody&#x2019;s or below &#x201c;BBB&#x201d; by S&amp;amp;P (or unrated securities of comparable quality)&#x2014;are
predominantly speculative with respect to the issuer&#x2019;s capacity to pay interest and repay principal when due and therefore
involve a greater risk of default. Securities rated below investment grade commonly are referred to as &#x201c;junk bonds&#x201d;
or &#x201c;high yield&#x201d; securities and generally pay a premium above the yields of U.S. government securities or securities
of investment grade issuers because they are subject to greater risks than these securities. These risks, which reflect their
speculative character, include the following:&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;greater volatility;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;greater credit risk and risk
of default;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;potentially greater sensitivity
to general economic or industry conditions;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;potential lack of attractive
resale opportunities (illiquidity); and&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;additional expenses to seek
recovery from issuers who default.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B"&gt;&#160;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;In
addition, the market value of securities in lower grade categories is more volatile than that of higher quality securities, and
the markets in which such lower rated or unrated securities are traded are more limited than those in which higher rated securities
are traded. The existence of limited markets may make it more difficult for the Fund to obtain accurate market quotations for
purposes of valuing its portfolio and calculating its net asset value. Moreover, the lack of a liquid trading market may restrict
the availability of securities for the Fund to purchase and may also have the effect of limiting the ability of the Fund to sell
securities at their fair value to respond to changes in the economy or the financial markets.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Ratings
are relative, subjective and not absolute standards of quality. Securities ratings are based largely on the issuer&#x2019;s historical
financial condition and the rating agencies&#x2019; analysis at the time of rating. Consequently, the rating assigned to any particular
security is not necessarily a reflection of the issuer&#x2019;s current financial condition.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Non-investment
grade and unrated securities of comparable quality also present risks based on payment expectations. If an issuer calls the obligation
for redemption (often a feature of fixed income securities), the Fund may have to replace the security with a lower yielding security,
resulting in a decreased return for investors. Also, as the principal value of bonds moves inversely with movements in interest
rates, in the event of rising interest rates the value of the securities held by the Fund may decline proportionately more than
a portfolio consisting of higher rated securities. Investments in zero coupon bonds may be more speculative and subject to greater
fluctuations in value due to changes in interest rates than bonds that pay interest currently. Interest rates have risen in recent
months, and the risk that they may continue to do so is pronounced. Any interest rate increases in the future could cause the
value of the Fund to decrease. Recently, inflation levels have been at their highest point in nearly 40 years and the Federal
Reserve has begun an aggressive campaign to raise certain benchmark interest rates in an effort to combat inflation. As inflation
increases, the real value of the Fund&#x2019;s common stock and distributions therefore may decline.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
Fund may purchase securities of companies that are experiencing significant financial or business difficulties, including companies
involved in bankruptcy or other reorganization and liquidation proceedings. Although such investments may result in significant
financial returns to the Fund, they involve a substantial degree of risk. The level of analytical sophistication, both financial
and legal, necessary for successful investments in issuers experiencing significant business and financial difficulties is unusually
high. There can be no assurance that the Fund will correctly evaluate the value of the assets collateralizing its investments
or the prospects for a successful reorganization or similar action. In any reorganization or liquidation proceeding relating to
a portfolio investment, the Fund may lose all or part of its investment or may be required to accept collateral with a value less
than the amount of the Fund&#x2019;s initial investment.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;As
part of its investments in non-investment grade securities (i.e., subject to the 10% cap), the Fund may invest in the securities
of issuers in default. The Fund invests in securities of issuers in default only when the Investment Adviser believes that such
issuers will honor their obligations and emerge from bankruptcy protection and that the value of such issuers&#x2019; securities
will appreciate. By investing in the securities of issuers in default, the Fund bears the risk that these issuers will not continue
to honor their obligations or emerge from bankruptcy protection or that the value of these securities will not otherwise appreciate.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;In
addition to using statistical rating agencies and other sources, the Investment Adviser will also perform its own analysis of
issuers in seeking investments that it believes to be underrated (and thus higher yielding) in&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;light
of the financial condition of the issuer. Its analysis of issuers may include, among other things, current and anticipated cash
flow and borrowing requirements, value of assets in relation to historical cost, strength of management, responsiveness to business
conditions, credit standing and current anticipated results of operations. In selecting investments for the Fund, the Investment
Adviser may also consider general business conditions, anticipated changes in interest rates and the outlook for specific industries.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Subsequent
to its purchase by the Fund, an issue of securities may cease to be rated or its rating may be reduced. In addition, it is possible
that statistical rating agencies might change their ratings of a particular issue to reflect subsequent events on a timely basis.
Moreover, such ratings do not assess the risk of a decline in market value. None of these events will require the sale of the
securities by the Fund, although the Investment Adviser will consider these events in determining whether the Fund should continue
to hold the securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Fixed
income securities, including non-investment grade securities and comparable unrated securities, frequently have call or buy-back
features that permit their issuers to call or repurchase the securities from their holders, such as the Fund. If an issuer exercises
these rights during periods of declining interest rates, the Fund may have to replace the security with a lower yielding security,
thus resulting in a decreased return for the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
market for non-investment grade and comparable unrated securities has at various times, particularly during times of economic
recession, experienced substantial reductions in market value and liquidity. Past recessions have adversely affected the ability
of certain issuers of such securities to repay principal and pay interest thereon. The market for those securities could react
in a similar fashion in the event of any future economic recession.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Options.
&lt;/i&gt;&lt;/b&gt;The Fund may purchase or sell, i.e., write, options on securities, securities indices and foreign currencies which are
listed on a national securities exchange or in the OTC market as a means of achieving additional return or of hedging the value
of the Fund&#x2019;s portfolio. A call option is a contract that, in return for a premium, gives the holder of the option the right
to buy from the writer of the call option the security or currency underlying the option at a specified exercise price at any
time during the term of the option. The writer of the call option has the obligation, upon exercise of the option, to deliver
the underlying security or currency upon payment of the exercise price during the option period. A put option is the reverse of
a call option, giving the holder of the option the right, in return for a premium, to sell the underlying security to the writer,
at a specified price, and obligating the writer to purchase the underlying security from the holder upon exercise of the exercise
price.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;If
the Fund has written an option, it may terminate its obligation by effecting a closing purchase transaction. This is accomplished
by purchasing an option of the same series as the option previously written. However, with respect to exchange-traded options,
once the Fund has been assigned an exercise notice, the Fund will be unable to effect a closing purchase transaction. Similarly,
if the Fund is the holder of an option it may liquidate its position by effecting a closing sale transaction on an exchange. This
is accomplished by selling an option of the same series as the option previously purchased. There can be no assurance that either
a closing purchase or sale transaction can be effected when the Fund so desires.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
Fund will realize a profit from a closing transaction if the price of the transaction is less than the premium received from writing
the option or is more than the premium paid to purchase the option; the Fund will realize a loss from a closing transaction if
the price of the transaction is more than the premium received from writing&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;the
option or is less than the premium paid to purchase the option. Since call option prices generally reflect increases in the price
of the underlying security, any loss resulting from the repurchase of a call option may also be wholly or partially offset by
unrealized appreciation of the underlying security, and any gain resulting from the repurchase of a call option may also be wholly
or partially offset by unrealized depreciation of the underlying security. Other principal factors affecting the market value
of a put or a call option include supply and demand, prevailing interest rates, the current market price and price volatility
of the underlying security, and the time remaining until the expiration date of the option. Gains and losses on investments in
options depend, in part, on the ability of the Investment Adviser to predict correctly the effect of these factors. The use of
options cannot serve as a complete hedge since the price movement of securities underlying the options will not necessarily follow
the price movements of the portfolio securities subject to the hedge.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;An
option position may be closed out only on an exchange which provides a secondary market for an option of the same series or in
a private transaction. Although the Fund will generally purchase or write only those options for which there appears to be an
active secondary market, there is no assurance that a liquid secondary market on an exchange will persist for any particular option.
In such event, it might not be possible to effect closing transactions in particular options, so that the Fund would have to exercise
its options in order to realize any profit and would incur brokerage commissions upon the exercise of call options and upon the
subsequent disposition of underlying securities for the exercise of put options. If the Fund, as a covered call option writer,
is unable to effect a closing purchase transaction in a secondary market, it will not be able to sell the underlying security
until the option expires or it delivers the underlying security upon exercise or otherwise covers the position.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
sale of covered call options may also be used by the Fund to reduce the risks associated with individual investments and to increase
total investment return. A call option is &#x201c;covered&#x201d; if the Fund owns the underlying instrument covered by the call
or has an absolute and immediate right to acquire that instrument without additional cash consideration (or for additional cash
consideration held in a segregated account by its custodian) upon conversion or exchange of other instruments held in its portfolio.
A call option is also covered if the Fund holds a call option on the same instrument as the call option written where the exercise
price of the call option held is (i) equal to or less than the exercise price of the call option written or (ii) greater than
the exercise price of the call option written if the difference is maintained by the Fund in cash, U.S. government securities
or other high-grade short-term obligations in a segregated account with its custodian. A put option is &#x201c;covered&#x201d; if
the Fund maintains cash or other liquid securities with a value equal to the exercise price in a segregated account with its custodian,
or else holds a put option on the same instrument as the put option written where the exercise price of the put option held is
equal to or greater than the exercise price of the put option written.&lt;/span&gt; &lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;To
the extent that the Fund purchases options pursuant to a hedging strategy, the Fund will be subject to the following additional
risks. If a put or call option purchased by the Fund is not sold when it has remaining value, and if the market price of the underlying
security remains equal to or greater than the exercise price (in the case of a put), or remains less than or equal to the exercise
price (in the case of a call), the Fund will lose its entire investment in the option.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Where
a put or call option on a particular security is purchased to hedge against price movements in that or a related security, the
price of the put or call option may move more or less than the price of the security. If restrictions on exercise are imposed,
the Fund may be unable to exercise an option it has purchased. If the Fund&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;is
unable to close out an option that it has purchased on a security, it will have to exercise the option in order to realize any
profit, or the option may expire worthless.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Futures
Contracts and Options on Futures. &lt;/i&gt;&lt;/b&gt;The Fund may purchase and sell financial futures contracts and options thereon which
are traded on a commodities exchange or board of trade for certain hedging, yield enhancement and risk management purposes. A
financial futures contract is an agreement to purchase or sell an agreed amount of securities or currencies at a set price for
delivery in the future. These futures contracts and related options may be on debt securities, financial indices, securities indices,
U.S. government securities and foreign currencies. The Investment Adviser has claimed an exclusion from the definition of the
term &#x201c;commodity pool operator&#x201d; under the Commodity Exchange Act.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;When
Issued, Delayed Delivery Securities and Forward Commitments. &lt;/i&gt;&lt;/b&gt;The Fund may enter into forward commitments for the purchase
or sale of securities, including on a &#x201c;when issued&#x201d; or &#x201c;delayed delivery&#x201d; basis, in excess of customary
settlement periods for the type of security involved. In some cases, a forward commitment may be conditioned upon the occurrence
of a subsequent event, such as approval and consummation of a merger, corporate reorganization or debt restructuring (i.e., a
when, as and if issued security). When such transactions are negotiated, the price is fixed at the time of the commitment, with
payment and delivery taking place in the future, generally a month or more after the date of the commitment. While it will only
enter into a forward commitment with the intention of actually acquiring the security, the Fund may sell the security before the
settlement date if it is deemed advisable by the Investment Adviser.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Securities
purchased under a forward commitment are subject to market fluctuation, and no interest (or dividends) accrues to the Fund prior
to the settlement date.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Short
Sales. &lt;/i&gt;&lt;/b&gt;The Fund may make short sales of securities. A short sale is a transaction in which the Fund sells a security it
does not own in anticipation that the market price of that security will decline. The market value of the securities sold short
of any one issuer will not exceed either 10% of the Fund&#x2019;s total assets or 5% of such issuer&#x2019;s voting securities.
The Fund also will not make a short sale, if, after giving effect to such sale, the market value of all securities sold short
exceeds 25% of the value of its total assets or the Fund&#x2019;s aggregate short sales of a particular class of securities exceeds
25% of the outstanding securities of that class. The Fund may also make short sales &#x201c;against the box&#x201d; without respect
to such limitations. In this type of short sale, at the time of the sale, the Fund owns, or has the immediate and unconditional
right to acquire at no additional cost, the identical security.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
Fund expects to make short sales both to obtain capital gains from anticipated declines in securities and as a form of hedging
to offset potential declines in long positions in the same or similar securities. The short sale of a security is considered a
speculative investment technique. Short sales &#x201c;against the box&#x201d; may be subject to special tax rules, one of the effects
of which may be to accelerate income to the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;When
the Fund makes a short sale, it must borrow the security sold short and deliver it to the broker-dealer through which it made
the short sale in order to satisfy its obligation to deliver the security upon conclusion of the sale. The Fund may have to pay
a fee to borrow particular securities and is often obligated to deliver any payments received on such borrowed securities, such
as dividends.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;If
the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed
security, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a capital gain. Any gain will be
decreased, and any loss will be increased, by the transaction costs incurred by the Fund, including the costs associated with
providing collateral to the broker-dealer (usually cash, U.S. government securities or other highly liquid debt securities) and
the maintenance of collateral with its custodian. Although the Fund&#x2019;s gain is limited to the price at which it sold the
security short, its potential loss is theoretically unlimited.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Other
Derivative Instruments. &lt;/i&gt;&lt;/b&gt;The Fund may also utilize other types of derivative instruments, primarily for hedging or risk
management purposes. These instruments include futures, forward contracts, options on such contracts and interest rate, total
return and other kinds of swaps.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Limitations
on the Purchase and Sale of Futures Contracts, Certain Options, and Swaps. &lt;/i&gt;&lt;/b&gt;Subject to the guidelines of the Board, the
Fund may engage in &#x201c;commodity interest&#x201d; transactions (generally, transactions in futures, certain options, certain
currency transactions, and certain types of swaps) only for bona fide hedging or other permissible transactions in accordance
with the rules and regulations of the Commodity Futures Trading Commission (&#x201c;CFTC&#x201d;). Pursuant to amendments by the
CFTC to Rule 4.5 under the Commodity Exchange Act (&#x201c;CEA&#x201d;), the Investment Adviser has filed a notice of exemption
from registration as a &#x201c;commodity pool operator&#x201d; with respect to the Fund. The Fund and the Investment Adviser are
therefore not subject to registration or regulation as a commodity pool operator under the CEA. In addition, certain trading restrictions
are applicable to the Fund as a result of this status. These trading restrictions permit the Fund to engage in commodity interest
transactions that include (i) &#x201c;bona fide hedging&#x201d; transactions, as that term is defined and interpreted by the CFTC
and its staff, without regard to the percentage of the Fund&#x2019;s assets committed to margin and options premiums and (ii) non-bona
fide hedging transactions, provided that the Fund does not enter into such non-bona fide hedging transactions if, immediately
thereafter, either (a) the sum of the amount of initial margin deposits on the Fund&#x2019;s existing futures positions or swaps
positions and option or swaption premiums would exceed 5% of the market value of the Fund&#x2019;s liquidating value, after taking
into account unrealized profits and unrealized losses on any such transactions, or (b) the aggregate net notional value of the
Fund&#x2019;s commodity interest transactions would not exceed 100% of the market value of the Fund&#x2019;s liquidating value,
after taking into account unrealized profits and unrealized losses on any such transactions. In addition to meeting one of the
foregoing trading limitations, the Fund may not market itself as a commodity pool or otherwise as a vehicle for trading in the
futures, options or swaps markets. Therefore, in order to claim the Rule 4.5 exemption, the Fund is limited in its ability to
invest in commodity futures, options, and certain types of swaps (including securities futures, broad based stock index futures,
and financial futures contracts). As a result, the Fund is more limited in its ability to use these instruments than in the past,
and these limitations may have a negative impact on the ability of the Investment Adviser to manage the Fund, and on the Fund&#x2019;s
performance. If the Investment Adviser was required to register as a commodity pool operator with respect to the Fund, compliance
with additional registration and regulatory requirements would increase Fund expenses. Other potentially adverse regulatory initiatives
could also develop.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Risks
of Currency Transactions. &lt;/i&gt;&lt;/b&gt;Currency transactions are also subject to risks different from those of other portfolio transactions.
Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases
and sales of currency and related instruments can be&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;adversely
affected by government exchange controls, limitations or restrictions on repatriation of currency, and manipulation, or exchange
restrictions imposed by governments. These forms of governmental action can result in losses to the Fund if it is unable to deliver
or receive currency or monies in settlement of obligations and could also cause hedges it has entered into to be rendered useless,
resulting in full currency exposure and incurring transaction costs.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Repurchase
Agreements. &lt;/i&gt;&lt;/b&gt;Repurchase agreements may be seen as loans by the Fund collateralized by underlying debt securities. Under
the terms of a typical repurchase agreement, the Fund would acquire an underlying debt obligation for a relatively short period
(usually not more than one week) subject to an obligation of the seller to repurchase, and the Fund to resell, the obligation
at an agreed price and time. This arrangement results in a fixed rate of return to the Fund that is not subject to market fluctuations
during the holding period. The Fund bears a risk of loss in the event that the other party to a repurchase agreement defaults
on its obligations and the Fund is delayed in or prevented from exercising its rights to dispose of the collateral securities,
including the risk of a possible decline in the value of the underlying securities during the period in which it seeks to assert
these rights. The Investment Adviser, acting under the supervision of the Board of Trustees, reviews the creditworthiness of those
banks and dealers with which the Fund enters into repurchase agreements to evaluate these risks and monitors on an ongoing basis
the value of the securities subject to repurchase agreements to ensure that the value is maintained at the required level. The
Fund will not enter into repurchase agreements with the Investment Adviser or any of its affiliates.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Swaps.
&lt;/i&gt;&lt;/b&gt;The Fund may enter into total rate of return, credit default or other types of swaps and related derivatives for various
purposes, including to gain economic exposure to an asset or group of assets that may be difficult or impractical to acquire or
for hedging and risk management. These transactions generally provide for the transfer from one counterparty to another of certain
risks inherent in the ownership of a financial asset such as a common stock or debt instrument. Such risks include, among other
things, the risk of default and insolvency of the obligor of such asset, the risk that the credit of the obligor or the underlying
collateral will decline or the risk that the common stock of the underlying issuer will decline in value. The transfer of risk
pursuant to a derivative of this type may be complete or partial, and may be for the life of the related asset or for a shorter
period. These derivatives may be used as a risk management tool for a pool of financial assets, providing the Fund with the opportunity
to gain or reduce exposure to one or more reference securities or other financial assets (each, a &#x201c;Reference Asset&#x201d;)
without actually owning or selling such assets in order, for example, to increase or reduce a concentration risk or to diversify
a portfolio. Conversely, these derivatives may be used by the Fund to reduce exposure to an owned asset without selling it.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Because
the Fund would not own the Reference Assets, the Fund may not have any voting rights with respect to the Reference Assets, and
in such cases all decisions related to the obligors or issuers of the Reference Assets, including whether to exercise certain
remedies, will be controlled by the swap counterparties.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Total
rate of return swap agreements are contracts in which one party agrees to make periodic payments to another party based on the
change in market value of the assets underlying the contract, which may include a specified security, basket of securities or
securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or
the total return from other underlying assets.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;A
credit default swap consists of an agreement between two parties in which the &#x201c;buyer&#x201d; agrees to pay to the &#x201c;seller&#x201d;
a periodic stream of payments over the term of the contract and the seller agrees to pay the buyer the par value (or other agreed-upon
value) of a referenced debt obligation upon the occurrence of a credit event with respect to the issuer of the referenced debt
obligation. Generally, a credit event means bankruptcy, failure to pay, obligation acceleration or modified restructuring. The
Fund may be either the buyer or seller in a credit default swap. As the buyer in a credit default swap, the Fund would pay to
the counterparty the periodic stream of payments. If no default occurs, the Fund would receive no benefit from the contract. As
the seller in a credit default swap, the Fund would receive the stream of payments but would be subject to exposure on the notional
amount of the swap, which it would be required to pay in the event of a credit event with respect to the issuer of the referenced
debt obligation. Accordingly, if the Fund sells a credit default swap (or a credit default index swap), it intends at all times
to segregate or designate on its books and records liquid assets in an amount at least equal to the notional amount of the swap
(i.e., the cost of payment to the buyer if a credit event occurs).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
Fund may also enter into equity contract for difference swap transactions. In an equity contract for difference swap, a set of
future cash flows is exchanged between two counterparties. One of these cash flow streams will typically be based on a reference
interest rate combined with the performance of a notional value of shares of a stock. The other will be based on the performance
of the shares of a stock. Depending on the general state of short-term interest rates and the returns on the Fund&#x2019;s portfolio
securities at the time an equity contract for difference swap transaction reaches its scheduled termination date, there is a risk
that the Fund will not be able to obtain a replacement transaction or that the terms of the replacement will not be as favorable
as on the expiring transaction.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Total
rate of return swaps and similar derivatives are subject to many risks, including the possibility that the market will move in
a manner or direction that would have resulted in gain for the Fund had the swap or other derivative not been utilized (in which
case it would have been better had the Fund not engaged in the hedging transactions), the risk of imperfect correlation between
the risk sought to be hedged and the derivative transactions utilized, the possible inability of the counterparty to fulfill its
obligations under the swap and potential illiquidity of the hedging instrument utilized, which may make it difficult for the Fund
to close out or unwind one or more hedging transactions. Total rate of return swaps and related derivatives are a relatively recent
development in the financial markets. Consequently, there are certain legal, tax and market uncertainties that present risks in
entering into such arrangements.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;There
is currently little or no case law or litigation characterizing total rate of return swaps or related derivatives, interpreting
their provisions, or characterizing their tax treatment. In addition, additional regulations and laws may apply to these types
of derivatives that have not previously been applied. There can be no assurance that future decisions construing similar provisions
to those in any swap agreement or other related documents or additional regulations and laws will not have an adverse effect on
the Fund that utilizes these instruments. The Fund will monitor these risks and seek to utilize these instruments in a manner
that does not lead to undue risk regarding the tax or other structural elements of the Fund. The Fund will not invest in these
types of instruments if the Reference Assets are commodities except for bona fide hedging or risk management purposes.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Convertible
Securities. &lt;/i&gt;&lt;/b&gt;A convertible security is a bond, debenture, note, stock or other similar security that may be converted into
or exchanged for a prescribed amount of common stock or other equity security of the same or a different issuer within a particular
period of time at a specified price or formula. Before conversion,&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;convertible
securities have characteristics similar to non-convertible debt securities in that they ordinarily provide a stream of income
with generally higher yields than those of common stock of the same or similar issuers. Convertible securities are senior in rank
to common stock in a corporation&#x2019;s capital structure and, therefore, generally entail less risk than the corporation&#x2019;s
common stock, although the extent to which such risk is reduced depends in large measure upon the degree to which the convertible
security sells above its value as a fixed income security. See &#x201c;Risk Factors and Special Considerations&#x2014;Convertible
Securities Risk.&#x201d;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Temporary
Defensive Investments. &lt;/i&gt;&lt;/b&gt;Although under normal market conditions at least 80% of the Fund&#x2019;s assets will consist of
common stock and other debt or equity securities of foreign and domestic companies involved in the Utilities Industry and securities
of companies in other industries that are expected to periodically generate or accrue income, when a temporary defensive posture
is believed by the Investment Adviser to be warranted (&#x201c;temporary defensive periods&#x201d;), the Fund may without limitation
hold cash or invest its assets in money market instruments and repurchase agreements in respect of those instruments. The money
market instruments in which the Fund may invest are obligations of the U.S. government, its agencies or instrumentalities; commercial
paper rated A-1 or higher by S&amp;amp;P or Prime-1 by Moody&#x2019;s; and certificates of deposit and bankers&#x2019; acceptances issued
by domestic branches of U.S. banks that are members of the Federal Deposit Insurance Corporation. During temporary defensive periods,
the Fund may also invest to the extent permitted by applicable law in shares of money market mutual funds. Money market mutual
funds are investment companies and the investments in those companies by the Fund are in some cases subject to applicable law.
As a shareholder in a mutual fund, the Fund will bear its ratable share of its expenses, including management fees, and will remain
subject to payment of the fees to the Investment Adviser, with respect to assets so invested. The Fund may find it more difficult
to achieve the long-term growth of capital component of its investment objective during temporary defensive periods.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Loans
of Portfolio Securities. &lt;/i&gt;&lt;/b&gt;To increase income, the Fund may lend its portfolio securities to securities broker-dealers or
financial institutions if the loan is collateralized in accordance with applicable regulatory requirements.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;If
the borrower fails to maintain the requisite amount of collateral, the loan automatically terminates and the Fund could use the
collateral to replace the securities while holding the borrower liable for any excess of replacement cost over the value of the
collateral. As with any extension of credit, there are risks of delay in recovery and in some cases even loss of rights in collateral
should the borrower of the securities violate the terms of the loan or fail financially. There can be no assurance that borrowers
will not fail financially. On termination of the loan, the borrower is required to return the securities to the Fund, and any
gain or loss in the market price during the loan would inure to the Fund. If the other party to the loan petitions for bankruptcy
or becomes subject to the United States Bankruptcy Code, the law regarding the rights of the Fund is unsettled. As a result, under
extreme circumstances, there may be a restriction on the Fund&#x2019;s ability to sell the collateral and the Fund would suffer
a loss.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Investment
Restrictions. &lt;/i&gt;&lt;/b&gt;The Fund has adopted certain investment restrictions as fundamental policies of the Fund. Under the 1940
Act, a fundamental policy may not be changed without the vote of a majority, as defined in the 1940 Act, of the outstanding voting
securities of the Fund (voting together as a single class). In addition, pursuant to the statements of preferences of the Series
A Preferred Shares and the Series B Preferred Shares, a majority, as defined in the 1940 Act, of the outstanding preferred shares
of the Fund (voting separately as a&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;single
class) is also required to change a fundamental policy. The Fund may become subject to rating agency guidelines that are more
limiting than its current investment restrictions in order to obtain and maintain a desired rating on its preferred shares, if
any.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Neither
the Fund&#x2019;s investment objective nor, except as expressly provided in this Annual Report, any of its policies, is fundamental,
and each may be modified by the Board without shareholder approval.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Portfolio
Turnover. &lt;/i&gt;&lt;/b&gt;Portfolio turnover generally involves expense to the Fund, including brokerage commissions or dealer mark-ups
and other transaction costs on the sale of securities and reinvestment in other securities. The portfolio turnover rate is computed
by dividing the lesser of the amount of the securities purchased or securities sold by the average monthly value of securities
owned during the year (excluding securities whose maturities at acquisition were one year or less). Higher portfolio turnover
may decrease the after-tax return to individual investors in the Fund to the extent it results in a decrease of the long-term
capital gains portion of distributions to shareholders. The Fund&#x2019;s portfolio turnover rates for the fiscal years ended December
31, 2021 and December 31, 2022 were 10% and 6%, respectively.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:InvestmentObjectivesAndPracticesTextBlock>
    <cef:RiskFactorsTableTextBlock contextRef="From2023-03-09to2023-03-09">&lt;p id="xdx_802_ecef--RiskFactorsTableTextBlock_dU_zBfUc0yNfrEh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;RISK
FACTORS AND SPECIAL CONSIDERATIONS&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 125pt; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Investors
should consider the following risk factors and special considerations associated with investing in the Fund:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketRiskMember_dU_zWF7iqSBgkg2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Market
Risk. &lt;/i&gt;&lt;/b&gt;The market price of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. Securities
may decline in value due to factors affecting securities markets generally or particular industries represented in the securities
markets. The value of a security may decline due to general market conditions which are not specifically related to a particular
company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes
in interest or currency rates, adverse changes to credit markets or adverse investor sentiment generally. The value of a security
may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production
costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes
may decline in value simultaneously. Equity securities generally have greater price volatility than fixed income securities. Credit
ratings downgrades may also negatively affect securities held by the Fund. Even when markets perform well, there is no assurance
that the investments held by the Fund will increase in value along with the broader market.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;In
addition, market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level.
For instance, war, terrorism, market manipulation, government defaults, government shutdowns, political changes or diplomatic
developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental
disasters can all negatively impact the securities markets, which could cause the Fund to lose value. These events could reduce
consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely
impact the economy. The current contentious domestic political environment, as well as political and diplomatic events within
the United States and abroad, such as the U.S. government&#x2019;s inability at times to agree on a long-term budget and deficit
reduction plan, has in the past resulted, and may in the future result, in a government shutdown, which could have an adverse
impact on the Fund&#x2019;s investments and operations. Additional and/or prolonged U.S. federal government shutdowns may affect
investor and consumer confidence and may adversely&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;impact
financial markets and the broader economy, perhaps suddenly and to a significant degree. Governmental and quasi-governmental authorities
and regulators throughout the world have previously responded to serious economic disruptions with a variety of significant fiscal
and monetary policy changes, including, but not limited to, direct capital infusions into companies, new monetary programs and
dramatically lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of these policies,
could increase volatility in securities markets, which could adversely affect the Fund&#x2019;s investments. Any market disruptions
could also prevent the Fund from executing advantageous investment decisions in a timely manner. To the extent that the Fund focuses
its investments in a region enduring geopolitical market disruption, it will face higher risks of loss, although the increasing
interconnectivity between global economies and financial markets can lead to events or conditions in one country, region or financial
market adversely impacting a different country, region or financial market. Thus, investors should closely monitor current market
conditions to determine whether the Fund meets their individual financial needs and tolerance for risk.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Current
market conditions may pose heightened risks with respect to the Fund&#x2019;s investment in income producing securities. Recently,
central banks such as the Federal Reserve Bank have been raising interest rates to combat the rate of inflation. There is a risk
that additional increases in interest rates or a prolonged period of rising interest rates may cause the economy to enter a recession.
Any interest rate increases in the future could cause the value of the Fund to decrease. In addition, inflation has recently reached
its highest levels in decades. As such, the markets for income producing securities may experience heightened levels of interest
rate, volatility and liquidity risk.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Exchanges
and securities markets may close early, close late or issue trading halts on specific securities or generally, which may result
in, among other things, the Fund being unable to buy or sell certain securities or financial instruments at an advantageous time
or accurately price its portfolio investments.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--InterestRateRiskGenerallyMember_dU_zDLyZczr4Mk4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Interest
Rate Risk Generally. &lt;/i&gt;&lt;/b&gt;The primary risk associated with dividend-and interest-paying securities is interest rate risk. A
decrease in interest rates will generally result in an increase in the investment value of such securities, while increases in
interest rates will generally result in a decline in the investment value of such securities. This effect is generally more pronounced
for fixed rate securities than for securities whose income rate is periodically reset.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;General
interest rate fluctuations may have a substantial negative impact on the Fund&#x2019;s investments, the value of the Fund and the
Fund&#x2019;s rate of return. A reduction in the interest or dividend rates on new investments relative to interest or dividend
rates on current investments could also have an adverse impact on the Fund&#x2019;s net investment income. An increase in interest
rates could decrease the value of any investments held by the Fund that earn fixed interest or dividend rates, including debt
securities, convertible securities, preferred stocks, loans and high-yield bonds, and also could increase interest or dividend
expenses, thereby decreasing net income. Interest rates have risen over the past year and the chance that they will continue to
rise is pronounced.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
magnitude of these fluctuations in the market price of bonds and other income- or dividend-paying securities is generally greater
for those securities with longer maturities. Fluctuations in the market price of the Fund&#x2019;s investments will not affect
interest income derived from instruments already owned by the Fund, but will be reflected in the Fund&#x2019;s net asset value.
The Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund management.
To the extent the Fund invests in securities that&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;may
be prepaid at the option of the obligor, the sensitivity of such securities to changes in interest rates may increase (to the
detriment of the Fund) when interest rates rise. Moreover, because rates on certain floating rate securities typically reset only
periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause
some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate securities. These basic principles
of bond prices also apply to U.S. government securities. A security backed by the &#x201c;full faith and credit&#x201d; of the U.S.
government is guaranteed only as to its stated interest rate and face value at maturity, not its current market price. Just like
other income- or dividend-paying securities, government-guaranteed securities will fluctuate in value when interest rates change.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
Fund&#x2019;s use of leverage will tend to increase the Fund&#x2019;s interest rate risk. The Fund may invest in variable and floating
rate instruments, which generally are less sensitive to interest rate changes than longer duration fixed rate instruments but
may decline in value in response to rising interest rates if, for example, the rates at which they pay interest do not rise as
much, or as quickly, as market interest rates in general. Conversely, variable and floating rate instruments generally will not
increase in value if interest rates decline. The Fund also may invest in inverse floating rate securities, which may decrease
in value if interest rates increase, and which also may exhibit greater price volatility than fixed rate obligations with similar
credit quality. To the extent the Fund holds variable or floating rate instruments, a decrease (or, in the case of inverse floating
rate securities, an increase) in market interest rates will adversely affect the income received from such securities, which may
adversely affect the net asset value of the Fund&#x2019;s common shares.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Recently,
central banks such as the Federal Reserve Bank have been increasing interest rates in an effort to slow the rate of inflation.
There is a risk that increased interest rates may cause the economy to enter a recession. Any such recession would negatively
impact the Fund and the investments held by the Fund. These impacts may include:&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;severe declines in the Fund&#x2019;s
net asset values;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;inability of the Fund to accurately
or reliably value its portfolio;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;inability of the Fund to pay
any dividends or distributions;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;inability of the Fund to maintain
its status as a registered investment company (&#x201c;RIC&#x201d;) under the Internal Revenue Code of 1986, as amended (the &#x201c;Code&#x201d;);&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;declines in the value of the
Fund&#x2019;s investments;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;increased risk of default
or bankruptcy by the companies in which the Fund invests;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;increased risk of companies
in which the Fund invests being unable to weather an extended cessation of normal economic activity and thereby impairing their
ability to continue functioning as a going concern; and&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;limited availability of new
investment opportunities.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--InflationRiskMember_dU_zIAzDaEwZSQi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Inflation
Risk. &lt;/i&gt;&lt;/b&gt;Inflation risk is the risk that the value of assets or income from investments will be worth less in the future
as inflation decreases the value of money. Recently, inflation has increased to its highest level in decades, and the Federal
Reserve has been raising the federal funds rate in response. Inflation rates may change frequently and significantly as a result
of various factors, including unexpected shifts in the domestic&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;or
global economy and changes in economic policies, and the Fund&#x2019;s investments may not keep pace with inflation, which may
result in losses to Fund shareholders. As inflation increases, the real value of the Fund&#x2019;s shares and dividends may decline.
In addition, during any periods of rising inflation, interest rates of any debt securities held by the Fund would likely increase,
which would tend to further reduce returns to shareholders. This risk is greater for fixed-income instruments with longer maturities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--IndustryRisksMember_dU_zVsteWEa2SK9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Industry
Risks. &lt;/i&gt;&lt;/b&gt;The Fund invests in foreign and domestic companies involved in the Utilities Industry and, as a result, the value
of the common shares will be more susceptible to factors affecting those particular types of companies, including governmental
regulation, inflation, cost increases in fuel and other operating expenses, technological innovations that may render existing
products and equipment obsolete and increasing interest rates resulting in high interest costs on borrowings needed for product
development, infrastructure and capital construction programs, including costs associated with compliance with environmental and
other regulations.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Sector
Risk. &lt;/i&gt;The Fund concentrates its investments in the Utilities Industry. As a result, the Fund&#x2019;s investments may be subject
to greater risk and market fluctuation than a fund that had securities representing a broader range of investment alternatives.
The prices of equity securities issued by certain types of utility companies may change more in response to interest rate changes
than the equity securities of other companies. Generally, when interest rates go up, the value of securities issued by these companies
goes down. Conversely, when interest rates go down, the value of securities issued by these companies goes up. There is no guarantee
that this relationship will hold in the future. Privatization in the&#160;Utilities Industry may subject companies to greater
competition and losses in profitability. Companies in the Utilities Industry may have difficulty obtaining an adequate return
on invested capital, raising capital, or financing large construction programs during periods of inflation or unsettled capital
markets.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Government
Regulation. &lt;/i&gt;Companies in certain sectors of the Utilities Industry (such as power generation and distribution) are subject
to extensive governmental regulatory requirements. In the United States, most companies in the Utilities Industry are regulated
by state and/or federal authorizes. For example, at the federal level in the United States, the Federal Energy Regulatory Commission
(&#x201c;FERC&#x201d;), the Federal Trade Commission (&#x201c;FTC&#x201d;), the SEC and the Nuclear Regulatory Commission (&#x201c;NRC&#x201d;)
have authority to oversee electric and combination electric and gas utilities. Certain of these regulations that are intended
to limit the concentration of ownership and control of companies in these industries may prevent companies in which the Fund invests
from making certain investments that they would otherwise make. Other regulations may cause Utilities Industry companies to incur
substantial additional costs or lengthy delays in connection with the completion of capital investments or the introduction of
new products or services to market. There are substantial differences between the regulatory practices and policies in various
jurisdictions, and any given regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory
authorities will, in the future, permit companies to implement rate increases or that such increases will be adequate to permit
the payment of dividends on such issuer&#x2019;s common stocks. Additionally, existing and possible future regulatory legislation
may make it even more difficult for companies in the Utilities Industry to obtain adequate relief from rate regulation.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Regulatory
considerations limit the percentage of the shares of a public utility or utility holding company held by a fund or by an adviser
and its affiliates on behalf of all their clients. In particular, approval of the FERC under the Federal Power Act would generally
be required for (i) the Fund to acquire and hold 10%&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;or
more of the voting securities of any publicly traded public utility or utility holding company, and (ii) for the Fund together
with any affiliated fund or other affiliated entity to acquire and hold in the aggregate 20% or more of the voting securities
of any publicly traded public utility or utility holding company. Other requirements for FERC or state utility commission approval
of the acquisition of voting securities may apply as well. Apart from approval requirements with respect to acquisitions of voting
securities, the Fund may choose to limit its ownership of public utility or utility holding company voting securities in order
to avoid the imposition of regulatory requirements under federal or state law such as those that attend status as a &#x201c;holding
company&#x201d; under the Public Utility Holding Company Act of 2005.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Similarly,
various types of ownership restrictions are imposed by the Federal Communications Commission (&#x201c;FCC&#x201d;), on investment
in media companies and cellular licensees. For example, the FCC&#x2019;s broadcast and cable multiple-ownership and cross ownership
rules, which apply to the radio, television, and cable industries, provide that investment advisers are deemed to have an &#x201c;attributable&#x201d;
interest whenever the adviser has the right to determine how five percent or more of the issued and outstanding voting stock of
a broadcast company or cable system operator may be voted. These rules limit the number of broadcast stations both locally and
nationally that a single entity is permitted to own, operate, or control and prohibit ownership of certain competitive communications
providers in the same location. The FCC also applies limited ownership restrictions on cellular licensees serving rural areas.
An attributable interest in a cellular company arises from the right to control 20% or more of its voting stock. Attributable
interests that may result from the role of the Investment Adviser and its principals in connection with other funds, managed accounts
and companies may limit the Fund&#x2019;s ability to invest in certain mass media and cellular companies. These limitations may
unfavorably restrict the ability of the Fund to make certain investments.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Deregulation.
&lt;/i&gt;Changing regulation constitutes one of the key industry-specific risks for the Fund, especially with respect to its investments
in traditionally regulated public utilities and partially regulated utility or telecommunications companies. Domestic and foreign
regulators may monitor and control such companies&#x2019; revenues and costs, and therefore may limit utility profits and dividends
paid to investors, which could result in reduced income to the Fund. Regulatory authorities also may restrict a company&#x2019;s
access to new markets, thereby diminishing the company&#x2019;s long-term prospects. In some jurisdictions certain portions of
various utilities functions have been deregulated. Deregulation may eliminate restrictions on profits and dividends of companies,
but may also subject these companies to greater risks of loss. Thus, deregulation could have a positive or negative impact on
the Fund. The Investment Adviser believes that certain Utilities Industry companies&#x2019; fundamentals should continue to improve
as the industry undergoes deregulation. The nature of regulation of the Utilities Industry continues to evolve both in the United
States and in foreign countries. In recent years, changes in regulation in the United States increasingly have allowed companies
in the Utilities Industry to provide services and products outside their traditional geographic areas and lines of business, creating
new areas of competition within these industries. In some instances, companies in the Utilities Industry are operating on an unregulated
basis. However, a number of companies have failed in their efforts to take advantage of the deregulated environment and are seeking
to refocus in their primary business. Nonetheless, because of trends toward deregulation and the evolution of independent producers
as well as new entrants to the field of telecommunications, non-regulated providers of utility and telecommunications services
have become a&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;significant
part of their respective industries. The emergence of competition and deregulation may result in certain companies in the Utilities
Industry being able to earn more than their traditional regulated rates of return, while others may be forced to defend their
core business from increased competition and may be less profitable. Reduced profitability, as well as new uses of funds (such
as for expansion, operations or stock buybacks) could result in cuts in dividend payout rates. The Investment Adviser seeks to
take advantage of favorable investment opportunities that may arise from these structural changes. Of course, there can be no
assurance that favorable developments will occur in the future.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Environmental
and Other Regulatory Matters. &lt;/i&gt;Companies in the Utilities Industry in which the Fund will invest may be subject to a number
of host country statutory and regulatory standards and required approvals relating to energy, labor and environmental laws. Certain
permits and regulatory approvals may be required to be obtained for certain investments by companies in which the Fund will invest
and failure by such companies to obtain such permits and regulatory approvals could adversely affect the Fund&#x2019;s investment.
Companies also face considerable costs associated with environmental compliance, nuclear waste clean-up and safety regulation.
Increasingly, regulators are calling upon electric utilities to bear these added costs, and there is a risk that these costs will
not be fully recovered through an increase in revenues. Changing weather patterns and natural disasters affect consumer demand
for utility services (e.g., electricity, heat and air conditioning), which, in turn, affects utility revenues.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
adoption by a host country of new laws, policies or regulations or changes in the interpretation or application of existing laws,
policies and regulations that modify the present regulatory environment could also have an adverse effect on the Fund&#x2019;s
investments. Regulatory risk affects companies in the Utilities Industry in part because governments may be party to private Utilities
Industry investments as lessors, customers, regulators or partners. Moreover, for political reasons, governments may control the
prices at which companies in the Utilities Industry can sell their products, which can adversely affect the Fund&#x2019;s investment
in such a company.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Under
the laws of certain countries that are host to Utilities Industry companies in which the Fund may invest, such companies may be
required to comply with a number of statutes and regulations during their operation pertaining to environmental controls or restrictions,
and the storage, handling, transportation and disposal of hazardous and toxic material, waste or other substances. Compliance
with such requirements may be costly and may materially affect the profitability of such companies. For example, governments have
been increasing their attention to issues related to greenhouse gas (&#x201c;GHG&#x201d;) emissions and climate change, and regulatory
measures to limit or reduce GHG emissions are currently in various stages of discussion or implementation. GHG emissions-related
regulations could substantially harm energy companies, including by reducing the demand for energy fuels and increasing compliance
costs. Failure by such a company to comply with any such statutes or regulations could have adverse effects on its business results
and prospects, which could have negative consequences for investors such as the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Foreign
Utility Companies. &lt;/i&gt;Foreign companies in the Utilities Industry are also subject to regulation, although such regulation may
or may not be comparable to regulation in the United States. Foreign companies in the Utilities Industry may be more heavily regulated
by their respective governments than companies in the United States and, as in the United States, generally are required to seek
government&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;approval
for rate increases. In addition, many foreign utilities use fuels that may cause more pollution than those used in the United
States, which may require such utilities to invest in pollution control equipment to meet any proposed pollution restrictions.
Foreign regulatory systems vary from country to country and may evolve in ways different from regulation in the United States.
Additionally, because the effectiveness of the judicial systems in non-U.S. countries varies, the Fund or companies in which it
may invest may have difficulty in successfully pursuing claims in the courts of such countries.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Privatization,
which refers to the trend toward investor ownership of assets rather than government ownership, is expected to occur in newer,
faster-growing economies and in mature economies. Of course, there is no assurance that such favorable developments will occur
or that investment opportunities in foreign markets will increase. The revenues of domestic and foreign utility companies generally
reflect the economic growth and development in the geographic areas in which they do business.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Financing.
&lt;/i&gt;At certain times, including during inflationary periods, companies in the Utilities Industry encounter difficulties in obtaining
financing for product development, infrastructure and construction programs. Issuers experiencing such difficulties may also experience
lower profitability, which can result in reduced income to the Fund. Historically, companies in the Utilities Industry have also
encountered such financing difficulties during inflationary periods, although we cannot assure you that such a relationship will
continue and that companies in the Utilities Industry will not encounter financing difficulties during non-inflationary periods.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Equipment
and Supplies. &lt;/i&gt;Companies in the Utilities Industry may face the risk of lengthy delays and increased costs associated with
the design, development, construction, licensing and operation of their facilities or sale of their products. Moreover, technological
innovations may render existing plants, equipment or products obsolete.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Increased
costs and a reduction in the availability of fuel (such as oil, coal, nuclear or natural gas) also may adversely affect the profitability
of utility companies. Electric utilities may be burdened by unexpected increases in fuel and other operating costs. They may also
be negatively affected when long-term interest rates rise. Long-term borrowings are used to finance most utility investments,
and rising interest rates lead to higher financing costs and reduced earnings. Investments in certain kinds of utility companies
are also subject to certain additional risks.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Electric.
&lt;/i&gt;Certain of the issuers of securities held in the Fund&#x2019;s portfolio may own or operate nuclear generating facilities.
Governmental authorities may from time to time review existing policies and impose additional requirements governing the licensing,
construction and operation of nuclear power plants. In the past, nuclear generating projects in the electric utility industry
have experienced substantial cost increases, construction delays and licensing difficulties. These have been caused by various
factors, including inflation, high financing costs, required design changes and rework, allegedly faulty construction, objections
by groups and governmental officials, limits on the ability to obtain financing, reduced forecasts of energy requirements and
economic conditions. This experience indicates that the risk of significant cost increases, delays and licensing difficulties
remain present until completion and achievement of commercial operation of any nuclear project. Also, nuclear generating units
in service have experienced unplanned outages or extensions of scheduled outages due to equipment problems or&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;new
regulatory requirements sometimes followed by a significant delay in obtaining regulatory approval to return to service. A major
accident at a nuclear plant anywhere could cause the imposition of limits or prohibitions on the operation, construction or licensing
of nuclear units. Prolonged changes in climatic conditions can also have a significant impact on both the revenues of an electric
and gas utility as well as its expenses.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
construction and operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear
Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher operating
costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these costs in rate authorizations
or the risk that a company may not be permitted to operate or complete construction of a facility. In addition, operators of nuclear
power plants may be subject to significant costs for disposal of nuclear fuel and for decommissioning such plants.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be affected to a greater
extent in the future by how their asset base is utilized. Electric utility companies that focus more on the generation of electricity
may be assigned less favorable ratings as this business is expected to be competitive and the least regulated. On the other hand,
companies that focus on transmission and distribution, which is expected to be the least competitive and the more regulated part
of the business, may see higher ratings given the greater predictability of cash flow.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;A
number of states are considering or have enacted deregulation proposals. The introduction of competition into the industry as
a result of such deregulation has at times resulted in lower revenue, lower credit ratings, increased default risk, and lower
electric utility security prices. Such increased competition may also cause long-term contracts, which electric utilities previously
entered into to buy power, to become &#x201c;stranded assets&#x201d; which have no economic value.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Any
loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some electric utilities have acquired
electric utilities overseas to diversify, enhance earnings and gain experience in operating in a deregulated environment. In some
instances, such acquisitions have involved significant borrowings, which have burdened the acquirer&#x2019;s balance sheet. There
is no assurance that current deregulation proposals will be adopted. However, deregulation in any form could significantly impact
the electric utilities industry.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Following
deregulation of the energy markets in certain states, a number of companies have engaged in energy trading and incurred substantial
losses. Certain of these energy trading businesses have been accused of employing improper accounting practices and have been
required to make significant restatements of their financial results. In addition, several energy companies have been accused
of attempting to manipulate the price and availability of energy in certain states.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Telecommunications.
&lt;/i&gt;The telecommunications industry today includes both traditional telephone companies with a history of broad market coverage
and highly regulated businesses and cable companies, which began as small, lightly regulated businesses focused on limited markets.
Today these two historically different businesses are converging in an industry which is trending toward larger, competitive,
national and international markets with an emphasis on deregulation. Companies that&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;distribute
telephone services and provide access to the telephone networks still comprise the greatest portion of this segment, but non-regulated
activities such as cellular telephone services, paging, data processing, equipment retailing, computer software and hardware services
are becoming increasingly significant components as well. The presence of unregulated companies in this industry and the entry
of traditional telephone companies into unregulated or less regulated businesses provide significant investment opportunities
with companies which may increase their earnings at faster rates than had been allowed in traditional regulated businesses. Still,
increasing competition, technological innovations and other structural changes could adversely affect the profitability of such
utilities and the growth rate of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely
that both traditional telephone companies and cable companies will continue to provide an expanding range of utility services
to residential, corporate and governmental customers.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Gas.
&lt;/i&gt;Gas transmission companies and gas distribution companies are also undergoing significant changes. In the United States, interstate
transmission companies are regulated by the FERC, which began reducing its regulation of the industry in the 1980&#x2019;s. Many
companies have diversified into oil and gas exploration and development, making returns more sensitive to energy prices. In the
recent decade, gas utility companies have been adversely affected by disruptions in the oil industry, including related to political
conditions in oil producing regions (such as the Middle East), by increased concentration and competition, and by differing approaches
to energy policy in the United States, including increased incentives for the exploration and production of alternative energy
and climate-related programs, revocation of federal permits for, and public opposition to, natural gas pipelines, such as the
cross-border operation permit for the Keystone XL Pipeline and other policy decisions that favor alternative energy sources. The
extension of these policies, or the adoption of similar policies, could adversely affect the financial performance of gas transmission
and distribution companies. Prolonged changes in climatic conditions can also have a significant impact on both the revenues and
expenses of a gas utility. Natural gas is the cleanest of the hydrocarbon fuels, and this may result in incremental shifts in
fuel consumption toward natural gas and away from oil and coal, even for electricity generation. However, technological or regulatory
changes within the industry may delay or prevent this result.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Water.
&lt;/i&gt;In the case of the water utility sector, the industry is highly fragmented, and most water supply companies find themselves
in mature markets, although upgrading of fresh water and waste water systems is an expanding business.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Technology
and Competitive Risks. &lt;/i&gt;The introduction and phase-in of new technologies can affect a utility company&#x2019;s competitive
strength. The race by long-distance telephone providers to incorporate fiber optic technology is one example of competitive risk
within the utilities industry.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
increasing role of independent power producers (IPPs) in the natural gas and electric utility segments of the utilities industry
is another example of competitive risk. Typically, IPPs wholesale power to established local providers, but there is a trend toward
letting them sell power directly to industrial consumers. Co-generation facilities, such as those of landfill operators that produce
methane gas as a byproduct of their core business, pose another competitive challenge to gas and electric utilities. In addition
to offering a less expensive source of power, these companies may receive more favorable&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&#160;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;regulatory
treatment than utilities seeking to expand facilities that consume nonrenewable energy sources.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Utilities
Industry Generally. &lt;/i&gt;There can be no assurance that the positive developments noted above, including those relating to privatization
and changing regulation, will occur or that risk factors other than those noted above will not develop in the future.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Moreover,
price disparities within selected utility groups and discrepancies in relation to averages and indices have occurred frequently
for reasons not directly related to the general movements or price trends of utility common stocks. Causes of these discrepancies
include changes in the overall demand for and supply of various securities (including the potentially depressing effect of new
stock offerings), and changes in investment objectives, market expectations or cash requirements of other purchasers and sellers
of securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Cybersecurity
Risks. &lt;/i&gt;Companies in the Utilities Industry have experienced sabotage to company infrastructure, property and equipment, attempts
to breach company operating systems and other similar incidents in the past, which have resulted in shutdowns and/or disruptions
in their operations. For example, in May 2021, a U.S. fuel pipeline operator was the target of a ransomware attack, which resulted
in the shutdown of a massive oil pipeline system that supplies the eastern United States. Recently, in September 2022, several
subsea explosions ruptured the Nord Stream I pipeline and one Nordstream II pipe, causing a substantial disruption in the delivery
of natural gases under the Baltic Sea. Several counties continue to investigate the incident, but several, including Sweden, have
concluded the explosions were caused by grievous sabotage.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Companies
in the Utilities Industry may continue to be subject to attempts to gain unauthorized access to or through their operating systems
and physical attacks on industry and company infrastructure, property and equipment. Any physical damage, system failure, cybersecurity
breach, ransomware attack, system disruption or other material harm could interrupt or delay operations and impact a company in
the Utilities Industry&#x2019;s ability to manage its operations and report financial performance, which could have a materially
adverse effect on existing and future business. These and other developments may adversely impact the value of the Fund&#x2019;s
investments in companies in the Utilities Industry.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Leveraged
Capital Structures. &lt;/i&gt;It is expected that Utilities Industry companies in which the Fund will invest may employ considerable
leverage, a significant portion of which may be at floating interest rates. As a result, a Utilities Industry company may be subject
to increased exposure to adverse economic factors such as a significant rise in interest rates, a severe downturn in the economy
or deterioration in the condition of such company or its industry.&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_85B_zZ58fIY52qr1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;General Risks&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--EquityRiskMember_dU_zJKItdt9xylc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Equity
Risk. &lt;/i&gt;&lt;/b&gt;Investing in the Fund involves equity risk, which is the risk that the securities held by the Fund will fall in
market value due to adverse market and economic conditions, perceptions regarding the industries in which the issuers of securities
held by the Fund participate and the particular circumstances and performance of particular companies whose securities the Fund
holds. An investment in the Fund represents an indirect&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;economic
stake in the securities owned by the Fund, which are for the most part traded on securities exchanges or in the OTC markets. The
market value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably. The
net asset value of the Fund may at any point in time be less than the net asset value of the Fund at the time the shareholder
invested in the Fund, even after taking into account any reinvestment of distributions.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--CommonStockRiskMember_dU_zQ9KzMFEhT9b" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Common
Stock Risk. &lt;/i&gt;&lt;/b&gt;Common stock of an issuer in the Fund&#x2019;s portfolio may decline in price for a variety of reasons, including
if the issuer fails to make anticipated dividend payments because, among other reasons, the issuer of the security experiences
a decline in its financial condition. Common stock in which the Fund invests is structurally subordinated as to income and residual
value to preferred stock, bonds and other debt instruments in a company&#x2019;s capital structure, in terms of priority to corporate
income, and therefore will be subject to greater dividend risk than preferred stock or debt instruments of such issuers. In addition,
while common stock has historically generated higher average returns than fixed income securities, common stock has also experienced
significantly more volatility in generating those returns.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--PreferredStockRiskMember_dU_z0eS18lTKA0k" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Preferred
Stock Risk. &lt;/i&gt;&lt;/b&gt;There are special risks associated with the Fund&#x2019;s investing in preferred securities, including:&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Deferral.&lt;/i&gt; Preferred
securities may include provisions that permit the issuer, at its discretion, to defer dividends or distributions for a stated
period without any adverse consequences to the issuer. If the Fund owns a preferred security that is deferring its dividends or
distributions, the Fund may be required to report income for tax purposes although it has not yet received such income.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Non-Cumulative Dividends.
&lt;/i&gt;Some preferred securities are non-cumulative, meaning that the dividends do not accumulate and need not ever be paid. A portion
of the portfolio may include investments in non-cumulative preferred securities, whereby the issuer does not have an obligation
to make up any arrearages to its shareholders. Should an issuer of a non-cumulative preferred security held by the Fund determine
not to pay dividends or distributions on such security, the Fund&#x2019;s return from that security may be adversely affected.
There is no assurance that dividends or distributions on non-cumulative preferred securities in which the Fund invests will be
declared or otherwise made payable.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Subordination.&lt;/i&gt; Preferred
securities are subordinated to bonds and other debt instruments in an issuer&#x2019;s capital structure in terms of priority to
corporate income and liquidation payments, and therefore will be subject to greater credit risk than more senior debt security
instruments.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Liquidity.&lt;/i&gt; Preferred
securities may be substantially less liquid than many other securities, such as common stocks or U.S. government securities.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Limited Voting Rights.
&lt;/i&gt;Generally, preferred security holders (such as the Fund) have no voting rights with respect to the issuing company unless
preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may be
entitled to elect a number of directors to the issuer&#x2019;s board. Generally, once all the arrearages have been paid, the preferred
security holders no longer have voting rights.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Special Redemption Rights.
&lt;/i&gt;In certain varying circumstances, an issuer of preferred securities may redeem the securities prior to a specified date. For
instance, for certain types of preferred securities, a redemption may be triggered by a change in U.S. federal income tax or securities
laws. A redemption by the issuer may negatively impact the return of the security held by the Fund.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p id="xdx_85C_zhefD3A3edKb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 31pt; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_dU_zjPez8IsLPca" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Convertible
Securities Risk. &lt;/i&gt;&lt;/b&gt;Convertible securities generally offer lower interest or dividend yields than non-convertible securities
of similar quality. The market values of convertible securities tend to decline as interest rates increase and, conversely, to
increase as interest rates decline. In the absence of adequate anti-dilution provisions in a convertible security, dilution in
the value of the Fund&#x2019;s holding may occur in the event the underlying stock is subdivided, additional equity securities
are issued for below market value, a stock dividend is declared or the issuer enters into another type of corporate transaction
that has a similar effect.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--MergerArbitrageRiskMember_dU_zEReQs4xCTx8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Merger
Arbitrage Risk. &lt;/i&gt;&lt;/b&gt;The Fund may invest in securities of companies for which a tender or exchange offer has been made or announced,
and in securities of companies for which a merger, consolidation, liquidation or reorganization proposal has been announced. The
principal risk of such investments is that certain of such proposed transactions may be renegotiated, terminated or involve a
longer time frame than originally contemplated, in which case the Fund may realize losses. Such risk is sometimes referred to
as &#x201c;merger arbitrage risk.&#x201d; Among the factors that affect the level of risk with respect to the completion of the
transaction are the deal spread and number of bidders, the friendliness of the buyer and seller, the strategic rationale behind
the transaction, the existence of regulatory hurdles, the level of due diligence completed on the target company and the ability
of the buyer to finance the transaction. If the spread between the purchase price and the current price of the seller&#x2019;s
stock is small, the risk that the transaction will not be completed may outweigh the potential return. If there is very little
interest by other potential buyers in the target company, the risk of loss may be higher than where there are back-up buyers that
would allow the arbitrageur to realize a similar return if the current deal falls through. Unfriendly management of the target
company or change in friendly management in the middle of a deal increases the risk that the deal will not be completed even if
the target company&#x2019;s board has approved the transaction and may involve the risk of litigation expense if the target company
pursues litigation in an attempt to prevent the deal from occurring. The underlying strategy behind the deal is also a risk consideration
because the less a target company will benefit from a merger or acquisition, the greater the risk. There is also a risk that an
acquiring company may back out of an announced deal if, in the process of completing its due diligence of the target company,
it discovers something undesirable about such company. In addition, merger transactions are also subject to regulatory risk because
a merger transaction often must be approved by a regulatory body or pass governmental antitrust review. All of these factors affect
the timing and likelihood that the transaction will close. Even if the Investment Adviser selects announced deals with the goal
of mitigating the risks that the transaction will fail to close, such risks may still delay the closing of such transaction to
a date later than the Fund originally anticipated, reducing the level of desired return to the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Merger
arbitrage positions are also subject to the risk of overall market movements. To the extent that a general increase or decline
in equity values affects the stocks involved in a merger arbitrage position differently, the position may be exposed to loss.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Finally,
merger arbitrage strategies depend for success on the overall volume of global merger activity, which has historically been cyclical
in nature. During periods when merger activity is low, it may be difficult or impossible to identify opportunities for profit
or to identify a sufficient number of such opportunities to provide balance among potential merger transactions. To the extent
that the number of announced deals and corporate reorganizations decreases or the number of investors in such transactions increases,
it is possible that merger arbitrage spreads will tighten, causing the profitability of investing in such transactions to diminish,
which will in turn decrease the returns to the Fund from such investment activity.&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_853_zQCoLtx0oD78" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--RecapitalizationRiskMember_dU_zRQfL291H0q6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;Recapitalization
Risk&lt;/b&gt;. In recapitalizations, a corporation may restructure its balance sheet by selling specific assets, significantly leveraging
other assets and creating new classes of equity securities to be distributed, together with a substantial payment in cash or in
debt securities, to existing shareholders. In connection with such transactions, there is a risk that the value of the cash and
new securities distributed will not be as high as the cost of the Fund&#x2019;s original investment or that no such distribution
will ultimately be made and the value of the Fund&#x2019;s investment will decline. To the extent an investment in a company that
has undertaken a recapitalization is retained by the Fund, the Fund&#x2019;s risks will generally be comparable to those associated
with investments in highly leveraged companies, generally including higher than average sensitivity to (i) short-term interest
rate fluctuations, (ii) downturns in the general economy or within a particular industry or (iii) adverse developments within
the company itself.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--DistributionRiskforEquityIncomeSecuritiesMember_dU_zEgSqxSgDJC4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Distribution
Risk for Equity Income Securities. &lt;/i&gt;&lt;/b&gt;In selecting equity income securities in which the Fund will invest, the Investment
Adviser will consider the issuer&#x2019;s history of making regular periodic distributions (i.e., dividends) to its equity holders.
An issuer&#x2019;s history of paying dividends, however, does not guarantee that the issuer will continue to pay dividends in the
future. The dividend income stream associated with equity income securities generally is not guaranteed and will be subordinate
to payment obligations of the issuer on its debt and other liabilities. Accordingly, in the event the issuer does not realize
sufficient income in a particular period both to service its liabilities and to pay dividends on its equity securities, it may
forgo paying dividends on its equity securities. In addition, because in most instances issuers are not obligated to make periodic
distributions to the holders of their equity securities, such distributions or dividends generally may be discontinued at the
issuer&#x2019;s discretion.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Dividend-producing
equity income securities, in particular those whose market price is closely related to their yield, may exhibit greater sensitivity
to interest rate changes. See &#x201c;&#x2014;Fixed Income Securities Risks&#x2014;Interest Rate Risk.&#x201d; The Fund&#x2019;s investments
in dividend-producing equity income securities may also limit its potential for appreciation during a broad market advance.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
prices of dividend-producing equity income securities can be highly volatile. Investors should not assume that the Fund&#x2019;s
investments in these securities will necessarily reduce the volatility of the Fund&#x2019;s net asset value or provide &#x201c;protection,&#x201d;
compared to other types of equity income securities, when markets perform poorly.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--NonDiversifiedStatusRiskMember_dU_zAiaBHZVRsz5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Non-Diversified
Status Risk. &lt;/i&gt;&lt;/b&gt;The Fund is classified as a &#x201c;non-diversified&#x201d; investment company under the 1940 Act, which means
the Fund is not limited by the 1940 Act in the proportion of its assets that may be invested in the securities of a single issuer.
As a non-diversified investment company, the Fund may invest in the securities of individual issuers to a greater degree than
a diversified investment company. As a result, the Fund may be more vulnerable to events affecting a single issuer and therefore,
subject to greater volatility than a fund that is more broadly diversified. Accordingly, an investment in the Fund may present
greater risk to an investor than an investment in a diversified company.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--FixedIncomeSecuritiesRisksMember_dU_zH2S5bXo18Te" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Fixed
Income Securities Risks. &lt;/i&gt;&lt;/b&gt;Fixed income securities in which the Fund may invest are generally subject to the following risks:&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Interest Rate Risk.&lt;/i&gt;
The market value of bonds and other fixed-income or dividend-paying securities changes in response to interest rate changes and
other factors. Interest rate risk is the risk that prices of bonds and other income-or dividend-paying securities will increase
as interest rates fall and decrease as&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; color: #1D1D1B; text-align: justify"&gt;&lt;span style="color: Black"&gt;interest
rates rise. Interest rates have risen in recent months, and the risk that they may continue to do so is pronounced. See &#x201c;&#x2014;
General Risks&#x2014;Interest Rate Risks Generally.&#x201d;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Issuer Risk.&lt;/i&gt; Issuer
risk is the risk that the value of an income-or dividend-paying security may decline for a number of reasons which directly relate
to the issuer, such as management performance, financial leverage, reduced demand for the issuer&#x2019;s goods and services, historical
and prospective earnings of the issuer and the value of the assets of the issuer.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Credit Risk.&lt;/i&gt; Credit
risk is the risk that one or more income-or dividend-paying securities in the Fund&#x2019;s portfolio will decline in price or
fail to pay interest/distributions or principal when due because the issuer of the security experiences a decline in its financial
status. Credit risk is increased when a portfolio security is downgraded or the perceived creditworthiness of the issuer deteriorates.
To the extent the Fund invests in below investment grade securities, it will be exposed to a greater amount of credit risk than
a fund which only invests in investment grade securities. See &#x201c;&#x2014;Non-Investment Grade Securities.&#x201d; In addition,
to the extent the Fund uses credit derivatives, such use will expose it to additional risk in the event that the bonds underlying
the derivatives default. The degree of credit risk depends on the issuer&#x2019;s financial condition and on the terms of the securities.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Prepayment Risk.&lt;/i&gt; Prepayment
risk is the risk that during periods of declining interest rates, borrowers may exercise their option to prepay principal earlier
than scheduled. For income-or dividend-paying securities, such payments often occur during periods of declining interest rates,
forcing the Fund to reinvest in lower yielding securities, resulting in a possible decline in the Fund&#x2019;s income and distributions
to shareholders. This is known as prepayment or &#x201c;call&#x201d; risk. Below investment grade securities frequently have call
features that allow the issuer to redeem the security at dates prior to its stated maturity at a specified price (typically greater
than par) only if certain prescribed conditions are met (&#x201c;call protection&#x201d;). For premium bonds (bonds acquired at
prices that exceed their par or principal value) purchased by the Fund, prepayment risk may be enhanced.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Reinvestment Risk.&lt;/i&gt;
Reinvestment risk is the risk that income from the Fund&#x2019;s portfolio will decline if the Fund invests the proceeds from matured,
traded or called fixed income securities at market interest rates that are below the Fund portfolio&#x2019;s current earnings rate.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Duration and Maturity Risk.
&lt;/i&gt;The Fund has no set policy regarding portfolio maturity or duration of the fixed-income securities it may hold. The Investment
Adviser may seek to adjust the duration or maturity of the Fund&#x2019;s fixed-income holdings based on its assessment of current
and projected market conditions and all other factors that the Investment Adviser deems relevant. In comparison to maturity (which
is the date on which the issuer of a debt instrument is obligated to repay the principal amount), duration is a measure of the
price volatility of a debt instrument as a result in changes in market rates of interest, based on the weighted average timing
of the instrument&#x2019;s expected principal and interest payments. Specifically, duration measures the anticipated percentage
change in net asset value that is expected for every percentage point change in interest rates. The two have an inverse relationship.
Duration can be a useful tool to estimate anticipated price changes to a fixed pool of income securities associated with changes
in interest rates. For example, a duration of five years means that a 1% decrease in interest rates will increase the net asset
value of the portfolio by approximately 5%; if interest rates increase by 1%, the net asset value will decrease by 5%. However,
in a managed portfolio of fixed income securities having differing interest or dividend rates or payment schedules, maturities,
redemption provisions, call&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;or
prepayment provisions and credit qualities, actual price changes in response to changes in interest rates may differ significantly
from a duration-based estimate at any given time.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Actual
price movements experienced by a portfolio of fixed income securities will be affected by how interest rates move (i.e., changes
in the relationship of long-term interest rates to short-term interest rates), the magnitude of any move in interest rates, actual
and anticipated prepayments of principal through call or redemption features, the extension of maturities through restructuring,
the sale of securities for portfolio management purposes, the reinvestment of proceeds from prepayments on and from sales of securities,
and credit quality-related considerations whether associated with financing costs to lower credit quality borrowers or otherwise,
as well as other factors. Accordingly, while duration maybe a useful tool to estimate potential price movements in relation to
changes in interest rates, investors are cautioned that duration alone will not predict actual changes in the net asset or market
value of the Fund&#x2019;s shares and that actual price movements in the Fund&#x2019;s portfolio may differ significantly from duration-based
estimates. Duration differs from maturity in that it takes into account a security&#x2019;s yield, coupon payments and its principal
payments in addition to the amount of time until the security matures. As the value of a security changes over time, so will its
duration. Prices of securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter
durations. In general, a portfolio of securities with a longer duration can be expected to be more sensitive to interest rate
changes than a portfolio with a shorter duration. Any decisions as to the targeted duration or maturity of any particular category
of investments will be made based on all pertinent market factors at any given time. The Fund may incur costs in seeking to adjust
the portfolio average duration or maturity. There can be no assurance that the Investment Adviser&#x2019;s assessment of current
and projected market conditions will be correct or that any strategy to adjust duration or maturity will be successful at any
given time.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--CorporateBondsRiskMember_dU_zP4XlJwf9348" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Corporate
Bonds Risk. &lt;/i&gt;&lt;/b&gt;The market value of a corporate bond generally may be expected to rise and fall inversely with interest rates.
The market value of intermediate and longer term corporate bonds is generally more sensitive to changes in interest rates than
is the market value of shorter term corporate bonds. The market value of a corporate bond also may be affected by factors directly
related to the issuer, such as investors&#x2019; perceptions of the creditworthiness of the issuer, the issuer&#x2019;s financial
performance, perceptions of the issuer in the market place, performance of management of the issuer, the issuer&#x2019;s capital
structure and use of financial leverage and demand for the issuer&#x2019;s goods and services. Certain risks associated with investments
in corporate bonds are described elsewhere in this Annual Report in further detail, including under &#x201c;Risk Factors and Special
Considerations &#x2014; General Risks &#x2014; Fixed Income Securities Risks &#x2014; Credit Risk,&#x201d; &#x201c;&#x2014;Fixed Income
Securities Risks&#x2014;Interest Rate Risk&#x201d; and &#x201c;&#x2014;Fixed Income Securities Risks&#x2014;Prepayment Risk.&#x201d;
There is a risk that the issuers of corporate bonds may not be able to meet their obligations on interest or principal payments
at the time called for by an instrument. Corporate bonds of below investment grade quality are often high risk and have speculative
characteristics and may be particularly susceptible to adverse issuer-specific developments. Corporate bonds of below investment
grade quality are subject to the risks described herein under &#x201c;&#x2014;Non-Investment Grade Securities.&#x201d;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--NonInvestmentGradeSecuritiesMember_dU_z53wZeoRmLdi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Non-Investment
Grade Securities. &lt;/i&gt;&lt;/b&gt;The Fund may invest in below investment-grade securities, also known as &#x201c;high-yield&#x201d; securities
or &#x201c;junk&#x201d; bonds. Securities rated below investment grade, which may be preferred stock or debt, are predominantly
speculative and involve major risk exposure to adverse conditions. Securities that are&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;rated
lower than &#x201c;BBB&#x201d; by S&amp;amp;P or lower than &#x201c;Baa&#x201d; by Moody&#x2019;s (or unrated debt securities of comparable
quality) are referred to in the financial press as &#x201c;junk bonds&#x201d; or &#x201c;high-yield&#x201d; securities and generally
pay a premium above the yields of U.S. government securities or debt securities of investment grade issuers because they are subject
to greater risks than these securities. These risks, which reflect their speculative character, include the following:&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;greater volatility;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;greater credit risk and risk
of default;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;potentially greater sensitivity
to general economic or industry conditions;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;potential lack of attractive
resale opportunities (illiquidity); and&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;additional expenses to seek
recovery from issuers who default.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;In
addition, the prices of these non-investment grade securities are more sensitive to negative developments, such as a decline in
the issuer&#x2019;s revenues or a general economic downturn, than are the prices of higher grade securities. Non-investment grade
securities tend to be less liquid than investment grade securities. The market value of non-investment grade securities may be
more volatile than the market value of investment grade securities and generally tends to reflect the market&#x2019;s perception
of the creditworthiness of the issuer and short-term market developments to a greater extent than investment grade securities,
which primarily reflect fluctuations in general levels of interest rates.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Ratings
are relative and subjective and not absolute standards of quality. Securities ratings are based largely on the issuer&#x2019;s
historical financial condition and the rating agencies&#x2019; analysis at the time of rating. Consequently, the rating assigned
to any particular security is not necessarily a reflection of the issuer&#x2019;s current financial condition.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
Fund may purchase securities of companies that are experiencing significant financial or business difficulties, including companies
involved in bankruptcy or other reorganization and liquidation proceedings. Although such investments may result in significant
financial returns to the Fund, they involve a substantial degree of risk. The level of analytical sophistication, both financial
and legal, necessary for successful investments in issuers experiencing significant business and financial difficulties is unusually
high. There can be no assurance that the Fund will correctly evaluate the value of the assets collateralizing its investments
or the prospects for a successful reorganization or similar action. In any reorganization or liquidation proceeding relating to
a portfolio investment, the Fund may lose all or part of its investment or may be required to accept collateral with a value less
than the amount of the Fund&#x2019;s initial investment.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;As
a part of its investments in non-investment grade securities, the Fund may invest in the securities of issuers in default. The
Fund invests in securities of issuers in default only when the Investment Adviser believes that such issuers will honor their
obligations and emerge from bankruptcy protection and that the value of such issuers&#x2019; securities will appreciate. By investing
in the securities of issuers in default, the Fund bears the risk that these issuers will not continue to honor their obligations
or emerge from bankruptcy protection or that the value of these securities will not otherwise appreciate.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;In
addition to using statistical rating agencies and other sources, the Investment Adviser will also perform its own analysis of
issuers in seeking investments that it believes to be underrated (and thus higher yielding) in light of the financial condition
of the issuer. Its analysis of issuers may include, among other things, current&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;and
anticipated cash flow and borrowing requirements, value of assets in relation to historical cost, strength of management, responsiveness
to business conditions, credit standing and current anticipated results of operations. In selecting investments for the Fund,
the Investment Adviser may also consider general business conditions, anticipated changes in interest rates and the outlook for
specific industries.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Subsequent
to its purchase by the Fund, an issue of securities may cease to be rated or its rating may be reduced. In addition, it is possible
that statistical rating agencies might change their ratings of a particular issue to reflect subsequent events on a timely basis.
Moreover, such ratings do not assess the risk of a decline in market value. None of these events will require the sale of the
securities by the Fund, although the Investment Adviser will consider these events in determining whether the Fund should continue
to hold the securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Fixed
income securities, including non-investment grade securities and comparable unrated securities, frequently have call or buy-back
features that permit their issuers to call or repurchase the securities from their holders, such as the Fund. If an issuer exercises
these rights during periods of declining interest rates, the Fund may have to replace the security with a lower yielding security,
thus resulting in a decreased return for the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
market for non-investment grade and comparable unrated securities has at various times, particularly during times of economic
recession, experienced substantial reductions in market value and liquidity. Past recessions have adversely affected the ability
of certain issuers of such securities to repay principal and pay interest thereon. The market for those securities could react
in a similar fashion in the event of any future economic recession.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--USGovernmentSecuritiesAndCreditRatingDowngradeRiskMember_dU_zFN4cXf1JWVb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;U.S.
Government Securities and Credit Rating Downgrade Risk. &lt;/i&gt;&lt;/b&gt;The Fund may invest in direct obligations of the government of
the United States or its agencies. Obligations issued or guaranteed by the U.S. government, its agencies, authorities and instrumentalities
and backed by the full faith and credit of the U.S. guarantee only that principal and interest will be timely paid to holders
of the securities. These entities do not guarantee that the value of such obligations will increase, and, in fact, the market
values of such obligations may fluctuate. In addition, not all U.S. government securities are backed by the full faith and credit
of the United States; some are the obligation solely of the entity through which they are issued. There is no guarantee that the
U.S. government would provide financial support to its agencies and instrumentalities if not required to do so by law.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;In
2011, S&amp;amp;P lowered its long-term sovereign credit rating on the U.S. to &#x201c;AA+&#x201d; from &#x201c;AAA.&#x201d; The downgrade
by S&amp;amp;P increased volatility in both stock and bond markets, resulting in higher interest rates and higher Treasury yields,
and increased the costs of all kinds of debt. Repeat occurrences of similar events could have significant adverse effects on the
U.S. economy generally and could result in significant adverse impacts on issuers of securities held by the Fund itself. The Investment
Adviser cannot predict the effects of similar events in the future on the U.S. economy and securities markets or on the Fund&#x2019;s
portfolio. The Investment Adviser monitors developments and seeks to manage the Fund&#x2019;s portfolio in a manner consistent
with achieving the Fund&#x2019;s investment objective, but there can be no assurance that it will be successful in doing so and
the Investment Adviser may not timely anticipate or manage existing, new or additional risks, contingencies or developments.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--ValueInvestingRiskMember_dU_zG03au0Tlbn9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Value
Investing Risk. &lt;/i&gt;&lt;/b&gt;The Fund focuses its investments on the securities of companies that the Investment Adviser believes are
undervalued or inexpensive relative to other investments. These types of securities may present risks in addition to the general
risks associated with investing in common and preferred stocks. These securities generally are selected on the basis of an issuer&#x2019;s
fundamentals relative to current market price. Such&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;securities
are subject to the risk of mis-estimation of certain fundamental factors. In addition, during certain time periods market dynamics
may strongly favor &#x201c;growth&#x201d; stocks of issuers that do not display strong fundamentals relative to market price based
upon positive price momentum and other factors. Disciplined adherence to a &#x201c;value&#x201d; investment mandate during such
periods can result in significant underperformance relative to overall market indices and other managed investment vehicles that
pursue growth style investments and/or flexible equity style mandates.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--SelectionRiskMember_dU_zgebgnNBHTIf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Selection
Risk. &lt;/i&gt;&lt;/b&gt;Different types of stocks tend to shift into and out of favor with stock market investors, depending on market and
economic conditions. The performance of funds that invest in value-style stocks may at times be better or worse than the performance
of stock funds that focus on other types of stocks or that have a broader investment style.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--SmallAndMidCapStockRiskMember_dU_zgTGvndXnE23" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Small
and Mid-Cap Stock Risk. &lt;/i&gt;&lt;/b&gt;The Fund may invest in the equity securities of small-cap and/or mid-cap companies. Small and
mid-cap companies offer investment opportunities and additional risks. They may not be well known to the investing public, may
not be significantly owned by institutional investors and may not have steady earnings growth. These companies may have limited
product or business lines and markets, as well as shorter operating histories, less experienced management and more limited financial
resources than larger companies. Changes in any one line of business, therefore, may have a greater impact on a small or mid-cap
company&#x2019;s stock price than is the case for a larger company. In addition, the securities of such companies may be more vulnerable
to adverse general market or economic developments, more volatile in price, have wider spreads between their bid and ask prices
and have significantly lower trading volumes than the securities of larger capitalization companies. As such, securities of these
small and mid-cap companies may be less liquid than those of larger companies, and may experience greater price fluctuations than
larger companies. In addition, small-cap or mid-cap company securities may not be widely followed by investors, which may result
in reduced demand.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;As
a result, the purchase or sale of more than a limited number of shares of the securities of a small or mid-cap company may affect
its market price. The Investment Adviser may need a considerable amount of time to purchase or sell its positions in these securities,
particularly when other Investment Adviser-managed accounts or other investors are also seeking to purchase or sell them.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
securities of small and mid-cap companies generally trade in lower volumes and are subject to greater and more unpredictable price
changes than larger capitalization securities or the market as a whole. In addition, small and mid-cap securities may be particularly
sensitive to changes in interest rates, borrowing costs and earnings. Investing in small and mid-cap securities requires a longer-term
view.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Small
and mid-cap companies, due to the size and kinds of markets that they serve, may be less susceptible than large-cap companies
to intervention from the U.S. federal government by means of price controls, regulations or litigation.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_847_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForeignSecuritiesRiskMember_dU_z964fjBqd4N9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Foreign
Securities Risk. &lt;/i&gt;&lt;/b&gt;Investments in the securities of foreign issuers involve certain considerations and risks not ordinarily
associated with investments in securities of domestic issuers and such securities may be more volatile than those of issuers located
in the United States. Foreign companies are not generally subject to uniform accounting, auditing and financial standards and
requirements comparable to those applicable to U.S. companies. Foreign securities exchanges, brokers and listed companies may
be subject to less government&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;supervision
and regulation than exists in the United States. Dividend and interest income may be subject to withholding and other foreign
taxes, which may adversely affect the net return on such investments. There may be difficulty in obtaining or enforcing a court
judgment abroad. In addition, it may be difficult to effect repatriation of capital invested in certain countries. In addition,
with respect to certain countries, there are risks of expropriation, confiscatory taxation, political or social instability or
diplomatic developments that could affect assets of the Fund held in foreign countries. Dividend income the Fund receives from
foreign securities may not be eligible for the special tax treatment applicable to qualified dividend income. Moreover, certain
equity investments in foreign issuers classified as passive foreign investment companies may be subject to additional taxation
risk.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;There
may be less publicly available information about a foreign company than a U.S. company, and foreign companies may not be subject
to accounting, auditing, and financial reporting standards and requirements comparable to or as uniform as those of U.S. companies.
Foreign securities markets may have substantially less volume than U.S. securities markets and some foreign company securities
are less liquid and their prices more volatile than securities of otherwise comparable U.S. companies. A portfolio of foreign
securities may also be adversely affected by fluctuations in the rates of exchange between the currencies of different nations
and by exchange control regulations, as there is generally less government supervision and regulation of exchanges, brokers, and
issuers than there is in the U.S. The Fund might have greater difficulty taking appropriate legal action in non-U.S. courts and
there may be less developed bankruptcy laws. Non-U.S. markets also have different clearance and settlement procedures which in
some markets have at times failed to keep pace with the volume of transactions, thereby creating substantial delays and settlement
failures that could adversely affect the Fund&#x2019;s performance. In addition, a portfolio that includes foreign securities can
expect to have a higher expense ratio because of the increased transaction costs on non-U.S. securities markets and the increased
costs of maintaining the custody of foreign securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Investments
in foreign securities will expose the Fund to the direct or indirect consequences of political, social or economic changes in
the countries that issue the securities or in which the issuers are located. Certain countries in which the Fund may invest have
historically experienced, and may continue to experience, high rates of inflation, high interest rates, exchange rate fluctuations,
large amounts of external debt, balance of payments and trade difficulties and extreme poverty and unemployment. Many of these
countries are also characterized by political uncertainty and instability. The cost of servicing external debt will generally
be adversely affected by rising international interest rates because many external debt obligations bear interest at rates which
are adjusted based upon international interest rates.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
Fund also may purchase ADRs or U.S. dollar-denominated securities of foreign issuers. ADRs are receipts issued by U.S. banks or
trust companies in respect of securities of foreign issuers held on deposit for use in the U.S. securities markets. While ADRs
may not necessarily be denominated in the same currency as the securities into which they may be converted, many of the risks
associated with foreign securities may also apply to ADRs. In addition, the underlying issuers of certain depositary receipts,
particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications
to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The following provides
more detail on certain pronounced risks with foreign investing:&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Foreign Currency Risk.
&lt;/i&gt;The Fund may invest in companies whose securities are denominated or quoted in currencies other than U.S. dollars or have
significant operations or markets outside of the United States. In such instances, the Fund will be exposed to currency risk,
including the risk of fluctuations in the exchange rate between U.S. dollars (in which the Fund&#x2019;s shares are denominated)
and such foreign currencies, the risk of currency devaluations and the risks of non-exchangeability and blockage. As non-U.S.
securities may be purchased with and payable in currencies of countries other than the U.S. dollar, the value of these assets
measured in U.S. dollars may be affected favorably or unfavorably by changes in currency rates and exchange control regulations.
Fluctuations in currency rates may adversely affect the ability of the Investment Adviser to acquire such securities at advantageous
prices and may also adversely affect the performance of such assets.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Certain
non-U.S. currencies, primarily in developing countries, have been devalued in the past and might face devaluation in the future.
Currency devaluations generally have a significant and adverse impact on the devaluing country&#x2019;s economy in the short and
intermediate term and on the financial condition and results of companies&#x2019; operations in that country. Currency devaluations
may also be accompanied by significant declines in the values and liquidity of equity and debt securities of affected governmental
and private sector entities generally. To the extent that affected companies have obligations denominated in currencies other
than the devalued currency, those companies may also have difficulty in meeting those obligations under such circumstances, which
in turn could have an adverse effect upon the value of the Fund&#x2019;s investments in such companies. There can be no assurance
that current or future developments with respect to foreign currency devaluations will not impair the Fund&#x2019;s investment
flexibility, its ability to achieve its investment objective or the value of certain of its foreign currency-denominated investments.&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Tax Consequences of Foreign
Investing.&lt;/i&gt; The Fund&#x2019;s transactions in foreign currencies, foreign currency-denominated debt obligations and certain
foreign currency options, futures contracts and forward contracts (and similar instruments) may give rise to ordinary income or
loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. This treatment
could increase or decrease the Fund&#x2019;s ordinary income distributions to you, and may cause some or all of the Fund&#x2019;s
previously distributed income to be classified as a return of capital. In certain cases, the Fund may make an election to treat
gain or loss attributable to certain investments as capital gain or loss.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;EMU and Redenomination
Risk.&lt;/i&gt; As the European debt crisis progressed, the possibility of one or more Eurozone countries exiting the European Monetary
Union (&#x201c;EMU&#x201d;), or even the collapse of the euro as a common currency, arose, creating significant volatility at times
in currency and financial markets generally. The effects of the collapse of the euro, or of the exit of one or more countries
from the EMU, on the U.S. and global economies and securities markets are impossible to predict and any such events could have
a significant adverse impact on the value and risk profile of the Fund&#x2019;s portfolio. Any partial or complete dissolution
of the EMU could have significant adverse effects on currency and financial markets, and on the values of the Fund&#x2019;s portfolio
investments. If one or more EMU countries were to stop using the euro as its primary currency, the Fund&#x2019;s investments in
such countries may be redenominated into a different or newly adopted currency. As a result, the value of those investments could
decline significantly and unpredictably. In addition, securities or other investments that are redenominated may be subject to
foreign currency risk, liquidity risk and valuation risk to a greater extent than similar investments currently&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;denominated
in euros. To the extent a currency used for redenomination purposes is not specified in respect of certain EMU-related investments,
or should the euro cease to be used entirely, the currency in which such investments are denominated may be unclear, making such
investments particularly difficult to value or dispose of. The Fund may incur additional expenses to the extent it is required
to seek judicial or other clarification of the denomination or value of such securities.&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Eurozone Risk.&lt;/i&gt; A number
of countries in the EU have experienced, and may continue to experience, severe economic and financial difficulties, increasing
the risk of investing in the European markets. In particular, many EU nations are susceptible to economic risks associated with
high levels of debt, notably due to investments in sovereign debt of countries such as Greece, Italy, Spain, Portugal, and Ireland.
As a result, financial markets in the EU have been subject to increased volatility and declines in asset values and liquidity.
Responses to these financial problems by European governments, central banks, and others, including austerity measures and reforms,
may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences.
Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies,
financial markets, and asset valuations around the world. Greece, Ireland, and Portugal have already received one or more &#x201c;bailouts&#x201d;
from other Eurozone member states, and it is unclear how much additional funding they will require or if additional Eurozone member
states will require bailouts in the future. One or more other countries may also abandon the euro and/or withdraw from the EU,
placing its currency and banking system in jeopardy. The impact of these actions, especially if they occur in a disorderly fashion,
is not clear, but could be significant and far-reaching.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Brexit Risk.&lt;/i&gt; On January
31, 2020, the United Kingdom officially withdrew from the EU, commonly referred to as &#x201c;Brexit.&#x201d; Following a transition
period, the United Kingdom and the EU signed a Trade and Cooperation Agreement (&#x201c;UK/EU Trade Agreement&#x201d;), which came
into full force on May 1, 2021 and set out the foundation of the economic and legal framework for trade between the United Kingdom
and the EU. As the UK/EU Trade Agreement is a new legal framework, the implementation of the UK/EU Trade Agreement may result
in uncertainty in its application and periods of volatility in both the United Kingdom and wider European markets. The United
Kingdom&#x2019;s exit from the EU is expected to result in additional trade costs and disruptions in this trading relationship.
Furthermore, there is the possibility that either party may impose tariffs on trade in the future in the event that regulatory
standards between the EU and the UK diverge. The terms of the future relationship may cause continued uncertainty in the global
financial markets, and adversely affect the Fund.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;In
particular, currency volatility may mean that our returns and the returns of our portfolio companies will be adversely affected
by market movements and may make it more difficult, or more expensive, for us to implement appropriate currency hedging. Potential
declines in the value of the British Pound and/or the euro against other currencies, along with the potential downgrading of the
United Kingdom&#x2019;s sovereign credit rating, may also have an impact on the performance of any of our portfolio companies located
in the United Kingdom or Europe.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;In
addition, certain European countries have experienced negative interest rates on certain fixed-income instruments. A negative
interest rate policy is an unconventional central bank monetary policy tool where nominal target interest rates are set with a
negative value (i.e., below zero percent) intended to help&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;create
self-sustaining growth in the local economy. Negative interest rates may result in heightened market volatility and may detract
from the Fund&#x2019;s performance to the extent the Fund is exposed to such interest rates. Among other things, these developments
have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the
economies of all EU countries, which in turn may have a material adverse effect on the Fund&#x2019;s investments in such countries,
other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued
by certain EU countries.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;To
the extent the Fund has exposure to European markets or to transactions tied to the value of the euro, these events could negatively
affect the value and liquidity of the Fund&#x2019;s investments. All of these developments may continue to significantly affect
the economies of all EU countries, which in turn may have a material adverse effect on the Fund&#x2019;s investments in such countries,
other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued
by certain EU countries.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Russia.&lt;/i&gt; As a result
of Russia&#x2019;s military invasion of Ukraine in February 2022, the United States and other countries imposed broad-reaching
political and economic sanctions on Russia, certain Russian allies believed to be providing them military or financial support,
on private and public companies domiciled in Russia, including public issuers and banking and financial institutions, and on a
variety of individuals. These
sanctions, combined with equivalent measures taken by foreign businesses ceasing operations in Russia, continue to adversely impact
global financial markets, disrupt global supply chains, and impair the value and liquidity of issuers and funds that continue
to maintain exposure to Russia and its allies, Russian investments, and sectors that can be impacted by restrictions on Russian
imports and exports, such as the oil and gas industry.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;It
is not possible to predict the duration or extent of longer-term consequences of this conflict, which could include further sanctions,
retaliatory measures taken by Russia, embargoes, regional instability, geopolitical shifts and adverse effects on macroeconomic
conditions, security conditions, currency exchange rates, and financial markets around the globe. Any of the foregoing consequences,
including those we cannot yet predict, may negatively impact the Fund&#x2019;s performance and the value of an investment in the
Fund, even if the Fund does not have direct exposure to Russian issuers or issuers in other countries impacted by the invasion.
In general terms, the overall negative impact to the Fund will depend on the extent to which the Fund is prohibited from selling
or otherwise transacting in their investments at any given time and whether a fair market valuation can be readily obtained, particularly
for any Russian currency-denominated investments and investments in US dollar-denominated American Depositary Receipts representing
securities of Russian issuers.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--RestrictedAndIlliquidSecuritiesMember_dU_zeX4g7HJLRGf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Restricted
and Illiquid Securities. &lt;/i&gt;&lt;/b&gt;Unregistered securities are securities that cannot be sold publicly in the United States without
registration under the Securities Act. An illiquid investment is a security or other investment that cannot be disposed of within
seven days in the ordinary course of business at approximately the value at which the Fund has valued the investment. Unregistered
securities often can be resold only in privately negotiated transactions with a limited number of purchasers or in a public offering
registered under the Securities Act. Considerable delay could be encountered in either event and, unless otherwise contractually
provided for, the Fund&#x2019;s proceeds upon sale may be reduced by the costs of registration or underwriting&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;










&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;discounts.
The difficulties and delays associated with such transactions could result in the Fund&#x2019;s inability to realize a favorable
price upon disposition of unregistered securities, and at times might make disposition of such securities impossible. The Fund
may be unable to sell illiquid investments when it desires to do so, resulting in the Fund obtaining a lower price or being required
to retain the investment. Illiquid investments generally must be valued at fair value, which is inherently less precise than utilizing
market values for liquid investments, and may lead to differences between the price at which a security is valued for determining
the Fund&#x2019;s net asset value and the price the Fund actually receives upon sale.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--ShortSalesRiskMember_dU_zHLxymd1WbT3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Short
Sales Risk. &lt;/i&gt;&lt;/b&gt;Short-selling involves selling securities which may or may not be owned and borrowing the same securities
for delivery to the purchaser, with an obligation to replace the borrowed securities at a later date. If the price of the security
sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will incur
a loss; conversely, if the price declines, the Fund will realize a capital gain. Any gain will be decreased, and any loss will
be increased, by the transaction costs incurred by the Fund, including the costs associated with providing collateral to the broker-dealer
(usually cash and liquid securities). Although the Fund&#x2019;s gain is limited to the price at which it sold the security short,
its potential loss is theoretically unlimited.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Short-selling
necessarily involves certain additional risks. However, if the short seller does not own the securities sold short (an uncovered
short sale), the borrowed securities must be replaced by securities purchased at market prices in order to close out the short
position, and any appreciation in the price of the borrowed securities would result in a loss. Uncovered short sales expose the
Fund to the risk of uncapped losses until a position can be closed out due to the lack of an upper limit on the price to which
a security may rise. Purchasing securities to close out the short position can itself cause the price of the securities to rise
further, thereby exacerbating the loss. There is the risk that the securities borrowed by the Fund in connection with a short-sale
must be returned to the securities lender on short notice. If a request for return of borrowed securities occurs at a time when
other short-sellers of the security are receiving similar requests, a &#x201c;short squeeze&#x201d; can occur, and the Fund may
be compelled to replace borrowed securities previously sold short with purchases on the open market at the most disadvantageous
time, possibly at prices significantly in excess of the proceeds received at the time the securities were originally sold short.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;In
September 2008, in response to spreading turmoil in the financial markets, the SEC temporarily banned short selling in the stocks
of numerous financial services companies, and also promulgated new disclosure requirements with respect to short positions held
by investment managers. The SEC&#x2019;s temporary ban on short selling of such stocks has since expired, but should similar restrictions
and/or additional disclosure requirements be promulgated, especially if market turmoil occurs, the Fund may be forced to cover
short positions more quickly than otherwise intended and may suffer losses as a result. Such restrictions may also adversely affect
the ability of the Fund to execute its investment strategies generally. Similar emergency orders were also instituted in non-U.S.
markets in response to increased volatility. The Fund&#x2019;s ability to engage in short sales is also restricted by various regulatory
requirements relating to short sales.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--LeverageRiskMember_dU_zlItssbVAaYj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Leverage
Risk. &lt;/i&gt;&lt;/b&gt;The Fund currently uses financial leverage for investment purposes by issuing preferred shares. As of December 31,
2022, the amount of leverage represented approximately 39% of the Fund&#x2019;s net assets. The Fund&#x2019;s leveraged capital
structure creates special risks not associated with unleveraged funds that have a similar investment objective and policies. These
include the possibility of greater loss and the&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;likelihood
of higher volatility of the net asset value of the Fund and the asset coverage for any preferred shares or debt outstanding. Such
volatility may increase the likelihood of the Fund having to sell investments in order to meet its obligations to make distributions
on the preferred shares or principal or interest payments on debt securities, or to redeem preferred shares or repay debt when
it may be disadvantageous to do so. The Fund&#x2019;s use of leverage may require it to sell portfolio investments at inopportune
times in order to raise cash to redeem preferred shares or otherwise de-leverage so as to maintain required asset coverage amounts
or comply with the mandatory redemption terms of any outstanding preferred shares. The use of leverage magnifies both the favorable
and unfavorable effects of price movements in the investments made by the Fund. To the extent the Fund is leveraged in its investment
operations, the Fund will be subject to substantial risk of loss. The Fund cannot assure that borrowings or the issuance of notes
or preferred shares will result in a higher yield or return to the holders of the common shares. Also, to the extent the Fund
utilizes leverage, a decline in net asset value could affect the ability of the Fund to make common share distributions and such
a failure to make distributions could result in the Fund ceasing to qualify as a RIC under the Code.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;For
more information regarding the risks of a leverage capital structure to holders of the Fund&#x2019;s common shares, see &#x201c;Risk
Factors and Special Considerations &#x2014; Special Risks to Holder of Common Shares &#x2014; Leverage Risk.&#x201d;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksRelatedToInvestmentinDerivativesMember_dU_zI0kv9BuFcOa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Special
Risks Related to Investment in Derivatives. &lt;/i&gt;&lt;/b&gt;The Fund may participate in derivative transactions. Such transactions entail
certain execution, market, liquidity, counterparty, correlation, volatility, hedging and tax risks. Participation in the options
or futures markets, in currency exchange transactions and in other derivatives transactions involves investment risks and transaction
costs to which the Fund would not be subject absent the use of these strategies. If the Investment Adviser&#x2019;s prediction
of movements in the direction of the securities, foreign currency, interest rate or other referenced instruments or markets is
inaccurate, the consequences to the Fund may leave the Fund in a worse position than if it had not used such strategies. Risks
inherent in the use of options, swaps, foreign currency, futures contracts and options on futures contracts, securities indices
and foreign currencies include:&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;dependence on the Investment
Adviser&#x2019;s ability to predict correctly movements in the direction of the relevant measure;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;imperfect correlation between
the price of the derivative instrument and movements in the prices of the referenced assets;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;the fact that skills needed
to use these strategies are different from those needed to select portfolio securities;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;the possible absence of a
liquid secondary market for any particular instrument at any time;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;the possible need to defer
closing out certain hedged positions to avoid adverse tax consequences;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;the possible inability of
the Fund to purchase or sell a security or instrument at a time that otherwise would be favorable for it to do so, or the possible
need for the Fund to sell a security or instrument at a disadvantageous time due to a need for the Fund to maintain &#x201c;cover&#x201d;
or to segregate securities in connection with the hedging techniques; and&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;the creditworthiness of counterparties.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; color: #1D1D1B; text-align: justify"&gt;&lt;span style="color: Black"&gt;Options,
futures contracts, swaps contracts, and options thereon and forward contracts on securities and currencies may be traded on foreign
exchanges. Such transactions may not be regulated as effectively as&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;similar
transactions in the United States, may not involve a clearing mechanism and related guarantees, and are subject to the risk of
governmental actions affecting trading in, or the prices of, foreign securities. The value of such positions also could be adversely
affected by (i) other complex foreign political, legal and economic factors, (ii) lesser availability than in the United States
of data on which to make trading decisions, (iii) delays in the ability of the Fund to act upon economic events occurring in the
foreign markets during non-business hours in the United States, (iv) the imposition of different exercise and settlement terms
and procedures and margin requirements than in the United States and (v) less trading volume. Exchanges on which options, futures,
swaps and options on futures or swaps are traded may impose limits on the positions that the Fund may take in certain circumstances.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Many
OTC derivatives are valued on the basis of dealers&#x2019; pricing of these instruments. However, the price at which dealers value
a particular derivative and the price which the same dealers would actually be willing to pay for such derivative should the Fund
wish or be forced to sell such position may be materially different. Such differences can result in an overstatement of the Fund&#x2019;s
net asset value and may materially adversely affect the Fund in situations in which the Fund is required to sell derivative instruments.
Exchange-traded derivatives and OTC derivative transactions submitted for clearing through a central counterparty have become
subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as possible margin requirements
mandated by the SEC or the CFTC. These regulators also have broad discretion to impose margin requirements on non-cleared OTC
derivatives. These margin requirements will increase the overall costs for the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;While
hedging transactions can reduce or eliminate losses, they can also reduce or eliminate gains. Hedges are sometimes subject to
imperfect matching between the derivative and the underlying instrument, and there can be no assurance that the Fund&#x2019;s hedging
transactions will be effective. Derivatives may also give rise to a form of leverage and may expose the Fund to greater risk and
increase its costs. Future CFTC or SEC rulemakings could potentially further limit or completely restrict the Fund&#x2019;s ability
to use these instruments as a part of the Fund&#x2019;s investment strategy, increase the costs of using these instruments or make
them less effective. Limits or restrictions applicable to the counterparties with which the Fund engages in derivative transactions
could also prevent the Fund from using these instruments or affect the pricing or other factors relating to these instruments
or may change the availability of certain investments. New regulation may make derivatives more costly, may limit the availability
of derivatives, or may otherwise adversely affect the value or performance of derivatives.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--CounterpartyRiskMember_dU_zGc9rwd1ach" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Counterparty
Risk. &lt;/i&gt;&lt;/b&gt;The Fund will be subject to credit risk with respect to the counterparties to the derivative contracts purchased
by the Fund. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due
to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract
in bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such
circumstances.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
counterparty risk for cleared derivatives is generally lower than for uncleared OTC derivative transactions since generally a
clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the
parties&#x2019; performance under the contract as each party to a trade looks only to the clearing organization for performance
of financial obligations under the derivative contract. However, there can be no assurance that a clearing organization, or its
members, will satisfy its obligations to the Fund, or that the Fund would be able to recover the full amount of assets deposited
on its behalf with the clearing&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;organization
in the event of the default by the clearing organization or the Fund&#x2019;s clearing broker. In addition, cleared derivative
transactions benefit from daily marking-to-market and settlement, and segregation and minimum capital requirements applicable
to intermediaries. Uncleared OTC derivative transactions generally do not benefit from such protections. This exposes the Fund
to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute
over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to
suffer a loss. Such &#x201c;counterparty risk&#x201d; is accentuated for contracts with longer maturities where events may intervene
to prevent settlement, or where the Fund has concentrated its transactions with a single or small group of counterparties.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember_dU_zFxdMDkYpnMl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Failure
of Futures Commission Merchants and Clearing Organizations Risk. &lt;/i&gt;&lt;/b&gt;The Fund may deposit funds required to margin open positions
in the derivative instruments subject to the CEA with a clearing broker registered as a &#x201c;futures commission merchant&#x201d;
(&#x201c;FCM&#x201d;). The CEA requires an FCM to segregate all funds received from customers with respect to any orders for the
purchase or sale of U.S. domestic futures contracts and cleared swaps from the FCM&#x2019;s proprietary assets. Similarly, the
CEA requires each FCM to hold in a separate secure account all funds received from customers with respect to any orders for the
purchase or sale of foreign futures contracts and segregate any such funds from the funds received with respect to domestic futures
contracts. However, all funds and other property received by a clearing broker from its customers are held by the clearing broker
on a commingled basis in an omnibus account and may be invested by the clearing broker in certain instruments permitted under
the applicable regulation. There is a risk that assets deposited by the Fund with any swaps or futures clearing broker as margin
for futures contracts may, in certain circumstances, be used to satisfy losses of other clients of the Fund&#x2019;s clearing broker.
In addition, the assets of the Fund may not be fully protected in the event of the clearing broker&#x2019;s bankruptcy, as the
Fund would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing broker&#x2019;s
combined domestic customer accounts.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Similarly,
the CEA requires a clearing organization approved by the CFTC as a derivatives clearing organization to segregate all funds and
other property received from a clearing member&#x2019;s clients in connection with domestic futures, swaps and options contracts
from any funds held at the clearing organization to support the clearing member&#x2019;s proprietary trading. Nevertheless, with
respect to futures contracts and options on futures, a clearing organization may use assets of a non-defaulting customer held
in an omnibus account at the clearing organization to satisfy losses in that account resulting from the default by another customer
on its payment obligations that leads to the clearing member&#x2019;s default to the clearing organization. As a result, in the
situation of a double default by a customer of the Fund&#x2019;s clearing member and the clearing member itself with respect to
payment obligations on the customer&#x2019;s futures or options on futures, there is a risk that the Fund&#x2019;s assets in an
omnibus account with the clearing organization may be used to satisfy losses from the double default and that the Fund may not
recover the full amount of any such assets.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--SwapsRiskMember_dU_zEnjA686cLYa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Swaps
Risk. &lt;/i&gt;&lt;/b&gt;Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from
a few weeks to more than one year. In a standard &#x201c;swap&#x201d; transaction, two parties agree to exchange the returns (or
differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns
to be exchanged or &#x201c;swapped&#x201d; between the parties are calculated with respect to a &#x201c;notional amount,&#x201d; i.e.,
the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign
currency, or in a &#x201c;basket&#x201d; of securities representing a particular&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;index.
The &#x201c;notional amount&#x201d; of the swap agreement is only a fictive basis on which to calculate the obligations that the
parties to a swap agreement have agreed to exchange.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Historically,
swap transactions have been individually negotiated non-standardized transactions entered into in the OTC markets and have not
been subject to the same type of government regulation as exchange-traded instruments. However, in the U.S., the Dodd-Frank Wall
Street Reform and Consumer Protection Act of 2010 (the &#x201c;Dodd-Frank Act&#x201d;) has made broad changes to the derivatives
market, granted significant new authority to the CFTC and the SEC to regulate derivatives (swaps and security-based swaps) and
participants in these markets. The Dodd-Frank Act is intended to regulate the derivatives market by requiring many derivative
transactions to be cleared and traded on an exchange, expanding entity registration requirements, imposing business conduct requirements
on dealers and requiring banks to move some derivatives trading units to a non-guaranteed affiliate separate from the deposit-taking
bank or divest them altogether. See &#x201c;Risk Factors and Special Considerations&#x2014;General Risks &#x2013; Derivatives Regulation
Risk.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Swap
agreements will tend to shift the Fund&#x2019;s investment exposure from one type of investment to another. For example, if the
Fund agreed to pay fixed rates in exchange for floating rates while holding fixed-rate bonds, the swap would tend to decrease
the Fund&#x2019;s exposure to long-term interest rates. Caps and floors have an effect similar to buying or writing options. Depending
on how they are used, swap agreements may increase or decrease the overall volatility of the Fund&#x2019;s investments and its
share price and yield. The most significant factor in the performance of swap agreements is the change in the specific interest
rate, currency, or other factors that determine the amounts of payments due to and from the Fund. If a swap agreement calls for
payments by the Fund, the Fund must be prepared to make such payments when due.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
Fund may enter into swap agreements that would calculate the obligations of the parties to the agreements on a &#x201c;net&#x201d;
basis. Consequently, the Fund&#x2019;s obligations (or rights) under a swap agreement will generally be equal only to the net amount
to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the
&#x201c;net amount&#x201d;). The Fund&#x2019;s obligations under a swap agreement will be accrued daily (offset against any amounts
owing to the Fund) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by the maintenance of liquid
assets in accordance with SEC staff positions on the subject.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
Fund&#x2019;s use of swap agreements may not be successful in furthering its investment objective, as the Investment Adviser may
not accurately predict whether certain types of investments are likely to produce greater returns than other investments. Moreover,
swap agreements involve the risk that the party with whom the Fund has entered into the swap will default on its obligation to
pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the other party to the agreement. The
Fund may be able to eliminate its exposure under a swap agreement either by assignment or other disposition, or by entering into
an offsetting swap agreement with the same party or a similarly creditworthy party.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForwardForeignCurrencyExchangeContractsMember_dU_z5CsdExQeNT1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Forward
Foreign Currency Exchange Contracts. &lt;/i&gt;&lt;/b&gt;The Fund may enter into forward foreign currency exchange contracts to protect the
value of its portfolio against uncertainty in the level of future currency exchange rates between a particular foreign currency
and the U.S. dollar or between foreign currencies in which its securities are or may be denominated. The Fund may enter into such
contracts on a spot (i.e., cash) basis at the rate then prevailing in the currency exchange market or on a forward basis, by entering
into a forward contract to&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;





&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;purchase
or sell currency. A forward contract on foreign currency is an obligation to purchase or sell a specific currency at a future
date, which may be any fixed number of days agreed upon by the parties from the date of the contract at a price set on the date
of the contract. Forward currency contracts (i) are traded in a market conducted directly between currency traders (typically,
commercial banks or other financial institutions) and their customers, (ii) generally have no deposit requirements and (iii) are
typically consummated without payment of any commissions. The Fund, however, may enter into forward currency contracts requiring
deposits or involving the payment of commissions.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
dealings of the Fund in forward foreign exchange are limited to hedging involving either specific transactions or portfolio positions.
Transaction hedging is the purchase or sale of one forward foreign currency for another currency with respect to specific receivables
or payables of the Fund accruing in connection with the purchase and sale of its portfolio securities or its payment of distributions.
Position hedging is the purchase or sale of one forward foreign currency for another currency with respect to portfolio security
positions denominated or quoted in the foreign currency to offset the effect of an anticipated substantial appreciation or depreciation,
respectively, in the value of the currency relative to the U.S. dollar. In this situation, the Fund also may, for example, enter
into a forward contract to sell or purchase a different foreign currency for a fixed U.S. dollar amount where it is believed that
the U.S. dollar value of the currency to be sold or bought pursuant to the forward contract will fall or rise, as the case may
be, whenever there is a decline or increase, respectively, in the U.S. dollar value of the currency in which its portfolio securities
are denominated (this practice being referred to as a &#x201c;cross-hedge&#x201d;).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;In
hedging a specific transaction, the Fund may enter into a forward contract with respect to either the currency in which the transaction
is denominated or another currency deemed appropriate by the Investment Adviser. The amount the Fund may invest in forward currency
contracts is limited to the amount of its aggregate investments in foreign currencies.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
use of forward currency contracts may involve certain risks, including the failure of the counterparty to perform its obligations
under the contract, and such use may not serve as a complete hedge because of an imperfect correlation between movements in the
prices of the contracts and the prices of the currencies hedged or used for cover. The Fund will only enter into forward currency
contracts with parties which the Investment Adviser believes to be creditworthy institutions.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--FuturesContractsAndOptionsonFuturesMember_dU_z8wqt2cM6ua2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Futures
Contracts and Options on Futures. &lt;/i&gt;&lt;/b&gt;Futures and options on futures entail certain risks, including, but not limited to,
the following: no assurance that futures contracts or options on futures can be offset at favorable prices; possible reduction
of the yield of the Fund due to the use of hedging; possible reduction in value of both the securities hedged and the hedging
instrument; possible lack of liquidity due to daily limits on price fluctuations; imperfect correlation between the contracts
and the securities being hedged; and losses from investing in futures transactions that are potentially unlimited.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--OptionsRiskMember_dU_zX3eA8VPpQvf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Options
Risk. &lt;/i&gt;&lt;/b&gt;To the extent that the Fund purchases options pursuant to a hedging strategy, the Fund will be subject to the following
additional risks. If a put or call option purchased by the Fund is not sold when it has remaining value, and if the market price
of the underlying security remains equal to or greater than the exercise price (in the case of a put), or remains less than or
equal to the exercise price (in the case of a call), the Fund will lose its entire investment in the option.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;





&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Where
a put or call option on a particular security is purchased to hedge against price movements in that or a related security, the
price of the put or call option may move more or less than the price of the security. If restrictions on exercise are imposed,
the Fund may be unable to exercise an option it has purchased. If the Fund is unable to close out an option that it has purchased
on a security, it will have to exercise the option in order to realize any profit or the option may expire worthless.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--DerivativesRegulationRiskMember_dU_z05fxkGQps36" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Derivatives
Regulation Risk. &lt;/i&gt;&lt;/b&gt;The Dodd-Frank Act has made broad changes to the derivatives market, granted significant new authority
to the CFTC and the SEC to regulate derivatives (swaps and security-based swaps) and participants in these markets. The Dodd-Frank
Act is intended to regulate the derivatives market by requiring many derivative transactions to be cleared and traded on an exchange,
expanding entity registration requirements, imposing business conduct requirements on dealers and requiring banks to move some
derivatives trading units to a non-guaranteed affiliate separate from the deposit-taking bank or divest them altogether. The CFTC
has implemented mandatory clearing and exchange-trading of certain derivatives contracts including many standardized interest
rate swaps and credit default index swaps. The CFTC continues to approve contracts for central clearing. Exchange-trading and
central clearing are expected to reduce counterparty credit risk by substituting the clearinghouse as the counterparty to a swap
and increase liquidity, but exchange-trading and central clearing do not make swap transactions risk-free. Uncleared swaps, such
as non-deliverable foreign currency forwards, are subject to certain margin requirements that mandate the posting and collection
of minimum margin amounts. This requirement may result in the Fund and its counterparties posting higher margin amounts for uncleared
swaps than would otherwise be the case. Certain rules require centralized reporting of detailed information about many types of
cleared and uncleared swaps. Reporting of swap data may result in greater market transparency, but may subject the Fund to additional
administrative burdens, and the safeguards established to protect trader anonymity may not function as expected.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;In
addition, on October 28, 2020, the SEC adopted new regulations governing the use of derivatives by closed-end funds, which the
Fund was required to comply with as of August 19, 2022. As a result, the Fund is required to implement and comply with the Rule
18f-4 limits described previously under &#x201c;Special Risks Related to&#160;Investment in Derivatives&#x201d; on the amount of
derivatives the Fund can enter into, eliminate the asset segregation framework previously used to comply with Section 18 of the
1940 Act, treat derivatives as senior securities so that a failure to comply with the limits would result in a statutory violation
and require the Fund, if the Fund&#x2019;s use of derivatives is more than a limited specified exposure amount (10% of net assets),
to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. These requirements
may limit the ability of the Fund to invest in derivatives, engage in securities lending activities, short sales, reverse repurchase
agreements and similar financing transactions. Additionally, Rule 18f-4 and the SEC&#x2019;s corresponding recission and withdrawal
of prior guidance and relief related to asset segregation and asset coverage requirements under section 18 of the 1940 Act may
affect the Fund&#x2019;s ability to implement its investment strategy, pursue its investment objectives and may increase the cost
of the Fund&#x2019;s investments.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketDiscountRiskMember_dU_z1MOvIJTtz0i" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Market
Discount Risk. &lt;/i&gt;&lt;/b&gt;Whether investors will realize gains or losses upon the sale of additional securities of the Fund will
depend upon the market price of the securities at the time of sale, which may be less or more than the Fund&#x2019;s net asset
value per share or the liquidation value of any Fund preferred shares issued. Since the market price of any additional securities
the Fund may issue will be affected by such factors as the Fund&#x2019;s dividend and distribution levels (which are in turn affected
by expenses), dividend and distribution stability,&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;





&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;net
asset value, market liquidity, the relative demand for and supply of such securities in the market, general market and economic
conditions and other factors beyond the control of the Fund, we cannot predict whether any such securities will trade at, below
or above net asset value or at, below or above their public offering price or at, below or above their liquidation value, as applicable.
For example, common shares of closed-end funds often trade at a discount to their net asset values and the Fund&#x2019;s common
shares may trade at such a discount. This risk may be greater for investors expecting to sell their securities of the Fund soon
after the completion of a public offering for such securities. The risk of a market price discount from net asset value is separate
and in addition to the risk that net asset value itself may decline. The Fund&#x2019;s securities are designed primarily for long-term
investors, and investors in the shares should not view the Fund as a vehicle for trading purposes.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--LongTermObjectiveNotACompleteInvestmentProgramMember_dU_zfIPVRsa8XL2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Long
Term Objective; Not a Complete Investment Program. &lt;/i&gt;&lt;/b&gt;The Fund is intended for investors seeking a consistent level of after-tax
total return consisting of income (with a current emphasis on qualifying dividends) and long-term capital gain. The Fund is not
meant to provide a vehicle for those who wish to play short-term swings in the stock market. An investment in shares of the Fund
should not be considered a complete investment program. Each shareholder should take into account the Fund&#x2019;s investment
objective as well as the shareholder&#x2019;s other investments when considering an investment in the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--ManagementRiskMember_dU_zVSSNirNGKPe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Management
Risk. &lt;/i&gt;&lt;/b&gt;The Fund is subject to management risk because it is an actively managed portfolio. The Investment Adviser will
apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that
these will produce the desired results.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--DecisionMakingAuthorityRiskMember_dU_zkRWiq9YoGIk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Decision-Making
Authority Risk. &lt;/i&gt;&lt;/b&gt;Investors have no authority to make decisions or to exercise business discretion on behalf of the Fund,
except as set forth in the Fund&#x2019;s governing documents. The authority for all such decisions is generally delegated to the
Board, who in turn, has delegated the day-to-day management of the Fund&#x2019;s investment activities to the Investment Adviser,
subject to oversight by the Board.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--DependenceonKeyPersonnelMember_dU_zfWhlge7iBc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Dependence
on Key Personnel. &lt;/i&gt;&lt;/b&gt;The Investment Adviser is dependent upon the expertise of Mr. Mario J. Gabelli in providing advisory
services with respect to the Fund&#x2019;s investments. If the Investment Adviser were to lose the services of Mr. Gabelli, its
ability to service the Fund could be adversely affected. There can be no assurance that a suitable replacement could be found
for Mr. Gabelli in the event of his death, resignation, retirement or inability to act on behalf of the Investment Adviser.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketDisruptionAndGeopoliticalRiskMember_dU_zhUEi8mVhepd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Market
Disruption and Geopolitical Risk. &lt;/i&gt;&lt;/b&gt;General economic and market conditions, such as interest rates, availability of credit,
inflation rates, economic uncertainty, supply chain disruptions, labor shortages, energy and other resource shortages, changes
in laws, trade barriers, currency exchange controls and national and international political circumstances (including governmental
responses to public health crises or the spread of infectious diseases), may have long-term negative effects on the U.S. and worldwide
financial markets and economy. These conditions have resulted in, and in many cases continue to result in, greater price volatility,
less liquidity, widening credit spreads and a lack of price transparency, with many securities remaining illiquid and of uncertain
value. Such market conditions may adversely affect the Company, including by making valuation of some of the Fund&#x2019;s securities
uncertain and/or result in sudden and significant valuation increases or declines in the Fund&#x2019;s holdings.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Risks
resulting from any future debt or other economic crisis could also have a detrimental impact on the global economy, the financial
condition of financial institutions and the Fund&#x2019;s business, financial condition and results&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;



&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"/&gt;&lt;/p&gt;



&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;of
operation. Market and economic disruptions have affected, and may in the future affect, consumer confidence levels and spending,
personal bankruptcy rates, levels of incurrence and default on consumer debt and home prices, among other factors. To the extent
uncertainty regarding the U.S. or global economy negatively impacts consumer confidence and consumer credit factors, the Fund
could be significantly and adversely affected.&#160;Downgrades to the credit ratings of major banks could result in increased
borrowing costs for such banks and negatively affect the broader economy. Moreover, Federal Reserve policy, including with respect
to certain interest rates, may also adversely affect the value, volatility and liquidity of dividend- and interest-paying securities.
Market volatility, rising interest rates and/or a return to unfavorable economic conditions could impair the Fund&#x2019;s ability
to achieve its investment objectives.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
occurrence of events similar to those in recent years, such as localized wars, instability, new and ongoing pandemics (such as
COVID-19), epidemics or outbreaks of infectious diseases in certain parts of the world, and catastrophic events such as fires,
floods, earthquakes, tornadoes, hurricanes and global health epidemics, terrorist attacks in the U.S. and around the world, social
and political discord, debt crises sovereign debt downgrades, increasingly strained relations between the U.S. and a number of
foreign countries, new and continued political unrest in various countries, the exit or potential exit of one or more countries
from the EU or the EMU, continued changes in the balance of political power among and within the branches of the U.S. government,
government shutdowns, among others, may result in market volatility, may have long-term effects on the U.S. and worldwide financial
markets, and may cause further economic uncertainties in the U.S. and worldwide.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;In
particular, the consequences of the Russian military invasion of Ukraine, the impact on inflation and increased disruption to
supply chains and energy resources may impact the Fund&#x2019;s portfolio companies, result in an economic downturn or recession
either globally or locally in the U.S. or other economies, reduce business activity, spawn additional conflicts (whether in the
form of traditional military action, reignited &#x201c;cold&#x201d; wars or in the form of virtual warfare such as cyberattacks)
with similar and perhaps wider ranging impacts and consequences and have an adverse impact on the Fund&#x2019;s returns and net
asset values. In response to the conflict between Russia and Ukraine, the U.S. and other countries have imposed sanctions or other
restrictive actions against Russia, Russian-backed separatist regions in Ukraine, and certain banks, companies, government officials
and other individuals in Russia and Belarus. Any of the above factors, including sanctions, export controls, tariffs, trade wars
and other governmental actions, could have a material adverse effect on the Fund. The Fund has no way to predict the duration
or outcome of the situation, as the conflict and government reactions are rapidly developing and beyond the Fund&#x2019;s control.
Prolonged unrest, military activities, or broad-based sanctions could have a material adverse effect on companies in which the
Fund invests. Such consequences also may increase such companies&#x2019; funding costs or limit their access to the capital markets.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
current political climate has intensified concerns about a potential trade war between China and the U.S., as each country has
imposed tariffs on the other country&#x2019;s products. These actions may trigger a significant reduction in international trade,
the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies
and/or large segments of China&#x2019;s export industry, which could have a negative impact the Fund&#x2019;s performance. U.S.
companies that source material and goods from China and those that make large amounts of sales in China would be particularly
vulnerable to an escalation of trade tensions. Uncertainty regarding the outcome of the trade tensions and the potential for a
trade war&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;





&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;could cause the U.S.
dollar to decline against safe haven currencies, such as the Japanese yen and the euro. Events such as these and their consequences
are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in
the future. Any of these effects could have a material adverse effect on the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_842_ecef--RiskTextBlock_hcef--RiskAxis__custom--EconomicEventsAndMarketRiskMember_dU_zFhoaJM9dLbi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Economic
Events and Market Risk. &lt;/i&gt;&lt;/b&gt;Periods of market volatility remain, and may continue to occur in the future, in response to various
political, social and economic events both within and outside of the United States. These conditions have resulted in, and in
many cases continue to result in, greater price volatility, less liquidity, widening credit spreads and a lack of price transparency,
with many securities remaining illiquid and of uncertain value. Such market conditions may adversely affect the Fund, including
by making valuation of some of the Fund&#x2019;s securities uncertain and/or result in sudden and significant valuation increases
or declines in the Fund&#x2019;s holdings. If there is a significant decline in the value of the Fund&#x2019;s portfolio, this may
impact the asset coverage levels for the Fund&#x2019;s outstanding leverage.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Risks
resulting from any future debt or other economic crisis could also have a detrimental impact on the global economic recovery,
the financial condition of financial institutions and our business, financial condition and results of operation. Market and economic
disruptions have affected, and may in the future affect, consumer confidence levels and spending, personal bankruptcy rates, levels
of incurrence and default on consumer debt and home prices, among other factors. To the extent uncertainty regarding the U.S.
or global economy negatively impacts consumer confidence and consumer credit factors, our business, financial condition and results
of operations could be significantly and adversely affected. Downgrades to the credit ratings of major banks could result in increased
borrowing costs for such banks and negatively affect the broader economy.&#160;Moreover, Federal Reserve policy, including with
respect to certain interest rates, may also adversely affect the value, volatility and liquidity of dividend- and interest-paying
securities. Market volatility, rising interest rates and/or a return to unfavorable economic conditions could impair the Fund&#x2019;s
ability to achieve its investment objectives.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--RegulationAndGovernmentInterventionRiskMember_dU_zmy5xQzEwlY6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Regulation
and Government Intervention Risk. &lt;/i&gt;&lt;/b&gt;Changes enacted by the current presidential administration could significantly impact
the regulation of financial markets in the U.S. Areas subject to potential change, amendment or repeal include trade and foreign
policy, corporate tax rates, energy and infrastructure policies, the environment and sustainability, criminal and social justice
initiatives, immigration, healthcare and the oversight of certain federal financial regulatory agencies and the Federal Reserve.
Certain of these changes can, and have, been effectuated through executive order. For example, the current administration has
taken steps to rejoin the Paris climate accord of 2015 and incentivize certain clean energy technologies, cancel the&#160;Keystone
XL pipeline, provide military support to Ukraine and change immigration enforcement priorities. Other potential changes that could
be pursued by the current presidential administration could include an increase in the corporate income tax rate; changes to regulatory
enforcement priorities; and spending on clean energy and infrastructure. It is not possible to predict which, if any, of these
actions will be taken or, if taken, their effect on the economy, securities markets or the financial stability of the U.S. The
Fund may be affected by governmental action in ways that are not foreseeable, and there is a possibility that such actions could
have a significant adverse effect on the Fund and the Fund&#x2019;s ability to achieve its investment objectives.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Additional
risks arising from the differences in expressed policy preferences among the various constituencies in the branches of the U.S.
government has led in the past, and may lead in the future, to short-term or&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;





&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;prolonged
policy impasses, which could, and has, resulted in shutdowns of the U.S. federal government. U.S. federal government shutdowns,
especially prolonged shutdowns, could have a significant adverse impact on the economy in general and could impair the ability
of issuers to raise capital in the securities markets. Any of these effects could have a material adverse effect on the Fund&#x2019;s
net asset value.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;In
addition, the rules dealing with the U.S. federal income taxation are constantly under review by persons involved in the legislative
process and by the IRS and the U.S. Treasury Department. The Tax Cuts and Jobs Act made substantial changes to the Code. Among
those changes were a significant permanent reduction in the generally applicable corporate tax rate, changes in the taxation of
individuals and other non-corporate taxpayers that generally but not universally reduce their taxes on a temporary basis subject
to &#x201c;sunset&#x201d; provisions, the elimination or modification of various previously allowed deductions (including substantial
limitations on the deductibility of interest and, in the case of individuals, the deduction for personal state and local taxes),
certain additional limitations on the deduction of net operating losses, certain preferential rates of taxation on certain dividends
and certain business income derived by non-corporate taxpayers in comparison to other ordinary income recognized by such taxpayers,
and significant changes to the international tax rules. In addition, on August 16, 2022, the Biden administration signed into
law the Inflation Reduction Act, which modifies key aspects of the Code, including by creating an alternative minimum tax on certain
corporations and an excise tax on stock repurchases by certain corporations. The effect of these and other changes is uncertain,
both in terms of the direct effect on the taxation of an investment in the Fund&#x2019;s shares and their indirect effect on the
value of the Fund&#x2019;s assets, Fund shares or market conditions generally.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;In
addition, the U.S. government has proposed and adopted multiple regulations that could have a long-lasting impact on the Fund
and on the closed-end fund industry in general. The SEC&#x2019;s final rules and amendments that modernize reporting and disclosure,
along with other potential upcoming regulations, including in respect of investment company names and other matters, could, among
other things, restrict the Fund&#x2019;s ability to engage in transactions, and/or increase overall expenses of the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
Fund may be affected by governmental action in ways that are not foreseeable, and there is a possibility that such actions could
have a significant adverse effect on the Fund and its ability to achieve its investment objective(s).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
Fund may be exposed to financial instruments that are tied to the London Interbank Offered Rate (&#x201c;LIBOR&#x201d;) to determine
payment obligations, financing terms, hedging strategies or investment value. The Fund&#x2019;s investments may pay interest at
floating rates based on LIBOR or may be subject to interest caps or floors based on LIBOR. The Fund may also obtain financing
at floating rates based on LIBOR. Derivative instruments utilized by the Fund may also reference LIBOR.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;In
July 2017, the head of the United Kingdom Financial Conduct Authority announced the desire to phase out the use of LIBOR by the
end of 2021. LIBOR can no longer be used to calculate new deals as of December 31, 2021. Since December 31, 2021, all sterling,
euro, Swiss franc and Japanese yen LIBOR settings and the one-week and two-month U.S. dollar LIBOR settings have ceased to be
published or are no longer representative, and after June 30, 2023, the overnight, one-month, three-month, six-month and 12-month
U.S. dollar LIBOR settings will cease to be published or will no longer be representative. Various financial industry groups have
begun planning for the transition away from LIBOR, but there are challenges to converting certain securities and&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;





&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;transactions
to a new reference rate. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;As
an alternative to LIBOR, the Financial Reporting Council, in conjunction with the Alternative Reference Rates Committee, a steering
committee comprised of large U.S. financial institutions recommended replacing U.S. dollar LIBOR with the Secured Overnight Financing
Rate (&#x201c;SOFR&#x201d;), a new index calculated by reference to short-term repurchase agreements, backed by Treasury securities.
Abandonment of, or modifications to, LIBOR could have adverse impacts on newly issued financial instruments and any of our existing
financial instruments which reference LIBOR. Given the inherent differences between LIBOR and SOFR, or any other alternative benchmark
rate that may be established, there are many uncertainties regarding a transition from LIBOR, including, but not limited to, the
need to amend all contracts with LIBOR as the referenced rate and how this will impact the cost of variable rate debt and certain
derivative financial instruments. In addition, SOFR or other replacement rates may fail to gain market acceptance. Any failure
of SOFR or alternative reference rates to gain market acceptance could adversely affect the return on, value of and market for
securities linked to such rates.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Neither
the effect of the LIBOR transition process nor its ultimate success can yet be known. The transition process might lead to increased
volatility and illiquidity in markets for, and reduce the effectiveness of, new hedges placed against, instruments whose terms
currently include LIBOR. While some existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available
by providing for an alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of
any such alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting
provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions
in certain existing instruments. Moreover, these alternative rate-setting provisions may not be designed for regular use in an
environment where LIBOR ceases to be published, and may be an ineffective fallback following the discontinuation of LIBOR.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;On
March 15, 2022, President Biden signed into law the Consolidated Appropriations Act of 2022, which among other things, provides
for the use of interest rates based on SOFR in certain contracts currently based on LIBOR and a safe harbor from liability for
utilizing SOFR-based interest rates as a replacement for LIBOR. The elimination of LIBOR could have an adverse impact on the market
value of and/or transferability of any LIBOR-linked securities, loans, and other financial obligations or extensions of credit
held by or due to us or on our overall financial condition or results of operations.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--DeflationRiskMember_dU_zPlb4kRi5Sba" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Deflation
Risk. &lt;/i&gt;&lt;/b&gt;Deflation risk is the risk that prices throughout the economy decline over time, which may have an adverse effect
on the market valuation of companies, their assets and their revenues. In addition, deflation may have an adverse effect on the
creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund&#x2019;s
portfolio.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--LegislationRiskMember_dU_zCGmnt0dT8Vk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Legislation
Risk. &lt;/i&gt;&lt;/b&gt;At any time after the date of this Annual Report, legislation may be enacted that could negatively affect the assets
of the Fund. Legislation or regulation may change the way in which the Fund itself is regulated. The Investment Adviser cannot
predict the effects of any new governmental regulation that may be implemented and there can be no assurance that any new governmental
regulation will not adversely affect the Fund&#x2019;s ability to achieve its investment objective.&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_852_zCymap0rdvE1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;





&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--RelianceonServiceProvidersRiskMember_dU_zI6tCmYeQ0P4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Reliance
on Service Providers Risk. &lt;/i&gt;&lt;/b&gt;The Fund must rely upon the performance of service providers to perform certain functions,
which may include functions that are integral to the Fund&#x2019;s operations and financial performance. Failure by any service
provider to carry out its obligations to the Fund in accordance with the terms of its appointment, to exercise due care and skill
or to perform its obligations to the Fund at all as a result of insolvency, bankruptcy or other causes could have a material adverse
effect on the Fund&#x2019;s performance and returns to shareholders. The termination of the Fund&#x2019;s relationship with any
service provider, or any delay in appointing a replacement for such service provider, could materially disrupt the business of
the Fund and could have a material adverse effect on the Fund&#x2019;s performance and returns to shareholders.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--CyberSecurityRiskMember_dU_zXb3nD65zBDf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Cyber
Security Risk. &lt;/i&gt;&lt;/b&gt;The Fund and its service providers are susceptible to cyber security risks that include, among other things,
theft, unauthorized monitoring, release, misuse, loss, destruction or corruption of confidential and highly restricted data; denial
of service attacks; unauthorized access to relevant systems, compromises to networks or devices that the Fund and its service
providers use to service the Fund&#x2019;s operations; or operational disruption or failures in the physical infrastructure or
operating systems that support the Fund and its service providers. Cyber attacks are becoming increasingly common and more sophisticated,
and may be perpetrated by computer hackers, cyber-terrorists or others engaged in corporate espionage. Cyber attacks against or
security breakdowns of the Fund or its service providers may adversely impact the Fund and its stockholders, potentially resulting
in, among other things, financial losses; the inability of Fund stockholders to transact business and the Fund to process transactions;
inability to calculate the Fund&#x2019;s NAV; violations of applicable privacy and other laws; regulatory fines, penalties, reputational
damage, reimbursement or other compensation costs; and/or additional compliance costs. The Fund may incur additional costs for
cyber security risk management and remediation purposes. In addition, cyber security risks may also impact issuers of securities
in which the Fund invests, which may cause the Fund&#x2019;s investment in such issuers to lose value. There have been a number
of recent highly publicized cases of companies reporting the unauthorized disclosure of client or customer information, as well
as cyberattacks involving the dissemination, theft and destruction of corporate information or other assets, as a result of failure
to follow procedures by employees or contractors or as a result of actions by third parties, including actions by terrorist organizations
and hostile foreign governments. Although service providers typically have policies and procedures, business continuity plans
and/or risk management systems intended to identify and mitigate cyber incidents, there are inherent limitations in such plans
and systems including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cyber
security policies, plans and systems put in place by its service providers or any other third parties whose operations may affect
the Fund or its shareholders. There can be no assurance that the Fund or its service providers will not suffer losses relating
to cyber attacks or other information security breaches in the future.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"&gt;&lt;span style="color: Black"&gt;Because technology
is consistently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some risks
have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund&#x2019;s ability
to plan for or respond to a cyber attack. In addition to deliberate cyber attacks, unintentional cyber incidents can occur, such
as the inadvertent release of confidential information by the Fund or its service providers. Like other funds and business enterprises,
the Fund and its service providers are subject to the risk of cyber incidents occurring from time to time.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--MisconductOfEmployeesAndOfServiceProvidersRiskMember_dU_z4pWrufNxnQi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Misconduct
of Employees and of Service Providers Risk. &lt;/i&gt;&lt;/b&gt;Misconduct or misrepresentations by employees of the Investment Adviser or
the Fund&#x2019;s service providers could cause significant losses to the Fund. Employee&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;





&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;misconduct
may include binding the Fund to transactions that exceed authorized limits or present unacceptable risks and unauthorized trading
activities, concealing unsuccessful trading activities (which, in any case, may result in unknown and unmanaged risks or losses)
or making misrepresentations regarding any of the foregoing. Losses could also result from actions by the Fund&#x2019;s service
providers, including, without limitation, failing to recognize trades and misappropriating assets. In addition, employees and
service providers may improperly use or disclose confidential information, which could result in litigation or serious financial
harm, including limiting the Fund&#x2019;s business prospects or future marketing activities. Despite the Investment Adviser&#x2019;s
due diligence efforts, misconduct and intentional misrepresentations may be undetected or not fully comprehended, thereby potentially
undermining the Investment Adviser&#x2019;s due diligence efforts. As a result, no assurances can be given that the due diligence
performed by the Investment Adviser will identify or prevent any such misconduct.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--LoansOfPortfolioSecuritiesMember_dU_zjfMmzInWwBi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Loans
of Portfolio Securities. &lt;/i&gt;&lt;/b&gt;Consistent with applicable regulatory requirements and the Fund&#x2019;s investment restrictions,
the Fund may lend its portfolio securities to securities broker-dealers or financial institutions, provided that such loans are
callable at any time by the Fund (subject to certain notice provisions), and are at all times collateralized in accordance with
applicable regulatory requirements. The advantage of such loans is that the Fund continues to receive the income on the loaned
securities while at the same time earning interest on the cash amounts deposited as collateral, which will be invested in short-term
obligations. The Fund will not lend its portfolio securities if such loans are not permitted by the laws or regulations of any
state in which its shares are qualified for sale.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--LegalTaxAndRegulatoryRiskMember_dU_zQsugWsJjnja" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Legal,
Tax and Regulatory Risk. &lt;/i&gt;&lt;/b&gt;Legal, tax and regulatory changes could occur that may have material adverse effects on the Fund
or its shareholders. For example, the regulatory and tax environment for derivative instruments in which the Fund may participate
is evolving, and such changes in the regulation or taxation of derivative instruments may have material adverse effects on the
value of derivative instruments held by the Fund and the ability of the Fund to pursue its investment strategies. In addition,
on August 16, 2022, the Biden administration signed into law the Inflation Reduction Act, which modifies key aspects of the Code,
including by creating an alternative minimum tax on certain corporations and an excise tax on stock repurchases by certain corporations.
Changes to the U.S. federal tax laws and interpretations thereof could adversely affect an investment in the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;We
cannot assure you what percentage of the distributions paid on the Fund&#x2019;s shares, if any, will consist of tax-advantaged
qualified dividend income or long-term capital gains or what the tax rates on various types of income will be in future years.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;To
qualify for the favorable U.S. federal income tax treatment generally accorded to RICs under the Code, the Fund must, among other
things, meet certain asset diversification tests, derive in each taxable year at least 90% of its gross income from certain prescribed
sources and distribute for each taxable year at least 90% of its &#x201c;investment company taxable income.&#x201d; Statutory limitations
on distributions on the common shares if the Fund fails to satisfy the 1940 Act&#x2019;s asset coverage requirements could jeopardize
the Fund&#x2019;s ability to meet such distribution requirements. While the Fund presently intends to purchase or redeem notes
or preferred shares, if any, to the extent necessary in order to maintain compliance with such asset coverage requirements, there
can be no assurance that such actions can be effected in time to meet the Code requirements. If for any taxable year the Fund
does not qualify as a RIC, all of its taxable income for that year (including its net capital gain) would be subject to tax at
regular corporate rates without any deduction for distributions to shareholders, and&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;





&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;such
distributions would be taxable as ordinary dividends to the extent of the Fund&#x2019;s current and accumulated earnings and profits.
The resulting corporate taxes would materially reduce the Fund&#x2019;s net assets and the amount of cash available for distribution
to shareholders. For a more complete discussion of these and other U.S. federal income tax considerations.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_842_ecef--RiskTextBlock_hcef--RiskAxis__custom--InvestmentDilutionRiskMember_dU_zNqUjqhpNjA3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Investment
Dilution Risk. &lt;/i&gt;&lt;/b&gt;The Fund&#x2019;s investors do not have preemptive rights to any shares the Fund may issue in the future.
The Fund&#x2019;s Agreement and Declaration of Trust authorizes it to issue an unlimited number of shares. The Board may make certain
amendments to the Agreement and Declaration of Trust. After an investor purchases shares, the Fund may sell additional shares
or other classes of shares in the future or issue equity interests in private offerings. To the extent the Fund issues additional
equity interests after an investor purchases its shares, such investor&#x2019;s percentage ownership interest in the Fund will
be diluted.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--AntiTakeoverProvisionsMember_dU_zUyy2m3ISGue" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Anti-Takeover
Provisions. &lt;/i&gt;&lt;/b&gt;The Agreement and Declaration of Trust and By-Laws of the Fund include provisions that could limit the ability
of other entities or persons to acquire control of the Fund or convert the Fund to an open-end fund. See also &#x2013; &#x201c;Delaware
Statutory Trust Act &#x2013; Control Share Acquisitions.&#x201d;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfNotesMember_dU_z7yFjdllhl4f" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;Special Risks
to Holders of Notes&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;An
investment in our notes is subject to special risks. Our notes are not likely to be listed on an exchange or automated quotation
system. We cannot assure you that any market will exist for our notes or if a market does exist, whether it will provide holders
with liquidity. Broker-dealers that maintain a secondary trading market for the notes are not required to maintain this market,
and the Fund is not required to redeem notes if an attempted secondary market sale fails because of a lack of buyers. To the extent
that our notes trade, they may trade at a price either higher or lower than their principal amount depending on interest rates,
the rating (if any) on such notes and other factors.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfFixedRatePreferredSharesMember_dU_zhuzlFQVYhY4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;Special Risks
to Holders of Fixed Rate Preferred Shares&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Illiquidity
Prior to Exchange Listing. &lt;/i&gt;&lt;/b&gt;Prior to an offering, there will be no public market for any series of fixed rate preferred
shares. In the event any additional series of fixed rate preferred shares are issued, we expect to apply to list such shares on
a national securities exchange, which will likely be the NYSE. However, during an initial period, which is not expected to exceed
30 days after the date of initial issuance, such shares may not be listed on any securities exchange. During such period, the
underwriters may make a market in such shares, though they will have no obligation to do so. Consequently, an investment in such
shares may be illiquid during such period.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Market
Price Fluctuation. &lt;/i&gt;&lt;/b&gt;Fixed rate preferred shares may trade at a premium to or discount from liquidation value for various
reasons, including changes in interest rates, perceived credit quality and other factors.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfNotesAndPreferredSharesMember_dU_zrsti7Fsh3c" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;Special Risks
to Holders of Notes and Preferred Shares&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Common
Share Repurchases. &lt;/i&gt;&lt;/b&gt;Repurchases of common shares by the Fund may reduce the net asset coverage of the notes and preferred
shares, which could adversely affect their liquidity or market prices.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Common
Share Distribution Policy. &lt;/i&gt;&lt;/b&gt;In the event the Fund does not generate a total return from dividends and interest received
and net realized capital gains in an amount at least equal to its distributions for a given year, the Fund expects that it would
return capital as part of its distribution. This would decrease the asset coverage&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;





&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;per
share with respect to the Fund&#x2019;s notes or preferred shares, which could adversely affect their liquidity or market prices.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;During
the fiscal year ended December 31, 2022, the Fund made distributions of $1.20 per common share, or which $0.55 per common share
comprised return of capital. The composition of each distribution is estimated based on earnings as of the record date for the
distribution. The actual composition of each distribution may change based on the Fund&#x2019;s investment activity through the
end of the calendar year.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Credit
Quality Ratings. &lt;/i&gt;&lt;/b&gt;The Fund may obtain credit quality ratings for its preferred shares or notes, if desired; however, it
is not required to do so and may issue preferred shares or notes without any rating. If rated, the Fund does not impose any minimum
rating necessary to issue such preferred shares or notes. The Fund&#x2019;s portfolio must satisfy over-collateralization tests
established by the relevant rating agencies in order to obtain and maintain attractive credit quality ratings for preferred shares
or borrowings, if desired. These tests are more difficult to satisfy to the extent the Fund&#x2019;s portfolio securities are of
lower credit quality, longer maturity or not diversified by issuer and industry.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;These
guidelines could affect portfolio decisions and may be more stringent than those imposed by the 1940 Act. With respect to ratings
(if any) of the notes or preferred shares, a rating by a ratings agency does not eliminate or necessarily mitigate the risks of
investing in our preferred shares or notes, and a rating may not fully or accurately reflect all of the securities&#x2019; credit
risks. A rating does not address the liquidity or any other market risks of the securities being rated. A rating agency could
downgrade the rating of our notes or preferred shares, which may make such securities less liquid in the secondary market. If
a rating agency downgrades the rating assigned to our preferred shares or notes, we may alter our portfolio or redeem all or a
portion of the preferred shares or notes that are then redeemable under certain circumstances.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksOfNotesToHoldersOfPreferredSharesMember_dU_zn3VPIE2Q34j" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;Special Risks
of Notes to Holders of Preferred Shares&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;As
provided in the 1940 Act, and subject to compliance with the Fund&#x2019;s investment limitations, the Fund may issue notes. In
the event the Fund were to issue such securities, the Fund&#x2019;s obligations to pay dividends or make distributions and, upon
liquidation of the Fund, liquidation payments in respect of its preferred shares would be subordinate to the Fund&#x2019;s obligations
to make any principal and interest payments due and owing with respect to its outstanding notes. Accordingly, the Fund&#x2019;s
issuance of notes would have the effect of creating special risks for the Fund&#x2019;s preferred shareholders that would not be
present in a capital structure that did not include such securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfCommonSharesMember_dU_zvjqNkvCAzOh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;Special Risks
to Holders of Common Shares&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Dilution
Risk. &lt;/i&gt;&lt;/b&gt;If the Fund determines to conduct a rights offering to subscribe for common shares, holders of common shares may
experience dilution of the aggregate net asset value of their common shares. Such dilution will depend upon whether (i) such shareholders
participate in the rights offering and (ii) the Fund&#x2019;s net asset value per common share is above or below the subscription
price on the expiration date of the rights offering.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Shareholders
who do not exercise their subscription rights may, at the completion of such an offering, own a smaller proportional interest
in the Fund than if they exercised their subscription rights. As a result of such an offering, a shareholder may experience dilution
in net asset value per share if the subscription price per share is below the net asset value per share on the expiration date.
If the subscription price per share is below the net&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;





&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;asset
value per share of the Fund&#x2019;s shares on the expiration date, a shareholder will experience an immediate dilution of the
aggregate net asset value of such shareholder&#x2019;s shares if the shareholder does not participate in such an offering and the
shareholder will experience a reduction in the net asset value per share of such shareholder&#x2019;s shares whether or not the
shareholder participates in such an offering. The Fund cannot state precisely the extent of this dilution (if any) if the shareholder
does not exercise such shareholder&#x2019;s subscription rights because the Fund does not know what the net asset value per share
will be when the offer expires or what proportion of the subscription rights will be exercised.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Leverage
Risk. &lt;/i&gt;&lt;/b&gt;The Fund currently uses financial leverage for investment purposes by issuing preferred shares and is also permitted
to use other types of financial leverage, such as through the issuance of debt securities or additional preferred shares and borrowing
from financial institutions. As provided in the 1940 Act and subject to certain exceptions, the Fund may issue additional senior
securities (which may be stock, such as preferred shares, and/or securities representing debt) only if immediately after such
issuance the value of the Fund&#x2019;s total assets, less certain ordinary course liabilities, exceeds 300% of the amount of the
debt outstanding and exceeds 200% of the amount of preferred shares and debt outstanding. As of December 31, 2022, the amount
of leverage represented approximately 39% of the Fund&#x2019;s net assets.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
Fund&#x2019;s leveraged capital structure creates special risks not associated with unleveraged funds having a similar investment
objective and policies. These include the possibility of greater loss and the likelihood of higher volatility of the net asset
value of the Fund and the asset coverage for the preferred shares. Such volatility may increase the likelihood of the Fund having
to sell investments in order to meet its obligations to make distributions on the preferred shares or principal or interest payments
on debt securities, or to redeem preferred shares or repay debt, when it may be disadvantageous to do so. The Fund&#x2019;s use
of leverage may require it to sell portfolio investments at inopportune times in order to raise cash to redeem preferred shares
or otherwise de- leverage so as to maintain required asset coverage amounts or comply with the mandatory redemption terms of any
outstanding preferred shares. The use of leverage magnifies both the favorable and unfavorable effects of price movements in the
investments made by the Fund. To the extent that the Fund employs leverage in its investment operations, the Fund is subject to
substantial risk of loss. The Fund cannot assure you that borrowings or the issuance of notes or preferred shares will result
in a higher yield or return to the holders of the common shares. Also, since the Fund utilizes leverage, a decline in net asset
value could affect the ability of the Fund to make common share distributions and such a failure to make distributions could result
in the Fund ceasing to qualify as a RIC under the Code.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Any
decline in the net asset value of the Fund&#x2019;s investments would be borne entirely by the holders of common shares. Therefore,
if the market value of the Fund&#x2019;s portfolio declines, the leverage will result in a greater decrease in net asset value
to the holders of common shares than if the Fund were not leveraged. This greater net asset value decrease will also tend to cause
a greater decline in the market price for the common shares. The Fund might be in danger of failing to maintain the required asset
coverage of its borrowings, notes or preferred shares or of losing its ratings on its notes or preferred shares or notes or, in
an extreme case, the Fund&#x2019;s current investment income might not be sufficient to meet the distribution or interest requirements
on the borrowings, preferred shares or notes. In order to counteract such an event, the Fund might need to liquidate investments
in order to fund a redemption or repayment of some or all of the borrowings, preferred shares or notes.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;





&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Preferred
Share and Note Risk. &lt;/i&gt;The issuance of preferred shares or notes causes the net asset value and market value of the common shares
to become more volatile. If the dividend rate on the preferred shares or the interest rate on the notes approaches the net rate
of return on the Fund&#x2019;s investment portfolio, the benefit of leverage to the holders of the common shares would be reduced.
If the dividend rate on the preferred shares or the interest rate on the notes plus the management fee rate exceeds the net rate
of return on the Fund&#x2019;s portfolio, the leverage will result in a lower rate of return to the holders of common shares than
if the Fund had not issued preferred shares or notes. If the Fund has insufficient investment income and gains, all or a portion
of the distributions to preferred shareholders or interest payments to note holders would come from the common shareholders&#x2019;
capital. Such distributions and interest payments reduce the net assets attributable to common shareholders. The Prospectus Supplement
relating to any sale of preferred shares will set forth dividend rate on such preferred shares.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;In
addition, the Fund would pay (and the holders of common shares will bear) all costs and expenses relating to the issuance and
ongoing maintenance of the preferred shares or notes, including the advisory fees on the incremental assets attributable to the
preferred shares or notes.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Holders
of preferred shares and notes may have different interests than holders of common shares and may at times have disproportionate
influence over the Fund&#x2019;s affairs. As provided in the 1940 Act and subject to certain exceptions, the Fund may issue senior
securities (which may be stock, such as preferred shares, and/or securities representing debt, such as notes) only if immediately
after the issuance the value of the Fund&#x2019;s total assets, less certain ordinary course liabilities, exceeds 300% of the amount
of the debt outstanding (i.e., for every dollar of indebtedness outstanding, the Fund is required to have at least three dollars
of assets) and exceeds 200% of the amount of preferred shares and debt outstanding (i.e., for every dollar in liquidation preference
of preferred stock outstanding, the Fund is required to have two dollars of assets), which is referred to as the &#x201c;asset
coverage&#x201d; required by the 1940 Act. In the event the Fund fails to maintain an asset coverage of 100% for any notes outstanding
for certain periods of time, the 1940 Act requires that either an event of default be declared or that the holders of such notes
have the right to elect a majority of the Fund&#x2019;s Trustees until asset coverage recovers to 110%. In addition, holders of
preferred shares, voting separately as a single class, have the right (subject to the rights of noteholders) to elect two members
of the Board at all times and in the event dividends become two full years in arrears would have the right to elect a majority
of the Trustees until such arrearage is completely eliminated. In addition, preferred shareholders have class voting rights on
certain matters, including changes in fundamental investment restrictions and conversion of the Fund to open-end status, and accordingly
can veto any such changes. Further, interest on notes will be payable when due as described in a Prospectus Supplement and if
the Fund does not pay interest when due, it will trigger an event of default and the Fund expects to be restricted from declaring
dividends and making other distributions with respect to common shares and preferred shares. Upon the occurrence and continuance
of an event of default, the holders of a majority in principal amount of a series of outstanding notes or the trustee will be
able to declare the principal amount of that series of notes immediately due and payable upon written notice to the Fund. The
1940 Act also generally restricts the Fund from declaring distributions on, or repurchasing, common or preferred shares unless
notes have an asset coverage of 300% (200% in the case of declaring distributions on preferred shares). The Fund&#x2019;s common
shares are structurally subordinated as to income and residual value to any preferred shares or notes in the Fund&#x2019;s capital
structure, in terms of priority to income and payment in liquidation.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;





&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"&gt;&lt;span style="color: Black"&gt;Restrictions
imposed on the declarations and payment of dividends or other distributions to the holders of the Fund&#x2019;s common shares and
preferred shares, both by the 1940 Act and by requirements imposed by rating agencies, might impair the Fund&#x2019;s ability to
maintain its qualification as a RIC for U.S. federal income tax purposes. While the Fund intends to redeem its preferred shares
or notes to the extent necessary to enable the Fund to distribute its income as required to maintain its qualification as a RIC
under the Code, there can be no assurance that such actions can be effected in time to meet the Code requirements.&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Portfolio Guidelines of
Rating Agencies for Preferred Shares and/or Credit Facility.&lt;/i&gt; In order to obtain and maintain attractive credit quality ratings
for preferred shares or borrowings, the Fund must comply with investment quality, diversification and other guidelines established
by the relevant rating agencies. These guidelines could affect portfolio decisions and may be more stringent than those imposed
by the 1940 Act. In the event that a rating on the Fund&#x2019;s preferred shares or notes is lowered or withdrawn by the relevant
rating agency, the Fund may also be required to redeem all or part of its outstanding preferred shares or notes, and the common
shares of the Fund will lose the potential benefits associated with a leveraged capital structure.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Impact on Common Shares.
&lt;/i&gt;Assuming that leverage will (1) be equal in amount to approximately 39% of the Fund&#x2019;s total net assets (the Fund&#x2019;s
amount of outstanding financial leverage as of December 31, 2022), and (2) charge interest or involve dividend payments at a projected
blended annual average leverage dividend or interest rate of &lt;span id="xdx_902_ecef--AnnualInterestRatePercent_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_ziwP7djdAgwc"&gt;4.00%&lt;/span&gt;%, then the total return generated by the Fund&#x2019;s portfolio
(net of estimated expenses) must exceed approximately &lt;span id="xdx_90E_ecef--AnnualCoverageReturnRatePercent_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_z1fJuaJqiSw6"&gt;1.57%&lt;/span&gt; of the Fund&#x2019;s total net assets in order to cover such interest
or dividend payments and other expenses specifically related to leverage. Of course, these numbers are merely estimates, used
for illustration. Actual dividend rates, interest or payment rates may vary frequently and may be significantly higher or lower
than the rate estimated above. The following table is furnished in response to requirements of the SEC. It is designed to illustrate
the effect of leverage on common share total return, assuming investment portfolio total returns (comprised of net investment
income of the Fund, realized gains or losses of the Fund and changes in the value of the securities held in the Fund&#x2019;s portfolio)
of -10%, -5%, 0%, 5% and 10%. These assumed investment portfolio returns are hypothetical figures and are not necessarily indicative
of the investment portfolio returns experienced or expected to be experienced by the Fund. The table further reflects leverage
representing 39% of the Fund&#x2019;s net assets (the Fund&#x2019;s average amount of outstanding financial leverage during the
fiscal year ended December 31, 2022), the Fund&#x2019;s current projected blended annual average leverage dividend or interest
rate of &lt;span id="xdx_902_ecef--AnnualInterestRatePercent_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zsaXIReGjCH1"&gt;4.00%&lt;/span&gt; (the average dividend rate on the Fund&#x2019;s outstanding financial leverage as of December 31, 2022), a base management
fee at an annual rate of 0.50% and estimated annual incremental expenses attributable to any outstanding preferred shares of
approximately 0.01% of the Fund&#x2019;s net assets attributable to common shares. These assumed investment portfolio returns are
hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced
by the Fund.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse; margin-left: 0.75in"&gt;
&lt;tr style="vertical-align: top"&gt;
    &lt;td style="width: 40%; padding-left: 0.125in; text-indent: -0.125in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Assumed Return on Portfolio (Net of Expenses)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 12%; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;(10)%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 12%; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;(5)%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 12%; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;0%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 11%; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;5%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 13%; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;10%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt;
    &lt;td style="padding-left: 0.125in; text-indent: -0.125in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Corresponding Return to Common Shareholder&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_ecef--ReturnAtMinusTenPercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zaRPw1ma1197" style="text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;(19.37)%&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_ecef--ReturnAtMinusFivePercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zQcapflVlsZj" style="text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;(11.14)%&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_988_ecef--ReturnAtZeroPercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zx2soeleoBLk" style="text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;(2.91)%&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_ecef--ReturnAtPlusFivePercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zeL1nA2JV771" style="text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;5.33%&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_ecef--ReturnAtPlusTenPercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_z6EPjHyMxt2i" style="text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;13.56%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;





&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Common
share total return is composed of two elements&#x2014;the common share distributions paid by the Fund (the amount of which is largely
determined by the taxable income of the Fund (including realized gains or losses) after paying interest on any debt and/or dividends
on any preferred shares) and unrealized gains or losses on the value of the securities the Fund owns. As required by SEC rules,
the table assumes that the Fund is more likely to suffer capital losses than to enjoy total return. For example, to assume a total
return of 0% the Fund must assume that the income it receives on its investments is entirely offset by expenses and losses in
the value of those investments.&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Market Discount Risk.&lt;/i&gt;
As described above in &#x201c;&#x2014;General Risks&#x2014;Market Discount Risk,&#x201d; common shares of closed-end funds often trade
at a discount to their net asset values and the Fund&#x2019;s common shares may trade at such a discount. This risk may be greater
for investors expecting to sell their common shares of the Fund soon after completion of a public offering. The common shares
of the Fund are designed primarily for long-term investors and investors in the shares should not view the Fund as a vehicle
for trading purposes.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRiskToHoldersOfSubscriptionRightsMember_dU_zVVeo6CduNXi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;Special Risk to
Holders of Subscription Rights&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;There
is a risk that changes in market conditions may result in the underlying common or preferred shares purchasable upon exercise
of the subscription rights being less attractive to investors at the conclusion of the subscription period. This may reduce or
eliminate the value of the subscription rights. Investors who receive subscription rights may find that there is no market to
sell rights they do not wish to exercise. If investors exercise only a portion of the rights, the number of common or preferred
shares issued may be reduced, and the common or preferred shares may trade at less favorable prices than larger offerings for
similar securities.&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_85E_zivnMN5aqrS" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&#160;&lt;/p&gt;

</cef:RiskFactorsTableTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_MarketRiskMember">&lt;p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketRiskMember_dU_zWF7iqSBgkg2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Market
Risk. &lt;/i&gt;&lt;/b&gt;The market price of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. Securities
may decline in value due to factors affecting securities markets generally or particular industries represented in the securities
markets. The value of a security may decline due to general market conditions which are not specifically related to a particular
company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes
in interest or currency rates, adverse changes to credit markets or adverse investor sentiment generally. The value of a security
may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production
costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes
may decline in value simultaneously. Equity securities generally have greater price volatility than fixed income securities. Credit
ratings downgrades may also negatively affect securities held by the Fund. Even when markets perform well, there is no assurance
that the investments held by the Fund will increase in value along with the broader market.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;In
addition, market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level.
For instance, war, terrorism, market manipulation, government defaults, government shutdowns, political changes or diplomatic
developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental
disasters can all negatively impact the securities markets, which could cause the Fund to lose value. These events could reduce
consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely
impact the economy. The current contentious domestic political environment, as well as political and diplomatic events within
the United States and abroad, such as the U.S. government&#x2019;s inability at times to agree on a long-term budget and deficit
reduction plan, has in the past resulted, and may in the future result, in a government shutdown, which could have an adverse
impact on the Fund&#x2019;s investments and operations. Additional and/or prolonged U.S. federal government shutdowns may affect
investor and consumer confidence and may adversely&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;impact
financial markets and the broader economy, perhaps suddenly and to a significant degree. Governmental and quasi-governmental authorities
and regulators throughout the world have previously responded to serious economic disruptions with a variety of significant fiscal
and monetary policy changes, including, but not limited to, direct capital infusions into companies, new monetary programs and
dramatically lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of these policies,
could increase volatility in securities markets, which could adversely affect the Fund&#x2019;s investments. Any market disruptions
could also prevent the Fund from executing advantageous investment decisions in a timely manner. To the extent that the Fund focuses
its investments in a region enduring geopolitical market disruption, it will face higher risks of loss, although the increasing
interconnectivity between global economies and financial markets can lead to events or conditions in one country, region or financial
market adversely impacting a different country, region or financial market. Thus, investors should closely monitor current market
conditions to determine whether the Fund meets their individual financial needs and tolerance for risk.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Current
market conditions may pose heightened risks with respect to the Fund&#x2019;s investment in income producing securities. Recently,
central banks such as the Federal Reserve Bank have been raising interest rates to combat the rate of inflation. There is a risk
that additional increases in interest rates or a prolonged period of rising interest rates may cause the economy to enter a recession.
Any interest rate increases in the future could cause the value of the Fund to decrease. In addition, inflation has recently reached
its highest levels in decades. As such, the markets for income producing securities may experience heightened levels of interest
rate, volatility and liquidity risk.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Exchanges
and securities markets may close early, close late or issue trading halts on specific securities or generally, which may result
in, among other things, the Fund being unable to buy or sell certain securities or financial instruments at an advantageous time
or accurately price its portfolio investments.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_InterestRateRiskGenerallyMember">&lt;p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--InterestRateRiskGenerallyMember_dU_zDLyZczr4Mk4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Interest
Rate Risk Generally. &lt;/i&gt;&lt;/b&gt;The primary risk associated with dividend-and interest-paying securities is interest rate risk. A
decrease in interest rates will generally result in an increase in the investment value of such securities, while increases in
interest rates will generally result in a decline in the investment value of such securities. This effect is generally more pronounced
for fixed rate securities than for securities whose income rate is periodically reset.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;General
interest rate fluctuations may have a substantial negative impact on the Fund&#x2019;s investments, the value of the Fund and the
Fund&#x2019;s rate of return. A reduction in the interest or dividend rates on new investments relative to interest or dividend
rates on current investments could also have an adverse impact on the Fund&#x2019;s net investment income. An increase in interest
rates could decrease the value of any investments held by the Fund that earn fixed interest or dividend rates, including debt
securities, convertible securities, preferred stocks, loans and high-yield bonds, and also could increase interest or dividend
expenses, thereby decreasing net income. Interest rates have risen over the past year and the chance that they will continue to
rise is pronounced.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
magnitude of these fluctuations in the market price of bonds and other income- or dividend-paying securities is generally greater
for those securities with longer maturities. Fluctuations in the market price of the Fund&#x2019;s investments will not affect
interest income derived from instruments already owned by the Fund, but will be reflected in the Fund&#x2019;s net asset value.
The Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund management.
To the extent the Fund invests in securities that&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;may
be prepaid at the option of the obligor, the sensitivity of such securities to changes in interest rates may increase (to the
detriment of the Fund) when interest rates rise. Moreover, because rates on certain floating rate securities typically reset only
periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause
some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate securities. These basic principles
of bond prices also apply to U.S. government securities. A security backed by the &#x201c;full faith and credit&#x201d; of the U.S.
government is guaranteed only as to its stated interest rate and face value at maturity, not its current market price. Just like
other income- or dividend-paying securities, government-guaranteed securities will fluctuate in value when interest rates change.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
Fund&#x2019;s use of leverage will tend to increase the Fund&#x2019;s interest rate risk. The Fund may invest in variable and floating
rate instruments, which generally are less sensitive to interest rate changes than longer duration fixed rate instruments but
may decline in value in response to rising interest rates if, for example, the rates at which they pay interest do not rise as
much, or as quickly, as market interest rates in general. Conversely, variable and floating rate instruments generally will not
increase in value if interest rates decline. The Fund also may invest in inverse floating rate securities, which may decrease
in value if interest rates increase, and which also may exhibit greater price volatility than fixed rate obligations with similar
credit quality. To the extent the Fund holds variable or floating rate instruments, a decrease (or, in the case of inverse floating
rate securities, an increase) in market interest rates will adversely affect the income received from such securities, which may
adversely affect the net asset value of the Fund&#x2019;s common shares.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Recently,
central banks such as the Federal Reserve Bank have been increasing interest rates in an effort to slow the rate of inflation.
There is a risk that increased interest rates may cause the economy to enter a recession. Any such recession would negatively
impact the Fund and the investments held by the Fund. These impacts may include:&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;severe declines in the Fund&#x2019;s
net asset values;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;inability of the Fund to accurately
or reliably value its portfolio;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;inability of the Fund to pay
any dividends or distributions;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;inability of the Fund to maintain
its status as a registered investment company (&#x201c;RIC&#x201d;) under the Internal Revenue Code of 1986, as amended (the &#x201c;Code&#x201d;);&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;declines in the value of the
Fund&#x2019;s investments;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;increased risk of default
or bankruptcy by the companies in which the Fund invests;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;increased risk of companies
in which the Fund invests being unable to weather an extended cessation of normal economic activity and thereby impairing their
ability to continue functioning as a going concern; and&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;limited availability of new
investment opportunities.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_InflationRiskMember">&lt;p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--InflationRiskMember_dU_zIAzDaEwZSQi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Inflation
Risk. &lt;/i&gt;&lt;/b&gt;Inflation risk is the risk that the value of assets or income from investments will be worth less in the future
as inflation decreases the value of money. Recently, inflation has increased to its highest level in decades, and the Federal
Reserve has been raising the federal funds rate in response. Inflation rates may change frequently and significantly as a result
of various factors, including unexpected shifts in the domestic&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;or
global economy and changes in economic policies, and the Fund&#x2019;s investments may not keep pace with inflation, which may
result in losses to Fund shareholders. As inflation increases, the real value of the Fund&#x2019;s shares and dividends may decline.
In addition, during any periods of rising inflation, interest rates of any debt securities held by the Fund would likely increase,
which would tend to further reduce returns to shareholders. This risk is greater for fixed-income instruments with longer maturities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_IndustryRisksMember">&lt;p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--IndustryRisksMember_dU_zVsteWEa2SK9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Industry
Risks. &lt;/i&gt;&lt;/b&gt;The Fund invests in foreign and domestic companies involved in the Utilities Industry and, as a result, the value
of the common shares will be more susceptible to factors affecting those particular types of companies, including governmental
regulation, inflation, cost increases in fuel and other operating expenses, technological innovations that may render existing
products and equipment obsolete and increasing interest rates resulting in high interest costs on borrowings needed for product
development, infrastructure and capital construction programs, including costs associated with compliance with environmental and
other regulations.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Sector
Risk. &lt;/i&gt;The Fund concentrates its investments in the Utilities Industry. As a result, the Fund&#x2019;s investments may be subject
to greater risk and market fluctuation than a fund that had securities representing a broader range of investment alternatives.
The prices of equity securities issued by certain types of utility companies may change more in response to interest rate changes
than the equity securities of other companies. Generally, when interest rates go up, the value of securities issued by these companies
goes down. Conversely, when interest rates go down, the value of securities issued by these companies goes up. There is no guarantee
that this relationship will hold in the future. Privatization in the&#160;Utilities Industry may subject companies to greater
competition and losses in profitability. Companies in the Utilities Industry may have difficulty obtaining an adequate return
on invested capital, raising capital, or financing large construction programs during periods of inflation or unsettled capital
markets.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Government
Regulation. &lt;/i&gt;Companies in certain sectors of the Utilities Industry (such as power generation and distribution) are subject
to extensive governmental regulatory requirements. In the United States, most companies in the Utilities Industry are regulated
by state and/or federal authorizes. For example, at the federal level in the United States, the Federal Energy Regulatory Commission
(&#x201c;FERC&#x201d;), the Federal Trade Commission (&#x201c;FTC&#x201d;), the SEC and the Nuclear Regulatory Commission (&#x201c;NRC&#x201d;)
have authority to oversee electric and combination electric and gas utilities. Certain of these regulations that are intended
to limit the concentration of ownership and control of companies in these industries may prevent companies in which the Fund invests
from making certain investments that they would otherwise make. Other regulations may cause Utilities Industry companies to incur
substantial additional costs or lengthy delays in connection with the completion of capital investments or the introduction of
new products or services to market. There are substantial differences between the regulatory practices and policies in various
jurisdictions, and any given regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory
authorities will, in the future, permit companies to implement rate increases or that such increases will be adequate to permit
the payment of dividends on such issuer&#x2019;s common stocks. Additionally, existing and possible future regulatory legislation
may make it even more difficult for companies in the Utilities Industry to obtain adequate relief from rate regulation.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Regulatory
considerations limit the percentage of the shares of a public utility or utility holding company held by a fund or by an adviser
and its affiliates on behalf of all their clients. In particular, approval of the FERC under the Federal Power Act would generally
be required for (i) the Fund to acquire and hold 10%&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;or
more of the voting securities of any publicly traded public utility or utility holding company, and (ii) for the Fund together
with any affiliated fund or other affiliated entity to acquire and hold in the aggregate 20% or more of the voting securities
of any publicly traded public utility or utility holding company. Other requirements for FERC or state utility commission approval
of the acquisition of voting securities may apply as well. Apart from approval requirements with respect to acquisitions of voting
securities, the Fund may choose to limit its ownership of public utility or utility holding company voting securities in order
to avoid the imposition of regulatory requirements under federal or state law such as those that attend status as a &#x201c;holding
company&#x201d; under the Public Utility Holding Company Act of 2005.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Similarly,
various types of ownership restrictions are imposed by the Federal Communications Commission (&#x201c;FCC&#x201d;), on investment
in media companies and cellular licensees. For example, the FCC&#x2019;s broadcast and cable multiple-ownership and cross ownership
rules, which apply to the radio, television, and cable industries, provide that investment advisers are deemed to have an &#x201c;attributable&#x201d;
interest whenever the adviser has the right to determine how five percent or more of the issued and outstanding voting stock of
a broadcast company or cable system operator may be voted. These rules limit the number of broadcast stations both locally and
nationally that a single entity is permitted to own, operate, or control and prohibit ownership of certain competitive communications
providers in the same location. The FCC also applies limited ownership restrictions on cellular licensees serving rural areas.
An attributable interest in a cellular company arises from the right to control 20% or more of its voting stock. Attributable
interests that may result from the role of the Investment Adviser and its principals in connection with other funds, managed accounts
and companies may limit the Fund&#x2019;s ability to invest in certain mass media and cellular companies. These limitations may
unfavorably restrict the ability of the Fund to make certain investments.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Deregulation.
&lt;/i&gt;Changing regulation constitutes one of the key industry-specific risks for the Fund, especially with respect to its investments
in traditionally regulated public utilities and partially regulated utility or telecommunications companies. Domestic and foreign
regulators may monitor and control such companies&#x2019; revenues and costs, and therefore may limit utility profits and dividends
paid to investors, which could result in reduced income to the Fund. Regulatory authorities also may restrict a company&#x2019;s
access to new markets, thereby diminishing the company&#x2019;s long-term prospects. In some jurisdictions certain portions of
various utilities functions have been deregulated. Deregulation may eliminate restrictions on profits and dividends of companies,
but may also subject these companies to greater risks of loss. Thus, deregulation could have a positive or negative impact on
the Fund. The Investment Adviser believes that certain Utilities Industry companies&#x2019; fundamentals should continue to improve
as the industry undergoes deregulation. The nature of regulation of the Utilities Industry continues to evolve both in the United
States and in foreign countries. In recent years, changes in regulation in the United States increasingly have allowed companies
in the Utilities Industry to provide services and products outside their traditional geographic areas and lines of business, creating
new areas of competition within these industries. In some instances, companies in the Utilities Industry are operating on an unregulated
basis. However, a number of companies have failed in their efforts to take advantage of the deregulated environment and are seeking
to refocus in their primary business. Nonetheless, because of trends toward deregulation and the evolution of independent producers
as well as new entrants to the field of telecommunications, non-regulated providers of utility and telecommunications services
have become a&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;significant
part of their respective industries. The emergence of competition and deregulation may result in certain companies in the Utilities
Industry being able to earn more than their traditional regulated rates of return, while others may be forced to defend their
core business from increased competition and may be less profitable. Reduced profitability, as well as new uses of funds (such
as for expansion, operations or stock buybacks) could result in cuts in dividend payout rates. The Investment Adviser seeks to
take advantage of favorable investment opportunities that may arise from these structural changes. Of course, there can be no
assurance that favorable developments will occur in the future.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Environmental
and Other Regulatory Matters. &lt;/i&gt;Companies in the Utilities Industry in which the Fund will invest may be subject to a number
of host country statutory and regulatory standards and required approvals relating to energy, labor and environmental laws. Certain
permits and regulatory approvals may be required to be obtained for certain investments by companies in which the Fund will invest
and failure by such companies to obtain such permits and regulatory approvals could adversely affect the Fund&#x2019;s investment.
Companies also face considerable costs associated with environmental compliance, nuclear waste clean-up and safety regulation.
Increasingly, regulators are calling upon electric utilities to bear these added costs, and there is a risk that these costs will
not be fully recovered through an increase in revenues. Changing weather patterns and natural disasters affect consumer demand
for utility services (e.g., electricity, heat and air conditioning), which, in turn, affects utility revenues.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
adoption by a host country of new laws, policies or regulations or changes in the interpretation or application of existing laws,
policies and regulations that modify the present regulatory environment could also have an adverse effect on the Fund&#x2019;s
investments. Regulatory risk affects companies in the Utilities Industry in part because governments may be party to private Utilities
Industry investments as lessors, customers, regulators or partners. Moreover, for political reasons, governments may control the
prices at which companies in the Utilities Industry can sell their products, which can adversely affect the Fund&#x2019;s investment
in such a company.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Under
the laws of certain countries that are host to Utilities Industry companies in which the Fund may invest, such companies may be
required to comply with a number of statutes and regulations during their operation pertaining to environmental controls or restrictions,
and the storage, handling, transportation and disposal of hazardous and toxic material, waste or other substances. Compliance
with such requirements may be costly and may materially affect the profitability of such companies. For example, governments have
been increasing their attention to issues related to greenhouse gas (&#x201c;GHG&#x201d;) emissions and climate change, and regulatory
measures to limit or reduce GHG emissions are currently in various stages of discussion or implementation. GHG emissions-related
regulations could substantially harm energy companies, including by reducing the demand for energy fuels and increasing compliance
costs. Failure by such a company to comply with any such statutes or regulations could have adverse effects on its business results
and prospects, which could have negative consequences for investors such as the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Foreign
Utility Companies. &lt;/i&gt;Foreign companies in the Utilities Industry are also subject to regulation, although such regulation may
or may not be comparable to regulation in the United States. Foreign companies in the Utilities Industry may be more heavily regulated
by their respective governments than companies in the United States and, as in the United States, generally are required to seek
government&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;approval
for rate increases. In addition, many foreign utilities use fuels that may cause more pollution than those used in the United
States, which may require such utilities to invest in pollution control equipment to meet any proposed pollution restrictions.
Foreign regulatory systems vary from country to country and may evolve in ways different from regulation in the United States.
Additionally, because the effectiveness of the judicial systems in non-U.S. countries varies, the Fund or companies in which it
may invest may have difficulty in successfully pursuing claims in the courts of such countries.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Privatization,
which refers to the trend toward investor ownership of assets rather than government ownership, is expected to occur in newer,
faster-growing economies and in mature economies. Of course, there is no assurance that such favorable developments will occur
or that investment opportunities in foreign markets will increase. The revenues of domestic and foreign utility companies generally
reflect the economic growth and development in the geographic areas in which they do business.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Financing.
&lt;/i&gt;At certain times, including during inflationary periods, companies in the Utilities Industry encounter difficulties in obtaining
financing for product development, infrastructure and construction programs. Issuers experiencing such difficulties may also experience
lower profitability, which can result in reduced income to the Fund. Historically, companies in the Utilities Industry have also
encountered such financing difficulties during inflationary periods, although we cannot assure you that such a relationship will
continue and that companies in the Utilities Industry will not encounter financing difficulties during non-inflationary periods.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Equipment
and Supplies. &lt;/i&gt;Companies in the Utilities Industry may face the risk of lengthy delays and increased costs associated with
the design, development, construction, licensing and operation of their facilities or sale of their products. Moreover, technological
innovations may render existing plants, equipment or products obsolete.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Increased
costs and a reduction in the availability of fuel (such as oil, coal, nuclear or natural gas) also may adversely affect the profitability
of utility companies. Electric utilities may be burdened by unexpected increases in fuel and other operating costs. They may also
be negatively affected when long-term interest rates rise. Long-term borrowings are used to finance most utility investments,
and rising interest rates lead to higher financing costs and reduced earnings. Investments in certain kinds of utility companies
are also subject to certain additional risks.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Electric.
&lt;/i&gt;Certain of the issuers of securities held in the Fund&#x2019;s portfolio may own or operate nuclear generating facilities.
Governmental authorities may from time to time review existing policies and impose additional requirements governing the licensing,
construction and operation of nuclear power plants. In the past, nuclear generating projects in the electric utility industry
have experienced substantial cost increases, construction delays and licensing difficulties. These have been caused by various
factors, including inflation, high financing costs, required design changes and rework, allegedly faulty construction, objections
by groups and governmental officials, limits on the ability to obtain financing, reduced forecasts of energy requirements and
economic conditions. This experience indicates that the risk of significant cost increases, delays and licensing difficulties
remain present until completion and achievement of commercial operation of any nuclear project. Also, nuclear generating units
in service have experienced unplanned outages or extensions of scheduled outages due to equipment problems or&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;new
regulatory requirements sometimes followed by a significant delay in obtaining regulatory approval to return to service. A major
accident at a nuclear plant anywhere could cause the imposition of limits or prohibitions on the operation, construction or licensing
of nuclear units. Prolonged changes in climatic conditions can also have a significant impact on both the revenues of an electric
and gas utility as well as its expenses.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
construction and operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear
Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher operating
costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these costs in rate authorizations
or the risk that a company may not be permitted to operate or complete construction of a facility. In addition, operators of nuclear
power plants may be subject to significant costs for disposal of nuclear fuel and for decommissioning such plants.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be affected to a greater
extent in the future by how their asset base is utilized. Electric utility companies that focus more on the generation of electricity
may be assigned less favorable ratings as this business is expected to be competitive and the least regulated. On the other hand,
companies that focus on transmission and distribution, which is expected to be the least competitive and the more regulated part
of the business, may see higher ratings given the greater predictability of cash flow.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;A
number of states are considering or have enacted deregulation proposals. The introduction of competition into the industry as
a result of such deregulation has at times resulted in lower revenue, lower credit ratings, increased default risk, and lower
electric utility security prices. Such increased competition may also cause long-term contracts, which electric utilities previously
entered into to buy power, to become &#x201c;stranded assets&#x201d; which have no economic value.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Any
loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some electric utilities have acquired
electric utilities overseas to diversify, enhance earnings and gain experience in operating in a deregulated environment. In some
instances, such acquisitions have involved significant borrowings, which have burdened the acquirer&#x2019;s balance sheet. There
is no assurance that current deregulation proposals will be adopted. However, deregulation in any form could significantly impact
the electric utilities industry.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Following
deregulation of the energy markets in certain states, a number of companies have engaged in energy trading and incurred substantial
losses. Certain of these energy trading businesses have been accused of employing improper accounting practices and have been
required to make significant restatements of their financial results. In addition, several energy companies have been accused
of attempting to manipulate the price and availability of energy in certain states.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Telecommunications.
&lt;/i&gt;The telecommunications industry today includes both traditional telephone companies with a history of broad market coverage
and highly regulated businesses and cable companies, which began as small, lightly regulated businesses focused on limited markets.
Today these two historically different businesses are converging in an industry which is trending toward larger, competitive,
national and international markets with an emphasis on deregulation. Companies that&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;distribute
telephone services and provide access to the telephone networks still comprise the greatest portion of this segment, but non-regulated
activities such as cellular telephone services, paging, data processing, equipment retailing, computer software and hardware services
are becoming increasingly significant components as well. The presence of unregulated companies in this industry and the entry
of traditional telephone companies into unregulated or less regulated businesses provide significant investment opportunities
with companies which may increase their earnings at faster rates than had been allowed in traditional regulated businesses. Still,
increasing competition, technological innovations and other structural changes could adversely affect the profitability of such
utilities and the growth rate of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely
that both traditional telephone companies and cable companies will continue to provide an expanding range of utility services
to residential, corporate and governmental customers.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Gas.
&lt;/i&gt;Gas transmission companies and gas distribution companies are also undergoing significant changes. In the United States, interstate
transmission companies are regulated by the FERC, which began reducing its regulation of the industry in the 1980&#x2019;s. Many
companies have diversified into oil and gas exploration and development, making returns more sensitive to energy prices. In the
recent decade, gas utility companies have been adversely affected by disruptions in the oil industry, including related to political
conditions in oil producing regions (such as the Middle East), by increased concentration and competition, and by differing approaches
to energy policy in the United States, including increased incentives for the exploration and production of alternative energy
and climate-related programs, revocation of federal permits for, and public opposition to, natural gas pipelines, such as the
cross-border operation permit for the Keystone XL Pipeline and other policy decisions that favor alternative energy sources. The
extension of these policies, or the adoption of similar policies, could adversely affect the financial performance of gas transmission
and distribution companies. Prolonged changes in climatic conditions can also have a significant impact on both the revenues and
expenses of a gas utility. Natural gas is the cleanest of the hydrocarbon fuels, and this may result in incremental shifts in
fuel consumption toward natural gas and away from oil and coal, even for electricity generation. However, technological or regulatory
changes within the industry may delay or prevent this result.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Water.
&lt;/i&gt;In the case of the water utility sector, the industry is highly fragmented, and most water supply companies find themselves
in mature markets, although upgrading of fresh water and waste water systems is an expanding business.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Technology
and Competitive Risks. &lt;/i&gt;The introduction and phase-in of new technologies can affect a utility company&#x2019;s competitive
strength. The race by long-distance telephone providers to incorporate fiber optic technology is one example of competitive risk
within the utilities industry.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
increasing role of independent power producers (IPPs) in the natural gas and electric utility segments of the utilities industry
is another example of competitive risk. Typically, IPPs wholesale power to established local providers, but there is a trend toward
letting them sell power directly to industrial consumers. Co-generation facilities, such as those of landfill operators that produce
methane gas as a byproduct of their core business, pose another competitive challenge to gas and electric utilities. In addition
to offering a less expensive source of power, these companies may receive more favorable&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&#160;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;regulatory
treatment than utilities seeking to expand facilities that consume nonrenewable energy sources.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Utilities
Industry Generally. &lt;/i&gt;There can be no assurance that the positive developments noted above, including those relating to privatization
and changing regulation, will occur or that risk factors other than those noted above will not develop in the future.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Moreover,
price disparities within selected utility groups and discrepancies in relation to averages and indices have occurred frequently
for reasons not directly related to the general movements or price trends of utility common stocks. Causes of these discrepancies
include changes in the overall demand for and supply of various securities (including the potentially depressing effect of new
stock offerings), and changes in investment objectives, market expectations or cash requirements of other purchasers and sellers
of securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Cybersecurity
Risks. &lt;/i&gt;Companies in the Utilities Industry have experienced sabotage to company infrastructure, property and equipment, attempts
to breach company operating systems and other similar incidents in the past, which have resulted in shutdowns and/or disruptions
in their operations. For example, in May 2021, a U.S. fuel pipeline operator was the target of a ransomware attack, which resulted
in the shutdown of a massive oil pipeline system that supplies the eastern United States. Recently, in September 2022, several
subsea explosions ruptured the Nord Stream I pipeline and one Nordstream II pipe, causing a substantial disruption in the delivery
of natural gases under the Baltic Sea. Several counties continue to investigate the incident, but several, including Sweden, have
concluded the explosions were caused by grievous sabotage.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Companies
in the Utilities Industry may continue to be subject to attempts to gain unauthorized access to or through their operating systems
and physical attacks on industry and company infrastructure, property and equipment. Any physical damage, system failure, cybersecurity
breach, ransomware attack, system disruption or other material harm could interrupt or delay operations and impact a company in
the Utilities Industry&#x2019;s ability to manage its operations and report financial performance, which could have a materially
adverse effect on existing and future business. These and other developments may adversely impact the value of the Fund&#x2019;s
investments in companies in the Utilities Industry.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Leveraged
Capital Structures. &lt;/i&gt;It is expected that Utilities Industry companies in which the Fund will invest may employ considerable
leverage, a significant portion of which may be at floating interest rates. As a result, a Utilities Industry company may be subject
to increased exposure to adverse economic factors such as a significant rise in interest rates, a severe downturn in the economy
or deterioration in the condition of such company or its industry.&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_EquityRiskMember">&lt;p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--EquityRiskMember_dU_zJKItdt9xylc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Equity
Risk. &lt;/i&gt;&lt;/b&gt;Investing in the Fund involves equity risk, which is the risk that the securities held by the Fund will fall in
market value due to adverse market and economic conditions, perceptions regarding the industries in which the issuers of securities
held by the Fund participate and the particular circumstances and performance of particular companies whose securities the Fund
holds. An investment in the Fund represents an indirect&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;economic
stake in the securities owned by the Fund, which are for the most part traded on securities exchanges or in the OTC markets. The
market value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably. The
net asset value of the Fund may at any point in time be less than the net asset value of the Fund at the time the shareholder
invested in the Fund, even after taking into account any reinvestment of distributions.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_CommonStockRiskMember">&lt;p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--CommonStockRiskMember_dU_zQ9KzMFEhT9b" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Common
Stock Risk. &lt;/i&gt;&lt;/b&gt;Common stock of an issuer in the Fund&#x2019;s portfolio may decline in price for a variety of reasons, including
if the issuer fails to make anticipated dividend payments because, among other reasons, the issuer of the security experiences
a decline in its financial condition. Common stock in which the Fund invests is structurally subordinated as to income and residual
value to preferred stock, bonds and other debt instruments in a company&#x2019;s capital structure, in terms of priority to corporate
income, and therefore will be subject to greater dividend risk than preferred stock or debt instruments of such issuers. In addition,
while common stock has historically generated higher average returns than fixed income securities, common stock has also experienced
significantly more volatility in generating those returns.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_PreferredStockRiskMember">&lt;p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--PreferredStockRiskMember_dU_z0eS18lTKA0k" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Preferred
Stock Risk. &lt;/i&gt;&lt;/b&gt;There are special risks associated with the Fund&#x2019;s investing in preferred securities, including:&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Deferral.&lt;/i&gt; Preferred
securities may include provisions that permit the issuer, at its discretion, to defer dividends or distributions for a stated
period without any adverse consequences to the issuer. If the Fund owns a preferred security that is deferring its dividends or
distributions, the Fund may be required to report income for tax purposes although it has not yet received such income.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Non-Cumulative Dividends.
&lt;/i&gt;Some preferred securities are non-cumulative, meaning that the dividends do not accumulate and need not ever be paid. A portion
of the portfolio may include investments in non-cumulative preferred securities, whereby the issuer does not have an obligation
to make up any arrearages to its shareholders. Should an issuer of a non-cumulative preferred security held by the Fund determine
not to pay dividends or distributions on such security, the Fund&#x2019;s return from that security may be adversely affected.
There is no assurance that dividends or distributions on non-cumulative preferred securities in which the Fund invests will be
declared or otherwise made payable.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Subordination.&lt;/i&gt; Preferred
securities are subordinated to bonds and other debt instruments in an issuer&#x2019;s capital structure in terms of priority to
corporate income and liquidation payments, and therefore will be subject to greater credit risk than more senior debt security
instruments.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Liquidity.&lt;/i&gt; Preferred
securities may be substantially less liquid than many other securities, such as common stocks or U.S. government securities.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Limited Voting Rights.
&lt;/i&gt;Generally, preferred security holders (such as the Fund) have no voting rights with respect to the issuing company unless
preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may be
entitled to elect a number of directors to the issuer&#x2019;s board. Generally, once all the arrearages have been paid, the preferred
security holders no longer have voting rights.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Special Redemption Rights.
&lt;/i&gt;In certain varying circumstances, an issuer of preferred securities may redeem the securities prior to a specified date. For
instance, for certain types of preferred securities, a redemption may be triggered by a change in U.S. federal income tax or securities
laws. A redemption by the issuer may negatively impact the return of the security held by the Fund.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_ConvertibleSecuritiesRiskMember">&lt;p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_dU_zjPez8IsLPca" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Convertible
Securities Risk. &lt;/i&gt;&lt;/b&gt;Convertible securities generally offer lower interest or dividend yields than non-convertible securities
of similar quality. The market values of convertible securities tend to decline as interest rates increase and, conversely, to
increase as interest rates decline. In the absence of adequate anti-dilution provisions in a convertible security, dilution in
the value of the Fund&#x2019;s holding may occur in the event the underlying stock is subdivided, additional equity securities
are issued for below market value, a stock dividend is declared or the issuer enters into another type of corporate transaction
that has a similar effect.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_MergerArbitrageRiskMember">&lt;p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--MergerArbitrageRiskMember_dU_zEReQs4xCTx8" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Merger
Arbitrage Risk. &lt;/i&gt;&lt;/b&gt;The Fund may invest in securities of companies for which a tender or exchange offer has been made or announced,
and in securities of companies for which a merger, consolidation, liquidation or reorganization proposal has been announced. The
principal risk of such investments is that certain of such proposed transactions may be renegotiated, terminated or involve a
longer time frame than originally contemplated, in which case the Fund may realize losses. Such risk is sometimes referred to
as &#x201c;merger arbitrage risk.&#x201d; Among the factors that affect the level of risk with respect to the completion of the
transaction are the deal spread and number of bidders, the friendliness of the buyer and seller, the strategic rationale behind
the transaction, the existence of regulatory hurdles, the level of due diligence completed on the target company and the ability
of the buyer to finance the transaction. If the spread between the purchase price and the current price of the seller&#x2019;s
stock is small, the risk that the transaction will not be completed may outweigh the potential return. If there is very little
interest by other potential buyers in the target company, the risk of loss may be higher than where there are back-up buyers that
would allow the arbitrageur to realize a similar return if the current deal falls through. Unfriendly management of the target
company or change in friendly management in the middle of a deal increases the risk that the deal will not be completed even if
the target company&#x2019;s board has approved the transaction and may involve the risk of litigation expense if the target company
pursues litigation in an attempt to prevent the deal from occurring. The underlying strategy behind the deal is also a risk consideration
because the less a target company will benefit from a merger or acquisition, the greater the risk. There is also a risk that an
acquiring company may back out of an announced deal if, in the process of completing its due diligence of the target company,
it discovers something undesirable about such company. In addition, merger transactions are also subject to regulatory risk because
a merger transaction often must be approved by a regulatory body or pass governmental antitrust review. All of these factors affect
the timing and likelihood that the transaction will close. Even if the Investment Adviser selects announced deals with the goal
of mitigating the risks that the transaction will fail to close, such risks may still delay the closing of such transaction to
a date later than the Fund originally anticipated, reducing the level of desired return to the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Merger
arbitrage positions are also subject to the risk of overall market movements. To the extent that a general increase or decline
in equity values affects the stocks involved in a merger arbitrage position differently, the position may be exposed to loss.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Finally,
merger arbitrage strategies depend for success on the overall volume of global merger activity, which has historically been cyclical
in nature. During periods when merger activity is low, it may be difficult or impossible to identify opportunities for profit
or to identify a sufficient number of such opportunities to provide balance among potential merger transactions. To the extent
that the number of announced deals and corporate reorganizations decreases or the number of investors in such transactions increases,
it is possible that merger arbitrage spreads will tighten, causing the profitability of investing in such transactions to diminish,
which will in turn decrease the returns to the Fund from such investment activity.&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_RecapitalizationRiskMember">&lt;p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--RecapitalizationRiskMember_dU_zRQfL291H0q6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;Recapitalization
Risk&lt;/b&gt;. In recapitalizations, a corporation may restructure its balance sheet by selling specific assets, significantly leveraging
other assets and creating new classes of equity securities to be distributed, together with a substantial payment in cash or in
debt securities, to existing shareholders. In connection with such transactions, there is a risk that the value of the cash and
new securities distributed will not be as high as the cost of the Fund&#x2019;s original investment or that no such distribution
will ultimately be made and the value of the Fund&#x2019;s investment will decline. To the extent an investment in a company that
has undertaken a recapitalization is retained by the Fund, the Fund&#x2019;s risks will generally be comparable to those associated
with investments in highly leveraged companies, generally including higher than average sensitivity to (i) short-term interest
rate fluctuations, (ii) downturns in the general economy or within a particular industry or (iii) adverse developments within
the company itself.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_DistributionRiskforEquityIncomeSecuritiesMember">&lt;p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--DistributionRiskforEquityIncomeSecuritiesMember_dU_zEgSqxSgDJC4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Distribution
Risk for Equity Income Securities. &lt;/i&gt;&lt;/b&gt;In selecting equity income securities in which the Fund will invest, the Investment
Adviser will consider the issuer&#x2019;s history of making regular periodic distributions (i.e., dividends) to its equity holders.
An issuer&#x2019;s history of paying dividends, however, does not guarantee that the issuer will continue to pay dividends in the
future. The dividend income stream associated with equity income securities generally is not guaranteed and will be subordinate
to payment obligations of the issuer on its debt and other liabilities. Accordingly, in the event the issuer does not realize
sufficient income in a particular period both to service its liabilities and to pay dividends on its equity securities, it may
forgo paying dividends on its equity securities. In addition, because in most instances issuers are not obligated to make periodic
distributions to the holders of their equity securities, such distributions or dividends generally may be discontinued at the
issuer&#x2019;s discretion.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Dividend-producing
equity income securities, in particular those whose market price is closely related to their yield, may exhibit greater sensitivity
to interest rate changes. See &#x201c;&#x2014;Fixed Income Securities Risks&#x2014;Interest Rate Risk.&#x201d; The Fund&#x2019;s investments
in dividend-producing equity income securities may also limit its potential for appreciation during a broad market advance.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
prices of dividend-producing equity income securities can be highly volatile. Investors should not assume that the Fund&#x2019;s
investments in these securities will necessarily reduce the volatility of the Fund&#x2019;s net asset value or provide &#x201c;protection,&#x201d;
compared to other types of equity income securities, when markets perform poorly.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_NonDiversifiedStatusRiskMember">&lt;p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--NonDiversifiedStatusRiskMember_dU_zAiaBHZVRsz5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Non-Diversified
Status Risk. &lt;/i&gt;&lt;/b&gt;The Fund is classified as a &#x201c;non-diversified&#x201d; investment company under the 1940 Act, which means
the Fund is not limited by the 1940 Act in the proportion of its assets that may be invested in the securities of a single issuer.
As a non-diversified investment company, the Fund may invest in the securities of individual issuers to a greater degree than
a diversified investment company. As a result, the Fund may be more vulnerable to events affecting a single issuer and therefore,
subject to greater volatility than a fund that is more broadly diversified. Accordingly, an investment in the Fund may present
greater risk to an investor than an investment in a diversified company.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_FixedIncomeSecuritiesRisksMember">&lt;p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--FixedIncomeSecuritiesRisksMember_dU_zH2S5bXo18Te" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Fixed
Income Securities Risks. &lt;/i&gt;&lt;/b&gt;Fixed income securities in which the Fund may invest are generally subject to the following risks:&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Interest Rate Risk.&lt;/i&gt;
The market value of bonds and other fixed-income or dividend-paying securities changes in response to interest rate changes and
other factors. Interest rate risk is the risk that prices of bonds and other income-or dividend-paying securities will increase
as interest rates fall and decrease as&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; color: #1D1D1B; text-align: justify"&gt;&lt;span style="color: Black"&gt;interest
rates rise. Interest rates have risen in recent months, and the risk that they may continue to do so is pronounced. See &#x201c;&#x2014;
General Risks&#x2014;Interest Rate Risks Generally.&#x201d;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Issuer Risk.&lt;/i&gt; Issuer
risk is the risk that the value of an income-or dividend-paying security may decline for a number of reasons which directly relate
to the issuer, such as management performance, financial leverage, reduced demand for the issuer&#x2019;s goods and services, historical
and prospective earnings of the issuer and the value of the assets of the issuer.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Credit Risk.&lt;/i&gt; Credit
risk is the risk that one or more income-or dividend-paying securities in the Fund&#x2019;s portfolio will decline in price or
fail to pay interest/distributions or principal when due because the issuer of the security experiences a decline in its financial
status. Credit risk is increased when a portfolio security is downgraded or the perceived creditworthiness of the issuer deteriorates.
To the extent the Fund invests in below investment grade securities, it will be exposed to a greater amount of credit risk than
a fund which only invests in investment grade securities. See &#x201c;&#x2014;Non-Investment Grade Securities.&#x201d; In addition,
to the extent the Fund uses credit derivatives, such use will expose it to additional risk in the event that the bonds underlying
the derivatives default. The degree of credit risk depends on the issuer&#x2019;s financial condition and on the terms of the securities.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Prepayment Risk.&lt;/i&gt; Prepayment
risk is the risk that during periods of declining interest rates, borrowers may exercise their option to prepay principal earlier
than scheduled. For income-or dividend-paying securities, such payments often occur during periods of declining interest rates,
forcing the Fund to reinvest in lower yielding securities, resulting in a possible decline in the Fund&#x2019;s income and distributions
to shareholders. This is known as prepayment or &#x201c;call&#x201d; risk. Below investment grade securities frequently have call
features that allow the issuer to redeem the security at dates prior to its stated maturity at a specified price (typically greater
than par) only if certain prescribed conditions are met (&#x201c;call protection&#x201d;). For premium bonds (bonds acquired at
prices that exceed their par or principal value) purchased by the Fund, prepayment risk may be enhanced.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Reinvestment Risk.&lt;/i&gt;
Reinvestment risk is the risk that income from the Fund&#x2019;s portfolio will decline if the Fund invests the proceeds from matured,
traded or called fixed income securities at market interest rates that are below the Fund portfolio&#x2019;s current earnings rate.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Duration and Maturity Risk.
&lt;/i&gt;The Fund has no set policy regarding portfolio maturity or duration of the fixed-income securities it may hold. The Investment
Adviser may seek to adjust the duration or maturity of the Fund&#x2019;s fixed-income holdings based on its assessment of current
and projected market conditions and all other factors that the Investment Adviser deems relevant. In comparison to maturity (which
is the date on which the issuer of a debt instrument is obligated to repay the principal amount), duration is a measure of the
price volatility of a debt instrument as a result in changes in market rates of interest, based on the weighted average timing
of the instrument&#x2019;s expected principal and interest payments. Specifically, duration measures the anticipated percentage
change in net asset value that is expected for every percentage point change in interest rates. The two have an inverse relationship.
Duration can be a useful tool to estimate anticipated price changes to a fixed pool of income securities associated with changes
in interest rates. For example, a duration of five years means that a 1% decrease in interest rates will increase the net asset
value of the portfolio by approximately 5%; if interest rates increase by 1%, the net asset value will decrease by 5%. However,
in a managed portfolio of fixed income securities having differing interest or dividend rates or payment schedules, maturities,
redemption provisions, call&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;or
prepayment provisions and credit qualities, actual price changes in response to changes in interest rates may differ significantly
from a duration-based estimate at any given time.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Actual
price movements experienced by a portfolio of fixed income securities will be affected by how interest rates move (i.e., changes
in the relationship of long-term interest rates to short-term interest rates), the magnitude of any move in interest rates, actual
and anticipated prepayments of principal through call or redemption features, the extension of maturities through restructuring,
the sale of securities for portfolio management purposes, the reinvestment of proceeds from prepayments on and from sales of securities,
and credit quality-related considerations whether associated with financing costs to lower credit quality borrowers or otherwise,
as well as other factors. Accordingly, while duration maybe a useful tool to estimate potential price movements in relation to
changes in interest rates, investors are cautioned that duration alone will not predict actual changes in the net asset or market
value of the Fund&#x2019;s shares and that actual price movements in the Fund&#x2019;s portfolio may differ significantly from duration-based
estimates. Duration differs from maturity in that it takes into account a security&#x2019;s yield, coupon payments and its principal
payments in addition to the amount of time until the security matures. As the value of a security changes over time, so will its
duration. Prices of securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter
durations. In general, a portfolio of securities with a longer duration can be expected to be more sensitive to interest rate
changes than a portfolio with a shorter duration. Any decisions as to the targeted duration or maturity of any particular category
of investments will be made based on all pertinent market factors at any given time. The Fund may incur costs in seeking to adjust
the portfolio average duration or maturity. There can be no assurance that the Investment Adviser&#x2019;s assessment of current
and projected market conditions will be correct or that any strategy to adjust duration or maturity will be successful at any
given time.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_CorporateBondsRiskMember">&lt;p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--CorporateBondsRiskMember_dU_zP4XlJwf9348" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Corporate
Bonds Risk. &lt;/i&gt;&lt;/b&gt;The market value of a corporate bond generally may be expected to rise and fall inversely with interest rates.
The market value of intermediate and longer term corporate bonds is generally more sensitive to changes in interest rates than
is the market value of shorter term corporate bonds. The market value of a corporate bond also may be affected by factors directly
related to the issuer, such as investors&#x2019; perceptions of the creditworthiness of the issuer, the issuer&#x2019;s financial
performance, perceptions of the issuer in the market place, performance of management of the issuer, the issuer&#x2019;s capital
structure and use of financial leverage and demand for the issuer&#x2019;s goods and services. Certain risks associated with investments
in corporate bonds are described elsewhere in this Annual Report in further detail, including under &#x201c;Risk Factors and Special
Considerations &#x2014; General Risks &#x2014; Fixed Income Securities Risks &#x2014; Credit Risk,&#x201d; &#x201c;&#x2014;Fixed Income
Securities Risks&#x2014;Interest Rate Risk&#x201d; and &#x201c;&#x2014;Fixed Income Securities Risks&#x2014;Prepayment Risk.&#x201d;
There is a risk that the issuers of corporate bonds may not be able to meet their obligations on interest or principal payments
at the time called for by an instrument. Corporate bonds of below investment grade quality are often high risk and have speculative
characteristics and may be particularly susceptible to adverse issuer-specific developments. Corporate bonds of below investment
grade quality are subject to the risks described herein under &#x201c;&#x2014;Non-Investment Grade Securities.&#x201d;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_NonInvestmentGradeSecuritiesMember">&lt;p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--NonInvestmentGradeSecuritiesMember_dU_z53wZeoRmLdi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Non-Investment
Grade Securities. &lt;/i&gt;&lt;/b&gt;The Fund may invest in below investment-grade securities, also known as &#x201c;high-yield&#x201d; securities
or &#x201c;junk&#x201d; bonds. Securities rated below investment grade, which may be preferred stock or debt, are predominantly
speculative and involve major risk exposure to adverse conditions. Securities that are&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;rated
lower than &#x201c;BBB&#x201d; by S&amp;amp;P or lower than &#x201c;Baa&#x201d; by Moody&#x2019;s (or unrated debt securities of comparable
quality) are referred to in the financial press as &#x201c;junk bonds&#x201d; or &#x201c;high-yield&#x201d; securities and generally
pay a premium above the yields of U.S. government securities or debt securities of investment grade issuers because they are subject
to greater risks than these securities. These risks, which reflect their speculative character, include the following:&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;greater volatility;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;greater credit risk and risk
of default;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;potentially greater sensitivity
to general economic or industry conditions;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;potential lack of attractive
resale opportunities (illiquidity); and&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;additional expenses to seek
recovery from issuers who default.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;In
addition, the prices of these non-investment grade securities are more sensitive to negative developments, such as a decline in
the issuer&#x2019;s revenues or a general economic downturn, than are the prices of higher grade securities. Non-investment grade
securities tend to be less liquid than investment grade securities. The market value of non-investment grade securities may be
more volatile than the market value of investment grade securities and generally tends to reflect the market&#x2019;s perception
of the creditworthiness of the issuer and short-term market developments to a greater extent than investment grade securities,
which primarily reflect fluctuations in general levels of interest rates.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Ratings
are relative and subjective and not absolute standards of quality. Securities ratings are based largely on the issuer&#x2019;s
historical financial condition and the rating agencies&#x2019; analysis at the time of rating. Consequently, the rating assigned
to any particular security is not necessarily a reflection of the issuer&#x2019;s current financial condition.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
Fund may purchase securities of companies that are experiencing significant financial or business difficulties, including companies
involved in bankruptcy or other reorganization and liquidation proceedings. Although such investments may result in significant
financial returns to the Fund, they involve a substantial degree of risk. The level of analytical sophistication, both financial
and legal, necessary for successful investments in issuers experiencing significant business and financial difficulties is unusually
high. There can be no assurance that the Fund will correctly evaluate the value of the assets collateralizing its investments
or the prospects for a successful reorganization or similar action. In any reorganization or liquidation proceeding relating to
a portfolio investment, the Fund may lose all or part of its investment or may be required to accept collateral with a value less
than the amount of the Fund&#x2019;s initial investment.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;As
a part of its investments in non-investment grade securities, the Fund may invest in the securities of issuers in default. The
Fund invests in securities of issuers in default only when the Investment Adviser believes that such issuers will honor their
obligations and emerge from bankruptcy protection and that the value of such issuers&#x2019; securities will appreciate. By investing
in the securities of issuers in default, the Fund bears the risk that these issuers will not continue to honor their obligations
or emerge from bankruptcy protection or that the value of these securities will not otherwise appreciate.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;In
addition to using statistical rating agencies and other sources, the Investment Adviser will also perform its own analysis of
issuers in seeking investments that it believes to be underrated (and thus higher yielding) in light of the financial condition
of the issuer. Its analysis of issuers may include, among other things, current&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;and
anticipated cash flow and borrowing requirements, value of assets in relation to historical cost, strength of management, responsiveness
to business conditions, credit standing and current anticipated results of operations. In selecting investments for the Fund,
the Investment Adviser may also consider general business conditions, anticipated changes in interest rates and the outlook for
specific industries.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Subsequent
to its purchase by the Fund, an issue of securities may cease to be rated or its rating may be reduced. In addition, it is possible
that statistical rating agencies might change their ratings of a particular issue to reflect subsequent events on a timely basis.
Moreover, such ratings do not assess the risk of a decline in market value. None of these events will require the sale of the
securities by the Fund, although the Investment Adviser will consider these events in determining whether the Fund should continue
to hold the securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Fixed
income securities, including non-investment grade securities and comparable unrated securities, frequently have call or buy-back
features that permit their issuers to call or repurchase the securities from their holders, such as the Fund. If an issuer exercises
these rights during periods of declining interest rates, the Fund may have to replace the security with a lower yielding security,
thus resulting in a decreased return for the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
market for non-investment grade and comparable unrated securities has at various times, particularly during times of economic
recession, experienced substantial reductions in market value and liquidity. Past recessions have adversely affected the ability
of certain issuers of such securities to repay principal and pay interest thereon. The market for those securities could react
in a similar fashion in the event of any future economic recession.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_USGovernmentSecuritiesAndCreditRatingDowngradeRiskMember">&lt;p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--USGovernmentSecuritiesAndCreditRatingDowngradeRiskMember_dU_zFN4cXf1JWVb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;U.S.
Government Securities and Credit Rating Downgrade Risk. &lt;/i&gt;&lt;/b&gt;The Fund may invest in direct obligations of the government of
the United States or its agencies. Obligations issued or guaranteed by the U.S. government, its agencies, authorities and instrumentalities
and backed by the full faith and credit of the U.S. guarantee only that principal and interest will be timely paid to holders
of the securities. These entities do not guarantee that the value of such obligations will increase, and, in fact, the market
values of such obligations may fluctuate. In addition, not all U.S. government securities are backed by the full faith and credit
of the United States; some are the obligation solely of the entity through which they are issued. There is no guarantee that the
U.S. government would provide financial support to its agencies and instrumentalities if not required to do so by law.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;In
2011, S&amp;amp;P lowered its long-term sovereign credit rating on the U.S. to &#x201c;AA+&#x201d; from &#x201c;AAA.&#x201d; The downgrade
by S&amp;amp;P increased volatility in both stock and bond markets, resulting in higher interest rates and higher Treasury yields,
and increased the costs of all kinds of debt. Repeat occurrences of similar events could have significant adverse effects on the
U.S. economy generally and could result in significant adverse impacts on issuers of securities held by the Fund itself. The Investment
Adviser cannot predict the effects of similar events in the future on the U.S. economy and securities markets or on the Fund&#x2019;s
portfolio. The Investment Adviser monitors developments and seeks to manage the Fund&#x2019;s portfolio in a manner consistent
with achieving the Fund&#x2019;s investment objective, but there can be no assurance that it will be successful in doing so and
the Investment Adviser may not timely anticipate or manage existing, new or additional risks, contingencies or developments.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_ValueInvestingRiskMember">&lt;p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--ValueInvestingRiskMember_dU_zG03au0Tlbn9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Value
Investing Risk. &lt;/i&gt;&lt;/b&gt;The Fund focuses its investments on the securities of companies that the Investment Adviser believes are
undervalued or inexpensive relative to other investments. These types of securities may present risks in addition to the general
risks associated with investing in common and preferred stocks. These securities generally are selected on the basis of an issuer&#x2019;s
fundamentals relative to current market price. Such&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;securities
are subject to the risk of mis-estimation of certain fundamental factors. In addition, during certain time periods market dynamics
may strongly favor &#x201c;growth&#x201d; stocks of issuers that do not display strong fundamentals relative to market price based
upon positive price momentum and other factors. Disciplined adherence to a &#x201c;value&#x201d; investment mandate during such
periods can result in significant underperformance relative to overall market indices and other managed investment vehicles that
pursue growth style investments and/or flexible equity style mandates.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_SelectionRiskMember">&lt;p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--SelectionRiskMember_dU_zgebgnNBHTIf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Selection
Risk. &lt;/i&gt;&lt;/b&gt;Different types of stocks tend to shift into and out of favor with stock market investors, depending on market and
economic conditions. The performance of funds that invest in value-style stocks may at times be better or worse than the performance
of stock funds that focus on other types of stocks or that have a broader investment style.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_SmallAndMidCapStockRiskMember">&lt;p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--SmallAndMidCapStockRiskMember_dU_zgTGvndXnE23" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Small
and Mid-Cap Stock Risk. &lt;/i&gt;&lt;/b&gt;The Fund may invest in the equity securities of small-cap and/or mid-cap companies. Small and
mid-cap companies offer investment opportunities and additional risks. They may not be well known to the investing public, may
not be significantly owned by institutional investors and may not have steady earnings growth. These companies may have limited
product or business lines and markets, as well as shorter operating histories, less experienced management and more limited financial
resources than larger companies. Changes in any one line of business, therefore, may have a greater impact on a small or mid-cap
company&#x2019;s stock price than is the case for a larger company. In addition, the securities of such companies may be more vulnerable
to adverse general market or economic developments, more volatile in price, have wider spreads between their bid and ask prices
and have significantly lower trading volumes than the securities of larger capitalization companies. As such, securities of these
small and mid-cap companies may be less liquid than those of larger companies, and may experience greater price fluctuations than
larger companies. In addition, small-cap or mid-cap company securities may not be widely followed by investors, which may result
in reduced demand.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;As
a result, the purchase or sale of more than a limited number of shares of the securities of a small or mid-cap company may affect
its market price. The Investment Adviser may need a considerable amount of time to purchase or sell its positions in these securities,
particularly when other Investment Adviser-managed accounts or other investors are also seeking to purchase or sell them.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
securities of small and mid-cap companies generally trade in lower volumes and are subject to greater and more unpredictable price
changes than larger capitalization securities or the market as a whole. In addition, small and mid-cap securities may be particularly
sensitive to changes in interest rates, borrowing costs and earnings. Investing in small and mid-cap securities requires a longer-term
view.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Small
and mid-cap companies, due to the size and kinds of markets that they serve, may be less susceptible than large-cap companies
to intervention from the U.S. federal government by means of price controls, regulations or litigation.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_ForeignSecuritiesRiskMember">&lt;p id="xdx_847_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForeignSecuritiesRiskMember_dU_z964fjBqd4N9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Foreign
Securities Risk. &lt;/i&gt;&lt;/b&gt;Investments in the securities of foreign issuers involve certain considerations and risks not ordinarily
associated with investments in securities of domestic issuers and such securities may be more volatile than those of issuers located
in the United States. Foreign companies are not generally subject to uniform accounting, auditing and financial standards and
requirements comparable to those applicable to U.S. companies. Foreign securities exchanges, brokers and listed companies may
be subject to less government&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;supervision
and regulation than exists in the United States. Dividend and interest income may be subject to withholding and other foreign
taxes, which may adversely affect the net return on such investments. There may be difficulty in obtaining or enforcing a court
judgment abroad. In addition, it may be difficult to effect repatriation of capital invested in certain countries. In addition,
with respect to certain countries, there are risks of expropriation, confiscatory taxation, political or social instability or
diplomatic developments that could affect assets of the Fund held in foreign countries. Dividend income the Fund receives from
foreign securities may not be eligible for the special tax treatment applicable to qualified dividend income. Moreover, certain
equity investments in foreign issuers classified as passive foreign investment companies may be subject to additional taxation
risk.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;There
may be less publicly available information about a foreign company than a U.S. company, and foreign companies may not be subject
to accounting, auditing, and financial reporting standards and requirements comparable to or as uniform as those of U.S. companies.
Foreign securities markets may have substantially less volume than U.S. securities markets and some foreign company securities
are less liquid and their prices more volatile than securities of otherwise comparable U.S. companies. A portfolio of foreign
securities may also be adversely affected by fluctuations in the rates of exchange between the currencies of different nations
and by exchange control regulations, as there is generally less government supervision and regulation of exchanges, brokers, and
issuers than there is in the U.S. The Fund might have greater difficulty taking appropriate legal action in non-U.S. courts and
there may be less developed bankruptcy laws. Non-U.S. markets also have different clearance and settlement procedures which in
some markets have at times failed to keep pace with the volume of transactions, thereby creating substantial delays and settlement
failures that could adversely affect the Fund&#x2019;s performance. In addition, a portfolio that includes foreign securities can
expect to have a higher expense ratio because of the increased transaction costs on non-U.S. securities markets and the increased
costs of maintaining the custody of foreign securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Investments
in foreign securities will expose the Fund to the direct or indirect consequences of political, social or economic changes in
the countries that issue the securities or in which the issuers are located. Certain countries in which the Fund may invest have
historically experienced, and may continue to experience, high rates of inflation, high interest rates, exchange rate fluctuations,
large amounts of external debt, balance of payments and trade difficulties and extreme poverty and unemployment. Many of these
countries are also characterized by political uncertainty and instability. The cost of servicing external debt will generally
be adversely affected by rising international interest rates because many external debt obligations bear interest at rates which
are adjusted based upon international interest rates.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
Fund also may purchase ADRs or U.S. dollar-denominated securities of foreign issuers. ADRs are receipts issued by U.S. banks or
trust companies in respect of securities of foreign issuers held on deposit for use in the U.S. securities markets. While ADRs
may not necessarily be denominated in the same currency as the securities into which they may be converted, many of the risks
associated with foreign securities may also apply to ADRs. In addition, the underlying issuers of certain depositary receipts,
particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications
to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The following provides
more detail on certain pronounced risks with foreign investing:&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Foreign Currency Risk.
&lt;/i&gt;The Fund may invest in companies whose securities are denominated or quoted in currencies other than U.S. dollars or have
significant operations or markets outside of the United States. In such instances, the Fund will be exposed to currency risk,
including the risk of fluctuations in the exchange rate between U.S. dollars (in which the Fund&#x2019;s shares are denominated)
and such foreign currencies, the risk of currency devaluations and the risks of non-exchangeability and blockage. As non-U.S.
securities may be purchased with and payable in currencies of countries other than the U.S. dollar, the value of these assets
measured in U.S. dollars may be affected favorably or unfavorably by changes in currency rates and exchange control regulations.
Fluctuations in currency rates may adversely affect the ability of the Investment Adviser to acquire such securities at advantageous
prices and may also adversely affect the performance of such assets.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Certain
non-U.S. currencies, primarily in developing countries, have been devalued in the past and might face devaluation in the future.
Currency devaluations generally have a significant and adverse impact on the devaluing country&#x2019;s economy in the short and
intermediate term and on the financial condition and results of companies&#x2019; operations in that country. Currency devaluations
may also be accompanied by significant declines in the values and liquidity of equity and debt securities of affected governmental
and private sector entities generally. To the extent that affected companies have obligations denominated in currencies other
than the devalued currency, those companies may also have difficulty in meeting those obligations under such circumstances, which
in turn could have an adverse effect upon the value of the Fund&#x2019;s investments in such companies. There can be no assurance
that current or future developments with respect to foreign currency devaluations will not impair the Fund&#x2019;s investment
flexibility, its ability to achieve its investment objective or the value of certain of its foreign currency-denominated investments.&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Tax Consequences of Foreign
Investing.&lt;/i&gt; The Fund&#x2019;s transactions in foreign currencies, foreign currency-denominated debt obligations and certain
foreign currency options, futures contracts and forward contracts (and similar instruments) may give rise to ordinary income or
loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. This treatment
could increase or decrease the Fund&#x2019;s ordinary income distributions to you, and may cause some or all of the Fund&#x2019;s
previously distributed income to be classified as a return of capital. In certain cases, the Fund may make an election to treat
gain or loss attributable to certain investments as capital gain or loss.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;EMU and Redenomination
Risk.&lt;/i&gt; As the European debt crisis progressed, the possibility of one or more Eurozone countries exiting the European Monetary
Union (&#x201c;EMU&#x201d;), or even the collapse of the euro as a common currency, arose, creating significant volatility at times
in currency and financial markets generally. The effects of the collapse of the euro, or of the exit of one or more countries
from the EMU, on the U.S. and global economies and securities markets are impossible to predict and any such events could have
a significant adverse impact on the value and risk profile of the Fund&#x2019;s portfolio. Any partial or complete dissolution
of the EMU could have significant adverse effects on currency and financial markets, and on the values of the Fund&#x2019;s portfolio
investments. If one or more EMU countries were to stop using the euro as its primary currency, the Fund&#x2019;s investments in
such countries may be redenominated into a different or newly adopted currency. As a result, the value of those investments could
decline significantly and unpredictably. In addition, securities or other investments that are redenominated may be subject to
foreign currency risk, liquidity risk and valuation risk to a greater extent than similar investments currently&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;denominated
in euros. To the extent a currency used for redenomination purposes is not specified in respect of certain EMU-related investments,
or should the euro cease to be used entirely, the currency in which such investments are denominated may be unclear, making such
investments particularly difficult to value or dispose of. The Fund may incur additional expenses to the extent it is required
to seek judicial or other clarification of the denomination or value of such securities.&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Eurozone Risk.&lt;/i&gt; A number
of countries in the EU have experienced, and may continue to experience, severe economic and financial difficulties, increasing
the risk of investing in the European markets. In particular, many EU nations are susceptible to economic risks associated with
high levels of debt, notably due to investments in sovereign debt of countries such as Greece, Italy, Spain, Portugal, and Ireland.
As a result, financial markets in the EU have been subject to increased volatility and declines in asset values and liquidity.
Responses to these financial problems by European governments, central banks, and others, including austerity measures and reforms,
may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences.
Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies,
financial markets, and asset valuations around the world. Greece, Ireland, and Portugal have already received one or more &#x201c;bailouts&#x201d;
from other Eurozone member states, and it is unclear how much additional funding they will require or if additional Eurozone member
states will require bailouts in the future. One or more other countries may also abandon the euro and/or withdraw from the EU,
placing its currency and banking system in jeopardy. The impact of these actions, especially if they occur in a disorderly fashion,
is not clear, but could be significant and far-reaching.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Brexit Risk.&lt;/i&gt; On January
31, 2020, the United Kingdom officially withdrew from the EU, commonly referred to as &#x201c;Brexit.&#x201d; Following a transition
period, the United Kingdom and the EU signed a Trade and Cooperation Agreement (&#x201c;UK/EU Trade Agreement&#x201d;), which came
into full force on May 1, 2021 and set out the foundation of the economic and legal framework for trade between the United Kingdom
and the EU. As the UK/EU Trade Agreement is a new legal framework, the implementation of the UK/EU Trade Agreement may result
in uncertainty in its application and periods of volatility in both the United Kingdom and wider European markets. The United
Kingdom&#x2019;s exit from the EU is expected to result in additional trade costs and disruptions in this trading relationship.
Furthermore, there is the possibility that either party may impose tariffs on trade in the future in the event that regulatory
standards between the EU and the UK diverge. The terms of the future relationship may cause continued uncertainty in the global
financial markets, and adversely affect the Fund.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;In
particular, currency volatility may mean that our returns and the returns of our portfolio companies will be adversely affected
by market movements and may make it more difficult, or more expensive, for us to implement appropriate currency hedging. Potential
declines in the value of the British Pound and/or the euro against other currencies, along with the potential downgrading of the
United Kingdom&#x2019;s sovereign credit rating, may also have an impact on the performance of any of our portfolio companies located
in the United Kingdom or Europe.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;In
addition, certain European countries have experienced negative interest rates on certain fixed-income instruments. A negative
interest rate policy is an unconventional central bank monetary policy tool where nominal target interest rates are set with a
negative value (i.e., below zero percent) intended to help&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;create
self-sustaining growth in the local economy. Negative interest rates may result in heightened market volatility and may detract
from the Fund&#x2019;s performance to the extent the Fund is exposed to such interest rates. Among other things, these developments
have adversely affected the value and exchange rate of the euro and pound sterling, and may continue to significantly affect the
economies of all EU countries, which in turn may have a material adverse effect on the Fund&#x2019;s investments in such countries,
other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued
by certain EU countries.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;To
the extent the Fund has exposure to European markets or to transactions tied to the value of the euro, these events could negatively
affect the value and liquidity of the Fund&#x2019;s investments. All of these developments may continue to significantly affect
the economies of all EU countries, which in turn may have a material adverse effect on the Fund&#x2019;s investments in such countries,
other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued
by certain EU countries.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Russia.&lt;/i&gt; As a result
of Russia&#x2019;s military invasion of Ukraine in February 2022, the United States and other countries imposed broad-reaching
political and economic sanctions on Russia, certain Russian allies believed to be providing them military or financial support,
on private and public companies domiciled in Russia, including public issuers and banking and financial institutions, and on a
variety of individuals. These
sanctions, combined with equivalent measures taken by foreign businesses ceasing operations in Russia, continue to adversely impact
global financial markets, disrupt global supply chains, and impair the value and liquidity of issuers and funds that continue
to maintain exposure to Russia and its allies, Russian investments, and sectors that can be impacted by restrictions on Russian
imports and exports, such as the oil and gas industry.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -13.5pt; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;It
is not possible to predict the duration or extent of longer-term consequences of this conflict, which could include further sanctions,
retaliatory measures taken by Russia, embargoes, regional instability, geopolitical shifts and adverse effects on macroeconomic
conditions, security conditions, currency exchange rates, and financial markets around the globe. Any of the foregoing consequences,
including those we cannot yet predict, may negatively impact the Fund&#x2019;s performance and the value of an investment in the
Fund, even if the Fund does not have direct exposure to Russian issuers or issuers in other countries impacted by the invasion.
In general terms, the overall negative impact to the Fund will depend on the extent to which the Fund is prohibited from selling
or otherwise transacting in their investments at any given time and whether a fair market valuation can be readily obtained, particularly
for any Russian currency-denominated investments and investments in US dollar-denominated American Depositary Receipts representing
securities of Russian issuers.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_RestrictedAndIlliquidSecuritiesMember">&lt;p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--RestrictedAndIlliquidSecuritiesMember_dU_zeX4g7HJLRGf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Restricted
and Illiquid Securities. &lt;/i&gt;&lt;/b&gt;Unregistered securities are securities that cannot be sold publicly in the United States without
registration under the Securities Act. An illiquid investment is a security or other investment that cannot be disposed of within
seven days in the ordinary course of business at approximately the value at which the Fund has valued the investment. Unregistered
securities often can be resold only in privately negotiated transactions with a limited number of purchasers or in a public offering
registered under the Securities Act. Considerable delay could be encountered in either event and, unless otherwise contractually
provided for, the Fund&#x2019;s proceeds upon sale may be reduced by the costs of registration or underwriting&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;










&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;discounts.
The difficulties and delays associated with such transactions could result in the Fund&#x2019;s inability to realize a favorable
price upon disposition of unregistered securities, and at times might make disposition of such securities impossible. The Fund
may be unable to sell illiquid investments when it desires to do so, resulting in the Fund obtaining a lower price or being required
to retain the investment. Illiquid investments generally must be valued at fair value, which is inherently less precise than utilizing
market values for liquid investments, and may lead to differences between the price at which a security is valued for determining
the Fund&#x2019;s net asset value and the price the Fund actually receives upon sale.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_ShortSalesRiskMember">&lt;p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--ShortSalesRiskMember_dU_zHLxymd1WbT3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Short
Sales Risk. &lt;/i&gt;&lt;/b&gt;Short-selling involves selling securities which may or may not be owned and borrowing the same securities
for delivery to the purchaser, with an obligation to replace the borrowed securities at a later date. If the price of the security
sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will incur
a loss; conversely, if the price declines, the Fund will realize a capital gain. Any gain will be decreased, and any loss will
be increased, by the transaction costs incurred by the Fund, including the costs associated with providing collateral to the broker-dealer
(usually cash and liquid securities). Although the Fund&#x2019;s gain is limited to the price at which it sold the security short,
its potential loss is theoretically unlimited.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Short-selling
necessarily involves certain additional risks. However, if the short seller does not own the securities sold short (an uncovered
short sale), the borrowed securities must be replaced by securities purchased at market prices in order to close out the short
position, and any appreciation in the price of the borrowed securities would result in a loss. Uncovered short sales expose the
Fund to the risk of uncapped losses until a position can be closed out due to the lack of an upper limit on the price to which
a security may rise. Purchasing securities to close out the short position can itself cause the price of the securities to rise
further, thereby exacerbating the loss. There is the risk that the securities borrowed by the Fund in connection with a short-sale
must be returned to the securities lender on short notice. If a request for return of borrowed securities occurs at a time when
other short-sellers of the security are receiving similar requests, a &#x201c;short squeeze&#x201d; can occur, and the Fund may
be compelled to replace borrowed securities previously sold short with purchases on the open market at the most disadvantageous
time, possibly at prices significantly in excess of the proceeds received at the time the securities were originally sold short.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;In
September 2008, in response to spreading turmoil in the financial markets, the SEC temporarily banned short selling in the stocks
of numerous financial services companies, and also promulgated new disclosure requirements with respect to short positions held
by investment managers. The SEC&#x2019;s temporary ban on short selling of such stocks has since expired, but should similar restrictions
and/or additional disclosure requirements be promulgated, especially if market turmoil occurs, the Fund may be forced to cover
short positions more quickly than otherwise intended and may suffer losses as a result. Such restrictions may also adversely affect
the ability of the Fund to execute its investment strategies generally. Similar emergency orders were also instituted in non-U.S.
markets in response to increased volatility. The Fund&#x2019;s ability to engage in short sales is also restricted by various regulatory
requirements relating to short sales.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_LeverageRiskMember">&lt;p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--LeverageRiskMember_dU_zlItssbVAaYj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Leverage
Risk. &lt;/i&gt;&lt;/b&gt;The Fund currently uses financial leverage for investment purposes by issuing preferred shares. As of December 31,
2022, the amount of leverage represented approximately 39% of the Fund&#x2019;s net assets. The Fund&#x2019;s leveraged capital
structure creates special risks not associated with unleveraged funds that have a similar investment objective and policies. These
include the possibility of greater loss and the&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;likelihood
of higher volatility of the net asset value of the Fund and the asset coverage for any preferred shares or debt outstanding. Such
volatility may increase the likelihood of the Fund having to sell investments in order to meet its obligations to make distributions
on the preferred shares or principal or interest payments on debt securities, or to redeem preferred shares or repay debt when
it may be disadvantageous to do so. The Fund&#x2019;s use of leverage may require it to sell portfolio investments at inopportune
times in order to raise cash to redeem preferred shares or otherwise de-leverage so as to maintain required asset coverage amounts
or comply with the mandatory redemption terms of any outstanding preferred shares. The use of leverage magnifies both the favorable
and unfavorable effects of price movements in the investments made by the Fund. To the extent the Fund is leveraged in its investment
operations, the Fund will be subject to substantial risk of loss. The Fund cannot assure that borrowings or the issuance of notes
or preferred shares will result in a higher yield or return to the holders of the common shares. Also, to the extent the Fund
utilizes leverage, a decline in net asset value could affect the ability of the Fund to make common share distributions and such
a failure to make distributions could result in the Fund ceasing to qualify as a RIC under the Code.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;For
more information regarding the risks of a leverage capital structure to holders of the Fund&#x2019;s common shares, see &#x201c;Risk
Factors and Special Considerations &#x2014; Special Risks to Holder of Common Shares &#x2014; Leverage Risk.&#x201d;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_SpecialRisksRelatedToInvestmentinDerivativesMember">&lt;p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksRelatedToInvestmentinDerivativesMember_dU_zI0kv9BuFcOa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Special
Risks Related to Investment in Derivatives. &lt;/i&gt;&lt;/b&gt;The Fund may participate in derivative transactions. Such transactions entail
certain execution, market, liquidity, counterparty, correlation, volatility, hedging and tax risks. Participation in the options
or futures markets, in currency exchange transactions and in other derivatives transactions involves investment risks and transaction
costs to which the Fund would not be subject absent the use of these strategies. If the Investment Adviser&#x2019;s prediction
of movements in the direction of the securities, foreign currency, interest rate or other referenced instruments or markets is
inaccurate, the consequences to the Fund may leave the Fund in a worse position than if it had not used such strategies. Risks
inherent in the use of options, swaps, foreign currency, futures contracts and options on futures contracts, securities indices
and foreign currencies include:&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;dependence on the Investment
Adviser&#x2019;s ability to predict correctly movements in the direction of the relevant measure;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;imperfect correlation between
the price of the derivative instrument and movements in the prices of the referenced assets;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;the fact that skills needed
to use these strategies are different from those needed to select portfolio securities;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;the possible absence of a
liquid secondary market for any particular instrument at any time;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;the possible need to defer
closing out certain hedged positions to avoid adverse tax consequences;&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;the possible inability of
the Fund to purchase or sell a security or instrument at a time that otherwise would be favorable for it to do so, or the possible
need for the Fund to sell a security or instrument at a disadvantageous time due to a need for the Fund to maintain &#x201c;cover&#x201d;
or to segregate securities in connection with the hedging techniques; and&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;the creditworthiness of counterparties.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; color: #1D1D1B; text-align: justify"&gt;&lt;span style="color: Black"&gt;Options,
futures contracts, swaps contracts, and options thereon and forward contracts on securities and currencies may be traded on foreign
exchanges. Such transactions may not be regulated as effectively as&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;similar
transactions in the United States, may not involve a clearing mechanism and related guarantees, and are subject to the risk of
governmental actions affecting trading in, or the prices of, foreign securities. The value of such positions also could be adversely
affected by (i) other complex foreign political, legal and economic factors, (ii) lesser availability than in the United States
of data on which to make trading decisions, (iii) delays in the ability of the Fund to act upon economic events occurring in the
foreign markets during non-business hours in the United States, (iv) the imposition of different exercise and settlement terms
and procedures and margin requirements than in the United States and (v) less trading volume. Exchanges on which options, futures,
swaps and options on futures or swaps are traded may impose limits on the positions that the Fund may take in certain circumstances.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Many
OTC derivatives are valued on the basis of dealers&#x2019; pricing of these instruments. However, the price at which dealers value
a particular derivative and the price which the same dealers would actually be willing to pay for such derivative should the Fund
wish or be forced to sell such position may be materially different. Such differences can result in an overstatement of the Fund&#x2019;s
net asset value and may materially adversely affect the Fund in situations in which the Fund is required to sell derivative instruments.
Exchange-traded derivatives and OTC derivative transactions submitted for clearing through a central counterparty have become
subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as possible margin requirements
mandated by the SEC or the CFTC. These regulators also have broad discretion to impose margin requirements on non-cleared OTC
derivatives. These margin requirements will increase the overall costs for the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;While
hedging transactions can reduce or eliminate losses, they can also reduce or eliminate gains. Hedges are sometimes subject to
imperfect matching between the derivative and the underlying instrument, and there can be no assurance that the Fund&#x2019;s hedging
transactions will be effective. Derivatives may also give rise to a form of leverage and may expose the Fund to greater risk and
increase its costs. Future CFTC or SEC rulemakings could potentially further limit or completely restrict the Fund&#x2019;s ability
to use these instruments as a part of the Fund&#x2019;s investment strategy, increase the costs of using these instruments or make
them less effective. Limits or restrictions applicable to the counterparties with which the Fund engages in derivative transactions
could also prevent the Fund from using these instruments or affect the pricing or other factors relating to these instruments
or may change the availability of certain investments. New regulation may make derivatives more costly, may limit the availability
of derivatives, or may otherwise adversely affect the value or performance of derivatives.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_CounterpartyRiskMember">&lt;p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--CounterpartyRiskMember_dU_zGc9rwd1ach" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Counterparty
Risk. &lt;/i&gt;&lt;/b&gt;The Fund will be subject to credit risk with respect to the counterparties to the derivative contracts purchased
by the Fund. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due
to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract
in bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such
circumstances.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
counterparty risk for cleared derivatives is generally lower than for uncleared OTC derivative transactions since generally a
clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the
parties&#x2019; performance under the contract as each party to a trade looks only to the clearing organization for performance
of financial obligations under the derivative contract. However, there can be no assurance that a clearing organization, or its
members, will satisfy its obligations to the Fund, or that the Fund would be able to recover the full amount of assets deposited
on its behalf with the clearing&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;organization
in the event of the default by the clearing organization or the Fund&#x2019;s clearing broker. In addition, cleared derivative
transactions benefit from daily marking-to-market and settlement, and segregation and minimum capital requirements applicable
to intermediaries. Uncleared OTC derivative transactions generally do not benefit from such protections. This exposes the Fund
to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute
over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to
suffer a loss. Such &#x201c;counterparty risk&#x201d; is accentuated for contracts with longer maturities where events may intervene
to prevent settlement, or where the Fund has concentrated its transactions with a single or small group of counterparties.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember">&lt;p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--FailureOfFuturesCommissionMerchantsAndClearingOrganizationsRiskMember_dU_zFxdMDkYpnMl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Failure
of Futures Commission Merchants and Clearing Organizations Risk. &lt;/i&gt;&lt;/b&gt;The Fund may deposit funds required to margin open positions
in the derivative instruments subject to the CEA with a clearing broker registered as a &#x201c;futures commission merchant&#x201d;
(&#x201c;FCM&#x201d;). The CEA requires an FCM to segregate all funds received from customers with respect to any orders for the
purchase or sale of U.S. domestic futures contracts and cleared swaps from the FCM&#x2019;s proprietary assets. Similarly, the
CEA requires each FCM to hold in a separate secure account all funds received from customers with respect to any orders for the
purchase or sale of foreign futures contracts and segregate any such funds from the funds received with respect to domestic futures
contracts. However, all funds and other property received by a clearing broker from its customers are held by the clearing broker
on a commingled basis in an omnibus account and may be invested by the clearing broker in certain instruments permitted under
the applicable regulation. There is a risk that assets deposited by the Fund with any swaps or futures clearing broker as margin
for futures contracts may, in certain circumstances, be used to satisfy losses of other clients of the Fund&#x2019;s clearing broker.
In addition, the assets of the Fund may not be fully protected in the event of the clearing broker&#x2019;s bankruptcy, as the
Fund would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing broker&#x2019;s
combined domestic customer accounts.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Similarly,
the CEA requires a clearing organization approved by the CFTC as a derivatives clearing organization to segregate all funds and
other property received from a clearing member&#x2019;s clients in connection with domestic futures, swaps and options contracts
from any funds held at the clearing organization to support the clearing member&#x2019;s proprietary trading. Nevertheless, with
respect to futures contracts and options on futures, a clearing organization may use assets of a non-defaulting customer held
in an omnibus account at the clearing organization to satisfy losses in that account resulting from the default by another customer
on its payment obligations that leads to the clearing member&#x2019;s default to the clearing organization. As a result, in the
situation of a double default by a customer of the Fund&#x2019;s clearing member and the clearing member itself with respect to
payment obligations on the customer&#x2019;s futures or options on futures, there is a risk that the Fund&#x2019;s assets in an
omnibus account with the clearing organization may be used to satisfy losses from the double default and that the Fund may not
recover the full amount of any such assets.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_SwapsRiskMember">&lt;p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--SwapsRiskMember_dU_zEnjA686cLYa" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Swaps
Risk. &lt;/i&gt;&lt;/b&gt;Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from
a few weeks to more than one year. In a standard &#x201c;swap&#x201d; transaction, two parties agree to exchange the returns (or
differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns
to be exchanged or &#x201c;swapped&#x201d; between the parties are calculated with respect to a &#x201c;notional amount,&#x201d; i.e.,
the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign
currency, or in a &#x201c;basket&#x201d; of securities representing a particular&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;







&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;index.
The &#x201c;notional amount&#x201d; of the swap agreement is only a fictive basis on which to calculate the obligations that the
parties to a swap agreement have agreed to exchange.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Historically,
swap transactions have been individually negotiated non-standardized transactions entered into in the OTC markets and have not
been subject to the same type of government regulation as exchange-traded instruments. However, in the U.S., the Dodd-Frank Wall
Street Reform and Consumer Protection Act of 2010 (the &#x201c;Dodd-Frank Act&#x201d;) has made broad changes to the derivatives
market, granted significant new authority to the CFTC and the SEC to regulate derivatives (swaps and security-based swaps) and
participants in these markets. The Dodd-Frank Act is intended to regulate the derivatives market by requiring many derivative
transactions to be cleared and traded on an exchange, expanding entity registration requirements, imposing business conduct requirements
on dealers and requiring banks to move some derivatives trading units to a non-guaranteed affiliate separate from the deposit-taking
bank or divest them altogether. See &#x201c;Risk Factors and Special Considerations&#x2014;General Risks &#x2013; Derivatives Regulation
Risk.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Swap
agreements will tend to shift the Fund&#x2019;s investment exposure from one type of investment to another. For example, if the
Fund agreed to pay fixed rates in exchange for floating rates while holding fixed-rate bonds, the swap would tend to decrease
the Fund&#x2019;s exposure to long-term interest rates. Caps and floors have an effect similar to buying or writing options. Depending
on how they are used, swap agreements may increase or decrease the overall volatility of the Fund&#x2019;s investments and its
share price and yield. The most significant factor in the performance of swap agreements is the change in the specific interest
rate, currency, or other factors that determine the amounts of payments due to and from the Fund. If a swap agreement calls for
payments by the Fund, the Fund must be prepared to make such payments when due.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
Fund may enter into swap agreements that would calculate the obligations of the parties to the agreements on a &#x201c;net&#x201d;
basis. Consequently, the Fund&#x2019;s obligations (or rights) under a swap agreement will generally be equal only to the net amount
to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the
&#x201c;net amount&#x201d;). The Fund&#x2019;s obligations under a swap agreement will be accrued daily (offset against any amounts
owing to the Fund) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by the maintenance of liquid
assets in accordance with SEC staff positions on the subject.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
Fund&#x2019;s use of swap agreements may not be successful in furthering its investment objective, as the Investment Adviser may
not accurately predict whether certain types of investments are likely to produce greater returns than other investments. Moreover,
swap agreements involve the risk that the party with whom the Fund has entered into the swap will default on its obligation to
pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the other party to the agreement. The
Fund may be able to eliminate its exposure under a swap agreement either by assignment or other disposition, or by entering into
an offsetting swap agreement with the same party or a similarly creditworthy party.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_ForwardForeignCurrencyExchangeContractsMember">&lt;p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--ForwardForeignCurrencyExchangeContractsMember_dU_z5CsdExQeNT1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Forward
Foreign Currency Exchange Contracts. &lt;/i&gt;&lt;/b&gt;The Fund may enter into forward foreign currency exchange contracts to protect the
value of its portfolio against uncertainty in the level of future currency exchange rates between a particular foreign currency
and the U.S. dollar or between foreign currencies in which its securities are or may be denominated. The Fund may enter into such
contracts on a spot (i.e., cash) basis at the rate then prevailing in the currency exchange market or on a forward basis, by entering
into a forward contract to&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;





&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;purchase
or sell currency. A forward contract on foreign currency is an obligation to purchase or sell a specific currency at a future
date, which may be any fixed number of days agreed upon by the parties from the date of the contract at a price set on the date
of the contract. Forward currency contracts (i) are traded in a market conducted directly between currency traders (typically,
commercial banks or other financial institutions) and their customers, (ii) generally have no deposit requirements and (iii) are
typically consummated without payment of any commissions. The Fund, however, may enter into forward currency contracts requiring
deposits or involving the payment of commissions.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
dealings of the Fund in forward foreign exchange are limited to hedging involving either specific transactions or portfolio positions.
Transaction hedging is the purchase or sale of one forward foreign currency for another currency with respect to specific receivables
or payables of the Fund accruing in connection with the purchase and sale of its portfolio securities or its payment of distributions.
Position hedging is the purchase or sale of one forward foreign currency for another currency with respect to portfolio security
positions denominated or quoted in the foreign currency to offset the effect of an anticipated substantial appreciation or depreciation,
respectively, in the value of the currency relative to the U.S. dollar. In this situation, the Fund also may, for example, enter
into a forward contract to sell or purchase a different foreign currency for a fixed U.S. dollar amount where it is believed that
the U.S. dollar value of the currency to be sold or bought pursuant to the forward contract will fall or rise, as the case may
be, whenever there is a decline or increase, respectively, in the U.S. dollar value of the currency in which its portfolio securities
are denominated (this practice being referred to as a &#x201c;cross-hedge&#x201d;).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;In
hedging a specific transaction, the Fund may enter into a forward contract with respect to either the currency in which the transaction
is denominated or another currency deemed appropriate by the Investment Adviser. The amount the Fund may invest in forward currency
contracts is limited to the amount of its aggregate investments in foreign currencies.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
use of forward currency contracts may involve certain risks, including the failure of the counterparty to perform its obligations
under the contract, and such use may not serve as a complete hedge because of an imperfect correlation between movements in the
prices of the contracts and the prices of the currencies hedged or used for cover. The Fund will only enter into forward currency
contracts with parties which the Investment Adviser believes to be creditworthy institutions.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_FuturesContractsAndOptionsonFuturesMember">&lt;p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--FuturesContractsAndOptionsonFuturesMember_dU_z8wqt2cM6ua2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Futures
Contracts and Options on Futures. &lt;/i&gt;&lt;/b&gt;Futures and options on futures entail certain risks, including, but not limited to,
the following: no assurance that futures contracts or options on futures can be offset at favorable prices; possible reduction
of the yield of the Fund due to the use of hedging; possible reduction in value of both the securities hedged and the hedging
instrument; possible lack of liquidity due to daily limits on price fluctuations; imperfect correlation between the contracts
and the securities being hedged; and losses from investing in futures transactions that are potentially unlimited.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_OptionsRiskMember">&lt;p id="xdx_849_ecef--RiskTextBlock_hcef--RiskAxis__custom--OptionsRiskMember_dU_zX3eA8VPpQvf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Options
Risk. &lt;/i&gt;&lt;/b&gt;To the extent that the Fund purchases options pursuant to a hedging strategy, the Fund will be subject to the following
additional risks. If a put or call option purchased by the Fund is not sold when it has remaining value, and if the market price
of the underlying security remains equal to or greater than the exercise price (in the case of a put), or remains less than or
equal to the exercise price (in the case of a call), the Fund will lose its entire investment in the option.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;





&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Where
a put or call option on a particular security is purchased to hedge against price movements in that or a related security, the
price of the put or call option may move more or less than the price of the security. If restrictions on exercise are imposed,
the Fund may be unable to exercise an option it has purchased. If the Fund is unable to close out an option that it has purchased
on a security, it will have to exercise the option in order to realize any profit or the option may expire worthless.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_DerivativesRegulationRiskMember">&lt;p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--DerivativesRegulationRiskMember_dU_z05fxkGQps36" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Derivatives
Regulation Risk. &lt;/i&gt;&lt;/b&gt;The Dodd-Frank Act has made broad changes to the derivatives market, granted significant new authority
to the CFTC and the SEC to regulate derivatives (swaps and security-based swaps) and participants in these markets. The Dodd-Frank
Act is intended to regulate the derivatives market by requiring many derivative transactions to be cleared and traded on an exchange,
expanding entity registration requirements, imposing business conduct requirements on dealers and requiring banks to move some
derivatives trading units to a non-guaranteed affiliate separate from the deposit-taking bank or divest them altogether. The CFTC
has implemented mandatory clearing and exchange-trading of certain derivatives contracts including many standardized interest
rate swaps and credit default index swaps. The CFTC continues to approve contracts for central clearing. Exchange-trading and
central clearing are expected to reduce counterparty credit risk by substituting the clearinghouse as the counterparty to a swap
and increase liquidity, but exchange-trading and central clearing do not make swap transactions risk-free. Uncleared swaps, such
as non-deliverable foreign currency forwards, are subject to certain margin requirements that mandate the posting and collection
of minimum margin amounts. This requirement may result in the Fund and its counterparties posting higher margin amounts for uncleared
swaps than would otherwise be the case. Certain rules require centralized reporting of detailed information about many types of
cleared and uncleared swaps. Reporting of swap data may result in greater market transparency, but may subject the Fund to additional
administrative burdens, and the safeguards established to protect trader anonymity may not function as expected.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;In
addition, on October 28, 2020, the SEC adopted new regulations governing the use of derivatives by closed-end funds, which the
Fund was required to comply with as of August 19, 2022. As a result, the Fund is required to implement and comply with the Rule
18f-4 limits described previously under &#x201c;Special Risks Related to&#160;Investment in Derivatives&#x201d; on the amount of
derivatives the Fund can enter into, eliminate the asset segregation framework previously used to comply with Section 18 of the
1940 Act, treat derivatives as senior securities so that a failure to comply with the limits would result in a statutory violation
and require the Fund, if the Fund&#x2019;s use of derivatives is more than a limited specified exposure amount (10% of net assets),
to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. These requirements
may limit the ability of the Fund to invest in derivatives, engage in securities lending activities, short sales, reverse repurchase
agreements and similar financing transactions. Additionally, Rule 18f-4 and the SEC&#x2019;s corresponding recission and withdrawal
of prior guidance and relief related to asset segregation and asset coverage requirements under section 18 of the 1940 Act may
affect the Fund&#x2019;s ability to implement its investment strategy, pursue its investment objectives and may increase the cost
of the Fund&#x2019;s investments.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_MarketDiscountRiskMember">&lt;p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketDiscountRiskMember_dU_z1MOvIJTtz0i" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Market
Discount Risk. &lt;/i&gt;&lt;/b&gt;Whether investors will realize gains or losses upon the sale of additional securities of the Fund will
depend upon the market price of the securities at the time of sale, which may be less or more than the Fund&#x2019;s net asset
value per share or the liquidation value of any Fund preferred shares issued. Since the market price of any additional securities
the Fund may issue will be affected by such factors as the Fund&#x2019;s dividend and distribution levels (which are in turn affected
by expenses), dividend and distribution stability,&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;





&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;net
asset value, market liquidity, the relative demand for and supply of such securities in the market, general market and economic
conditions and other factors beyond the control of the Fund, we cannot predict whether any such securities will trade at, below
or above net asset value or at, below or above their public offering price or at, below or above their liquidation value, as applicable.
For example, common shares of closed-end funds often trade at a discount to their net asset values and the Fund&#x2019;s common
shares may trade at such a discount. This risk may be greater for investors expecting to sell their securities of the Fund soon
after the completion of a public offering for such securities. The risk of a market price discount from net asset value is separate
and in addition to the risk that net asset value itself may decline. The Fund&#x2019;s securities are designed primarily for long-term
investors, and investors in the shares should not view the Fund as a vehicle for trading purposes.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_LongTermObjectiveNotACompleteInvestmentProgramMember">&lt;p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--LongTermObjectiveNotACompleteInvestmentProgramMember_dU_zfIPVRsa8XL2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Long
Term Objective; Not a Complete Investment Program. &lt;/i&gt;&lt;/b&gt;The Fund is intended for investors seeking a consistent level of after-tax
total return consisting of income (with a current emphasis on qualifying dividends) and long-term capital gain. The Fund is not
meant to provide a vehicle for those who wish to play short-term swings in the stock market. An investment in shares of the Fund
should not be considered a complete investment program. Each shareholder should take into account the Fund&#x2019;s investment
objective as well as the shareholder&#x2019;s other investments when considering an investment in the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_ManagementRiskMember">&lt;p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--ManagementRiskMember_dU_zVSSNirNGKPe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Management
Risk. &lt;/i&gt;&lt;/b&gt;The Fund is subject to management risk because it is an actively managed portfolio. The Investment Adviser will
apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that
these will produce the desired results.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_DecisionMakingAuthorityRiskMember">&lt;p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--DecisionMakingAuthorityRiskMember_dU_zkRWiq9YoGIk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Decision-Making
Authority Risk. &lt;/i&gt;&lt;/b&gt;Investors have no authority to make decisions or to exercise business discretion on behalf of the Fund,
except as set forth in the Fund&#x2019;s governing documents. The authority for all such decisions is generally delegated to the
Board, who in turn, has delegated the day-to-day management of the Fund&#x2019;s investment activities to the Investment Adviser,
subject to oversight by the Board.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_DependenceonKeyPersonnelMember">&lt;p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--DependenceonKeyPersonnelMember_dU_zfWhlge7iBc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Dependence
on Key Personnel. &lt;/i&gt;&lt;/b&gt;The Investment Adviser is dependent upon the expertise of Mr. Mario J. Gabelli in providing advisory
services with respect to the Fund&#x2019;s investments. If the Investment Adviser were to lose the services of Mr. Gabelli, its
ability to service the Fund could be adversely affected. There can be no assurance that a suitable replacement could be found
for Mr. Gabelli in the event of his death, resignation, retirement or inability to act on behalf of the Investment Adviser.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_MarketDisruptionAndGeopoliticalRiskMember">&lt;p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketDisruptionAndGeopoliticalRiskMember_dU_zhUEi8mVhepd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Market
Disruption and Geopolitical Risk. &lt;/i&gt;&lt;/b&gt;General economic and market conditions, such as interest rates, availability of credit,
inflation rates, economic uncertainty, supply chain disruptions, labor shortages, energy and other resource shortages, changes
in laws, trade barriers, currency exchange controls and national and international political circumstances (including governmental
responses to public health crises or the spread of infectious diseases), may have long-term negative effects on the U.S. and worldwide
financial markets and economy. These conditions have resulted in, and in many cases continue to result in, greater price volatility,
less liquidity, widening credit spreads and a lack of price transparency, with many securities remaining illiquid and of uncertain
value. Such market conditions may adversely affect the Company, including by making valuation of some of the Fund&#x2019;s securities
uncertain and/or result in sudden and significant valuation increases or declines in the Fund&#x2019;s holdings.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Risks
resulting from any future debt or other economic crisis could also have a detrimental impact on the global economy, the financial
condition of financial institutions and the Fund&#x2019;s business, financial condition and results&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;



&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"/&gt;&lt;/p&gt;



&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;of
operation. Market and economic disruptions have affected, and may in the future affect, consumer confidence levels and spending,
personal bankruptcy rates, levels of incurrence and default on consumer debt and home prices, among other factors. To the extent
uncertainty regarding the U.S. or global economy negatively impacts consumer confidence and consumer credit factors, the Fund
could be significantly and adversely affected.&#160;Downgrades to the credit ratings of major banks could result in increased
borrowing costs for such banks and negatively affect the broader economy. Moreover, Federal Reserve policy, including with respect
to certain interest rates, may also adversely affect the value, volatility and liquidity of dividend- and interest-paying securities.
Market volatility, rising interest rates and/or a return to unfavorable economic conditions could impair the Fund&#x2019;s ability
to achieve its investment objectives.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
occurrence of events similar to those in recent years, such as localized wars, instability, new and ongoing pandemics (such as
COVID-19), epidemics or outbreaks of infectious diseases in certain parts of the world, and catastrophic events such as fires,
floods, earthquakes, tornadoes, hurricanes and global health epidemics, terrorist attacks in the U.S. and around the world, social
and political discord, debt crises sovereign debt downgrades, increasingly strained relations between the U.S. and a number of
foreign countries, new and continued political unrest in various countries, the exit or potential exit of one or more countries
from the EU or the EMU, continued changes in the balance of political power among and within the branches of the U.S. government,
government shutdowns, among others, may result in market volatility, may have long-term effects on the U.S. and worldwide financial
markets, and may cause further economic uncertainties in the U.S. and worldwide.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;In
particular, the consequences of the Russian military invasion of Ukraine, the impact on inflation and increased disruption to
supply chains and energy resources may impact the Fund&#x2019;s portfolio companies, result in an economic downturn or recession
either globally or locally in the U.S. or other economies, reduce business activity, spawn additional conflicts (whether in the
form of traditional military action, reignited &#x201c;cold&#x201d; wars or in the form of virtual warfare such as cyberattacks)
with similar and perhaps wider ranging impacts and consequences and have an adverse impact on the Fund&#x2019;s returns and net
asset values. In response to the conflict between Russia and Ukraine, the U.S. and other countries have imposed sanctions or other
restrictive actions against Russia, Russian-backed separatist regions in Ukraine, and certain banks, companies, government officials
and other individuals in Russia and Belarus. Any of the above factors, including sanctions, export controls, tariffs, trade wars
and other governmental actions, could have a material adverse effect on the Fund. The Fund has no way to predict the duration
or outcome of the situation, as the conflict and government reactions are rapidly developing and beyond the Fund&#x2019;s control.
Prolonged unrest, military activities, or broad-based sanctions could have a material adverse effect on companies in which the
Fund invests. Such consequences also may increase such companies&#x2019; funding costs or limit their access to the capital markets.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
current political climate has intensified concerns about a potential trade war between China and the U.S., as each country has
imposed tariffs on the other country&#x2019;s products. These actions may trigger a significant reduction in international trade,
the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies
and/or large segments of China&#x2019;s export industry, which could have a negative impact the Fund&#x2019;s performance. U.S.
companies that source material and goods from China and those that make large amounts of sales in China would be particularly
vulnerable to an escalation of trade tensions. Uncertainty regarding the outcome of the trade tensions and the potential for a
trade war&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;





&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;could cause the U.S.
dollar to decline against safe haven currencies, such as the Japanese yen and the euro. Events such as these and their consequences
are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in
the future. Any of these effects could have a material adverse effect on the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_EconomicEventsAndMarketRiskMember">&lt;p id="xdx_842_ecef--RiskTextBlock_hcef--RiskAxis__custom--EconomicEventsAndMarketRiskMember_dU_zFhoaJM9dLbi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Economic
Events and Market Risk. &lt;/i&gt;&lt;/b&gt;Periods of market volatility remain, and may continue to occur in the future, in response to various
political, social and economic events both within and outside of the United States. These conditions have resulted in, and in
many cases continue to result in, greater price volatility, less liquidity, widening credit spreads and a lack of price transparency,
with many securities remaining illiquid and of uncertain value. Such market conditions may adversely affect the Fund, including
by making valuation of some of the Fund&#x2019;s securities uncertain and/or result in sudden and significant valuation increases
or declines in the Fund&#x2019;s holdings. If there is a significant decline in the value of the Fund&#x2019;s portfolio, this may
impact the asset coverage levels for the Fund&#x2019;s outstanding leverage.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Risks
resulting from any future debt or other economic crisis could also have a detrimental impact on the global economic recovery,
the financial condition of financial institutions and our business, financial condition and results of operation. Market and economic
disruptions have affected, and may in the future affect, consumer confidence levels and spending, personal bankruptcy rates, levels
of incurrence and default on consumer debt and home prices, among other factors. To the extent uncertainty regarding the U.S.
or global economy negatively impacts consumer confidence and consumer credit factors, our business, financial condition and results
of operations could be significantly and adversely affected. Downgrades to the credit ratings of major banks could result in increased
borrowing costs for such banks and negatively affect the broader economy.&#160;Moreover, Federal Reserve policy, including with
respect to certain interest rates, may also adversely affect the value, volatility and liquidity of dividend- and interest-paying
securities. Market volatility, rising interest rates and/or a return to unfavorable economic conditions could impair the Fund&#x2019;s
ability to achieve its investment objectives.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_RegulationAndGovernmentInterventionRiskMember">&lt;p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--RegulationAndGovernmentInterventionRiskMember_dU_zmy5xQzEwlY6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Regulation
and Government Intervention Risk. &lt;/i&gt;&lt;/b&gt;Changes enacted by the current presidential administration could significantly impact
the regulation of financial markets in the U.S. Areas subject to potential change, amendment or repeal include trade and foreign
policy, corporate tax rates, energy and infrastructure policies, the environment and sustainability, criminal and social justice
initiatives, immigration, healthcare and the oversight of certain federal financial regulatory agencies and the Federal Reserve.
Certain of these changes can, and have, been effectuated through executive order. For example, the current administration has
taken steps to rejoin the Paris climate accord of 2015 and incentivize certain clean energy technologies, cancel the&#160;Keystone
XL pipeline, provide military support to Ukraine and change immigration enforcement priorities. Other potential changes that could
be pursued by the current presidential administration could include an increase in the corporate income tax rate; changes to regulatory
enforcement priorities; and spending on clean energy and infrastructure. It is not possible to predict which, if any, of these
actions will be taken or, if taken, their effect on the economy, securities markets or the financial stability of the U.S. The
Fund may be affected by governmental action in ways that are not foreseeable, and there is a possibility that such actions could
have a significant adverse effect on the Fund and the Fund&#x2019;s ability to achieve its investment objectives.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Additional
risks arising from the differences in expressed policy preferences among the various constituencies in the branches of the U.S.
government has led in the past, and may lead in the future, to short-term or&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;





&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;prolonged
policy impasses, which could, and has, resulted in shutdowns of the U.S. federal government. U.S. federal government shutdowns,
especially prolonged shutdowns, could have a significant adverse impact on the economy in general and could impair the ability
of issuers to raise capital in the securities markets. Any of these effects could have a material adverse effect on the Fund&#x2019;s
net asset value.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;In
addition, the rules dealing with the U.S. federal income taxation are constantly under review by persons involved in the legislative
process and by the IRS and the U.S. Treasury Department. The Tax Cuts and Jobs Act made substantial changes to the Code. Among
those changes were a significant permanent reduction in the generally applicable corporate tax rate, changes in the taxation of
individuals and other non-corporate taxpayers that generally but not universally reduce their taxes on a temporary basis subject
to &#x201c;sunset&#x201d; provisions, the elimination or modification of various previously allowed deductions (including substantial
limitations on the deductibility of interest and, in the case of individuals, the deduction for personal state and local taxes),
certain additional limitations on the deduction of net operating losses, certain preferential rates of taxation on certain dividends
and certain business income derived by non-corporate taxpayers in comparison to other ordinary income recognized by such taxpayers,
and significant changes to the international tax rules. In addition, on August 16, 2022, the Biden administration signed into
law the Inflation Reduction Act, which modifies key aspects of the Code, including by creating an alternative minimum tax on certain
corporations and an excise tax on stock repurchases by certain corporations. The effect of these and other changes is uncertain,
both in terms of the direct effect on the taxation of an investment in the Fund&#x2019;s shares and their indirect effect on the
value of the Fund&#x2019;s assets, Fund shares or market conditions generally.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;In
addition, the U.S. government has proposed and adopted multiple regulations that could have a long-lasting impact on the Fund
and on the closed-end fund industry in general. The SEC&#x2019;s final rules and amendments that modernize reporting and disclosure,
along with other potential upcoming regulations, including in respect of investment company names and other matters, could, among
other things, restrict the Fund&#x2019;s ability to engage in transactions, and/or increase overall expenses of the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
Fund may be affected by governmental action in ways that are not foreseeable, and there is a possibility that such actions could
have a significant adverse effect on the Fund and its ability to achieve its investment objective(s).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
Fund may be exposed to financial instruments that are tied to the London Interbank Offered Rate (&#x201c;LIBOR&#x201d;) to determine
payment obligations, financing terms, hedging strategies or investment value. The Fund&#x2019;s investments may pay interest at
floating rates based on LIBOR or may be subject to interest caps or floors based on LIBOR. The Fund may also obtain financing
at floating rates based on LIBOR. Derivative instruments utilized by the Fund may also reference LIBOR.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;In
July 2017, the head of the United Kingdom Financial Conduct Authority announced the desire to phase out the use of LIBOR by the
end of 2021. LIBOR can no longer be used to calculate new deals as of December 31, 2021. Since December 31, 2021, all sterling,
euro, Swiss franc and Japanese yen LIBOR settings and the one-week and two-month U.S. dollar LIBOR settings have ceased to be
published or are no longer representative, and after June 30, 2023, the overnight, one-month, three-month, six-month and 12-month
U.S. dollar LIBOR settings will cease to be published or will no longer be representative. Various financial industry groups have
begun planning for the transition away from LIBOR, but there are challenges to converting certain securities and&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;





&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;transactions
to a new reference rate. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;As
an alternative to LIBOR, the Financial Reporting Council, in conjunction with the Alternative Reference Rates Committee, a steering
committee comprised of large U.S. financial institutions recommended replacing U.S. dollar LIBOR with the Secured Overnight Financing
Rate (&#x201c;SOFR&#x201d;), a new index calculated by reference to short-term repurchase agreements, backed by Treasury securities.
Abandonment of, or modifications to, LIBOR could have adverse impacts on newly issued financial instruments and any of our existing
financial instruments which reference LIBOR. Given the inherent differences between LIBOR and SOFR, or any other alternative benchmark
rate that may be established, there are many uncertainties regarding a transition from LIBOR, including, but not limited to, the
need to amend all contracts with LIBOR as the referenced rate and how this will impact the cost of variable rate debt and certain
derivative financial instruments. In addition, SOFR or other replacement rates may fail to gain market acceptance. Any failure
of SOFR or alternative reference rates to gain market acceptance could adversely affect the return on, value of and market for
securities linked to such rates.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Neither
the effect of the LIBOR transition process nor its ultimate success can yet be known. The transition process might lead to increased
volatility and illiquidity in markets for, and reduce the effectiveness of, new hedges placed against, instruments whose terms
currently include LIBOR. While some existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available
by providing for an alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of
any such alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting
provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions
in certain existing instruments. Moreover, these alternative rate-setting provisions may not be designed for regular use in an
environment where LIBOR ceases to be published, and may be an ineffective fallback following the discontinuation of LIBOR.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;On
March 15, 2022, President Biden signed into law the Consolidated Appropriations Act of 2022, which among other things, provides
for the use of interest rates based on SOFR in certain contracts currently based on LIBOR and a safe harbor from liability for
utilizing SOFR-based interest rates as a replacement for LIBOR. The elimination of LIBOR could have an adverse impact on the market
value of and/or transferability of any LIBOR-linked securities, loans, and other financial obligations or extensions of credit
held by or due to us or on our overall financial condition or results of operations.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_DeflationRiskMember">&lt;p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--DeflationRiskMember_dU_zPlb4kRi5Sba" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Deflation
Risk. &lt;/i&gt;&lt;/b&gt;Deflation risk is the risk that prices throughout the economy decline over time, which may have an adverse effect
on the market valuation of companies, their assets and their revenues. In addition, deflation may have an adverse effect on the
creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund&#x2019;s
portfolio.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_LegislationRiskMember">&lt;p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--LegislationRiskMember_dU_zCGmnt0dT8Vk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Legislation
Risk. &lt;/i&gt;&lt;/b&gt;At any time after the date of this Annual Report, legislation may be enacted that could negatively affect the assets
of the Fund. Legislation or regulation may change the way in which the Fund itself is regulated. The Investment Adviser cannot
predict the effects of any new governmental regulation that may be implemented and there can be no assurance that any new governmental
regulation will not adversely affect the Fund&#x2019;s ability to achieve its investment objective.&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_RelianceonServiceProvidersRiskMember">&lt;p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--RelianceonServiceProvidersRiskMember_dU_zI6tCmYeQ0P4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Reliance
on Service Providers Risk. &lt;/i&gt;&lt;/b&gt;The Fund must rely upon the performance of service providers to perform certain functions,
which may include functions that are integral to the Fund&#x2019;s operations and financial performance. Failure by any service
provider to carry out its obligations to the Fund in accordance with the terms of its appointment, to exercise due care and skill
or to perform its obligations to the Fund at all as a result of insolvency, bankruptcy or other causes could have a material adverse
effect on the Fund&#x2019;s performance and returns to shareholders. The termination of the Fund&#x2019;s relationship with any
service provider, or any delay in appointing a replacement for such service provider, could materially disrupt the business of
the Fund and could have a material adverse effect on the Fund&#x2019;s performance and returns to shareholders.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_CyberSecurityRiskMember">&lt;p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--CyberSecurityRiskMember_dU_zXb3nD65zBDf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Cyber
Security Risk. &lt;/i&gt;&lt;/b&gt;The Fund and its service providers are susceptible to cyber security risks that include, among other things,
theft, unauthorized monitoring, release, misuse, loss, destruction or corruption of confidential and highly restricted data; denial
of service attacks; unauthorized access to relevant systems, compromises to networks or devices that the Fund and its service
providers use to service the Fund&#x2019;s operations; or operational disruption or failures in the physical infrastructure or
operating systems that support the Fund and its service providers. Cyber attacks are becoming increasingly common and more sophisticated,
and may be perpetrated by computer hackers, cyber-terrorists or others engaged in corporate espionage. Cyber attacks against or
security breakdowns of the Fund or its service providers may adversely impact the Fund and its stockholders, potentially resulting
in, among other things, financial losses; the inability of Fund stockholders to transact business and the Fund to process transactions;
inability to calculate the Fund&#x2019;s NAV; violations of applicable privacy and other laws; regulatory fines, penalties, reputational
damage, reimbursement or other compensation costs; and/or additional compliance costs. The Fund may incur additional costs for
cyber security risk management and remediation purposes. In addition, cyber security risks may also impact issuers of securities
in which the Fund invests, which may cause the Fund&#x2019;s investment in such issuers to lose value. There have been a number
of recent highly publicized cases of companies reporting the unauthorized disclosure of client or customer information, as well
as cyberattacks involving the dissemination, theft and destruction of corporate information or other assets, as a result of failure
to follow procedures by employees or contractors or as a result of actions by third parties, including actions by terrorist organizations
and hostile foreign governments. Although service providers typically have policies and procedures, business continuity plans
and/or risk management systems intended to identify and mitigate cyber incidents, there are inherent limitations in such plans
and systems including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cyber
security policies, plans and systems put in place by its service providers or any other third parties whose operations may affect
the Fund or its shareholders. There can be no assurance that the Fund or its service providers will not suffer losses relating
to cyber attacks or other information security breaches in the future.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"&gt;&lt;span style="color: Black"&gt;Because technology
is consistently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some risks
have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund&#x2019;s ability
to plan for or respond to a cyber attack. In addition to deliberate cyber attacks, unintentional cyber incidents can occur, such
as the inadvertent release of confidential information by the Fund or its service providers. Like other funds and business enterprises,
the Fund and its service providers are subject to the risk of cyber incidents occurring from time to time.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_MisconductOfEmployeesAndOfServiceProvidersRiskMember">&lt;p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--MisconductOfEmployeesAndOfServiceProvidersRiskMember_dU_z4pWrufNxnQi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Misconduct
of Employees and of Service Providers Risk. &lt;/i&gt;&lt;/b&gt;Misconduct or misrepresentations by employees of the Investment Adviser or
the Fund&#x2019;s service providers could cause significant losses to the Fund. Employee&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;





&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;misconduct
may include binding the Fund to transactions that exceed authorized limits or present unacceptable risks and unauthorized trading
activities, concealing unsuccessful trading activities (which, in any case, may result in unknown and unmanaged risks or losses)
or making misrepresentations regarding any of the foregoing. Losses could also result from actions by the Fund&#x2019;s service
providers, including, without limitation, failing to recognize trades and misappropriating assets. In addition, employees and
service providers may improperly use or disclose confidential information, which could result in litigation or serious financial
harm, including limiting the Fund&#x2019;s business prospects or future marketing activities. Despite the Investment Adviser&#x2019;s
due diligence efforts, misconduct and intentional misrepresentations may be undetected or not fully comprehended, thereby potentially
undermining the Investment Adviser&#x2019;s due diligence efforts. As a result, no assurances can be given that the due diligence
performed by the Investment Adviser will identify or prevent any such misconduct.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_LoansOfPortfolioSecuritiesMember">&lt;p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--LoansOfPortfolioSecuritiesMember_dU_zjfMmzInWwBi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Loans
of Portfolio Securities. &lt;/i&gt;&lt;/b&gt;Consistent with applicable regulatory requirements and the Fund&#x2019;s investment restrictions,
the Fund may lend its portfolio securities to securities broker-dealers or financial institutions, provided that such loans are
callable at any time by the Fund (subject to certain notice provisions), and are at all times collateralized in accordance with
applicable regulatory requirements. The advantage of such loans is that the Fund continues to receive the income on the loaned
securities while at the same time earning interest on the cash amounts deposited as collateral, which will be invested in short-term
obligations. The Fund will not lend its portfolio securities if such loans are not permitted by the laws or regulations of any
state in which its shares are qualified for sale.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_LegalTaxAndRegulatoryRiskMember">&lt;p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--LegalTaxAndRegulatoryRiskMember_dU_zQsugWsJjnja" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Legal,
Tax and Regulatory Risk. &lt;/i&gt;&lt;/b&gt;Legal, tax and regulatory changes could occur that may have material adverse effects on the Fund
or its shareholders. For example, the regulatory and tax environment for derivative instruments in which the Fund may participate
is evolving, and such changes in the regulation or taxation of derivative instruments may have material adverse effects on the
value of derivative instruments held by the Fund and the ability of the Fund to pursue its investment strategies. In addition,
on August 16, 2022, the Biden administration signed into law the Inflation Reduction Act, which modifies key aspects of the Code,
including by creating an alternative minimum tax on certain corporations and an excise tax on stock repurchases by certain corporations.
Changes to the U.S. federal tax laws and interpretations thereof could adversely affect an investment in the Fund.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;We
cannot assure you what percentage of the distributions paid on the Fund&#x2019;s shares, if any, will consist of tax-advantaged
qualified dividend income or long-term capital gains or what the tax rates on various types of income will be in future years.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;To
qualify for the favorable U.S. federal income tax treatment generally accorded to RICs under the Code, the Fund must, among other
things, meet certain asset diversification tests, derive in each taxable year at least 90% of its gross income from certain prescribed
sources and distribute for each taxable year at least 90% of its &#x201c;investment company taxable income.&#x201d; Statutory limitations
on distributions on the common shares if the Fund fails to satisfy the 1940 Act&#x2019;s asset coverage requirements could jeopardize
the Fund&#x2019;s ability to meet such distribution requirements. While the Fund presently intends to purchase or redeem notes
or preferred shares, if any, to the extent necessary in order to maintain compliance with such asset coverage requirements, there
can be no assurance that such actions can be effected in time to meet the Code requirements. If for any taxable year the Fund
does not qualify as a RIC, all of its taxable income for that year (including its net capital gain) would be subject to tax at
regular corporate rates without any deduction for distributions to shareholders, and&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;





&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;such
distributions would be taxable as ordinary dividends to the extent of the Fund&#x2019;s current and accumulated earnings and profits.
The resulting corporate taxes would materially reduce the Fund&#x2019;s net assets and the amount of cash available for distribution
to shareholders. For a more complete discussion of these and other U.S. federal income tax considerations.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_InvestmentDilutionRiskMember">&lt;p id="xdx_842_ecef--RiskTextBlock_hcef--RiskAxis__custom--InvestmentDilutionRiskMember_dU_zNqUjqhpNjA3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Investment
Dilution Risk. &lt;/i&gt;&lt;/b&gt;The Fund&#x2019;s investors do not have preemptive rights to any shares the Fund may issue in the future.
The Fund&#x2019;s Agreement and Declaration of Trust authorizes it to issue an unlimited number of shares. The Board may make certain
amendments to the Agreement and Declaration of Trust. After an investor purchases shares, the Fund may sell additional shares
or other classes of shares in the future or issue equity interests in private offerings. To the extent the Fund issues additional
equity interests after an investor purchases its shares, such investor&#x2019;s percentage ownership interest in the Fund will
be diluted.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_AntiTakeoverProvisionsMember">&lt;p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--AntiTakeoverProvisionsMember_dU_zUyy2m3ISGue" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Anti-Takeover
Provisions. &lt;/i&gt;&lt;/b&gt;The Agreement and Declaration of Trust and By-Laws of the Fund include provisions that could limit the ability
of other entities or persons to acquire control of the Fund or convert the Fund to an open-end fund. See also &#x2013; &#x201c;Delaware
Statutory Trust Act &#x2013; Control Share Acquisitions.&#x201d;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_SpecialRisksToHoldersOfNotesMember">&lt;p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfNotesMember_dU_z7yFjdllhl4f" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;Special Risks
to Holders of Notes&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;An
investment in our notes is subject to special risks. Our notes are not likely to be listed on an exchange or automated quotation
system. We cannot assure you that any market will exist for our notes or if a market does exist, whether it will provide holders
with liquidity. Broker-dealers that maintain a secondary trading market for the notes are not required to maintain this market,
and the Fund is not required to redeem notes if an attempted secondary market sale fails because of a lack of buyers. To the extent
that our notes trade, they may trade at a price either higher or lower than their principal amount depending on interest rates,
the rating (if any) on such notes and other factors.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_SpecialRisksToHoldersOfFixedRatePreferredSharesMember">&lt;p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfFixedRatePreferredSharesMember_dU_zhuzlFQVYhY4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;Special Risks
to Holders of Fixed Rate Preferred Shares&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Illiquidity
Prior to Exchange Listing. &lt;/i&gt;&lt;/b&gt;Prior to an offering, there will be no public market for any series of fixed rate preferred
shares. In the event any additional series of fixed rate preferred shares are issued, we expect to apply to list such shares on
a national securities exchange, which will likely be the NYSE. However, during an initial period, which is not expected to exceed
30 days after the date of initial issuance, such shares may not be listed on any securities exchange. During such period, the
underwriters may make a market in such shares, though they will have no obligation to do so. Consequently, an investment in such
shares may be illiquid during such period.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Market
Price Fluctuation. &lt;/i&gt;&lt;/b&gt;Fixed rate preferred shares may trade at a premium to or discount from liquidation value for various
reasons, including changes in interest rates, perceived credit quality and other factors.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_SpecialRisksToHoldersOfNotesAndPreferredSharesMember">&lt;p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfNotesAndPreferredSharesMember_dU_zrsti7Fsh3c" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;Special Risks
to Holders of Notes and Preferred Shares&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Common
Share Repurchases. &lt;/i&gt;&lt;/b&gt;Repurchases of common shares by the Fund may reduce the net asset coverage of the notes and preferred
shares, which could adversely affect their liquidity or market prices.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Common
Share Distribution Policy. &lt;/i&gt;&lt;/b&gt;In the event the Fund does not generate a total return from dividends and interest received
and net realized capital gains in an amount at least equal to its distributions for a given year, the Fund expects that it would
return capital as part of its distribution. This would decrease the asset coverage&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;





&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;per
share with respect to the Fund&#x2019;s notes or preferred shares, which could adversely affect their liquidity or market prices.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;During
the fiscal year ended December 31, 2022, the Fund made distributions of $1.20 per common share, or which $0.55 per common share
comprised return of capital. The composition of each distribution is estimated based on earnings as of the record date for the
distribution. The actual composition of each distribution may change based on the Fund&#x2019;s investment activity through the
end of the calendar year.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Credit
Quality Ratings. &lt;/i&gt;&lt;/b&gt;The Fund may obtain credit quality ratings for its preferred shares or notes, if desired; however, it
is not required to do so and may issue preferred shares or notes without any rating. If rated, the Fund does not impose any minimum
rating necessary to issue such preferred shares or notes. The Fund&#x2019;s portfolio must satisfy over-collateralization tests
established by the relevant rating agencies in order to obtain and maintain attractive credit quality ratings for preferred shares
or borrowings, if desired. These tests are more difficult to satisfy to the extent the Fund&#x2019;s portfolio securities are of
lower credit quality, longer maturity or not diversified by issuer and industry.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;These
guidelines could affect portfolio decisions and may be more stringent than those imposed by the 1940 Act. With respect to ratings
(if any) of the notes or preferred shares, a rating by a ratings agency does not eliminate or necessarily mitigate the risks of
investing in our preferred shares or notes, and a rating may not fully or accurately reflect all of the securities&#x2019; credit
risks. A rating does not address the liquidity or any other market risks of the securities being rated. A rating agency could
downgrade the rating of our notes or preferred shares, which may make such securities less liquid in the secondary market. If
a rating agency downgrades the rating assigned to our preferred shares or notes, we may alter our portfolio or redeem all or a
portion of the preferred shares or notes that are then redeemable under certain circumstances.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_SpecialRisksOfNotesToHoldersOfPreferredSharesMember">&lt;p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksOfNotesToHoldersOfPreferredSharesMember_dU_zn3VPIE2Q34j" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;Special Risks
of Notes to Holders of Preferred Shares&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;As
provided in the 1940 Act, and subject to compliance with the Fund&#x2019;s investment limitations, the Fund may issue notes. In
the event the Fund were to issue such securities, the Fund&#x2019;s obligations to pay dividends or make distributions and, upon
liquidation of the Fund, liquidation payments in respect of its preferred shares would be subordinate to the Fund&#x2019;s obligations
to make any principal and interest payments due and owing with respect to its outstanding notes. Accordingly, the Fund&#x2019;s
issuance of notes would have the effect of creating special risks for the Fund&#x2019;s preferred shareholders that would not be
present in a capital structure that did not include such securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</cef:RiskTextBlock>
    <cef:RiskTextBlock contextRef="From2023-03-092023-03-09_custom_SpecialRisksToHoldersOfCommonSharesMember">&lt;p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--SpecialRisksToHoldersOfCommonSharesMember_dU_zvjqNkvCAzOh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;Special Risks
to Holders of Common Shares&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Dilution
Risk. &lt;/i&gt;&lt;/b&gt;If the Fund determines to conduct a rights offering to subscribe for common shares, holders of common shares may
experience dilution of the aggregate net asset value of their common shares. Such dilution will depend upon whether (i) such shareholders
participate in the rights offering and (ii) the Fund&#x2019;s net asset value per common share is above or below the subscription
price on the expiration date of the rights offering.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Shareholders
who do not exercise their subscription rights may, at the completion of such an offering, own a smaller proportional interest
in the Fund than if they exercised their subscription rights. As a result of such an offering, a shareholder may experience dilution
in net asset value per share if the subscription price per share is below the net asset value per share on the expiration date.
If the subscription price per share is below the net&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;





&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;asset
value per share of the Fund&#x2019;s shares on the expiration date, a shareholder will experience an immediate dilution of the
aggregate net asset value of such shareholder&#x2019;s shares if the shareholder does not participate in such an offering and the
shareholder will experience a reduction in the net asset value per share of such shareholder&#x2019;s shares whether or not the
shareholder participates in such an offering. The Fund cannot state precisely the extent of this dilution (if any) if the shareholder
does not exercise such shareholder&#x2019;s subscription rights because the Fund does not know what the net asset value per share
will be when the offer expires or what proportion of the subscription rights will be exercised.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;b&gt;&lt;i&gt;Leverage
Risk. &lt;/i&gt;&lt;/b&gt;The Fund currently uses financial leverage for investment purposes by issuing preferred shares and is also permitted
to use other types of financial leverage, such as through the issuance of debt securities or additional preferred shares and borrowing
from financial institutions. As provided in the 1940 Act and subject to certain exceptions, the Fund may issue additional senior
securities (which may be stock, such as preferred shares, and/or securities representing debt) only if immediately after such
issuance the value of the Fund&#x2019;s total assets, less certain ordinary course liabilities, exceeds 300% of the amount of the
debt outstanding and exceeds 200% of the amount of preferred shares and debt outstanding. As of December 31, 2022, the amount
of leverage represented approximately 39% of the Fund&#x2019;s net assets.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;The
Fund&#x2019;s leveraged capital structure creates special risks not associated with unleveraged funds having a similar investment
objective and policies. These include the possibility of greater loss and the likelihood of higher volatility of the net asset
value of the Fund and the asset coverage for the preferred shares. Such volatility may increase the likelihood of the Fund having
to sell investments in order to meet its obligations to make distributions on the preferred shares or principal or interest payments
on debt securities, or to redeem preferred shares or repay debt, when it may be disadvantageous to do so. The Fund&#x2019;s use
of leverage may require it to sell portfolio investments at inopportune times in order to raise cash to redeem preferred shares
or otherwise de- leverage so as to maintain required asset coverage amounts or comply with the mandatory redemption terms of any
outstanding preferred shares. The use of leverage magnifies both the favorable and unfavorable effects of price movements in the
investments made by the Fund. To the extent that the Fund employs leverage in its investment operations, the Fund is subject to
substantial risk of loss. The Fund cannot assure you that borrowings or the issuance of notes or preferred shares will result
in a higher yield or return to the holders of the common shares. Also, since the Fund utilizes leverage, a decline in net asset
value could affect the ability of the Fund to make common share distributions and such a failure to make distributions could result
in the Fund ceasing to qualify as a RIC under the Code.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Any
decline in the net asset value of the Fund&#x2019;s investments would be borne entirely by the holders of common shares. Therefore,
if the market value of the Fund&#x2019;s portfolio declines, the leverage will result in a greater decrease in net asset value
to the holders of common shares than if the Fund were not leveraged. This greater net asset value decrease will also tend to cause
a greater decline in the market price for the common shares. The Fund might be in danger of failing to maintain the required asset
coverage of its borrowings, notes or preferred shares or of losing its ratings on its notes or preferred shares or notes or, in
an extreme case, the Fund&#x2019;s current investment income might not be sufficient to meet the distribution or interest requirements
on the borrowings, preferred shares or notes. In order to counteract such an event, the Fund might need to liquidate investments
in order to fund a redemption or repayment of some or all of the borrowings, preferred shares or notes.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&#160;&lt;/p&gt;





&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Preferred
Share and Note Risk. &lt;/i&gt;The issuance of preferred shares or notes causes the net asset value and market value of the common shares
to become more volatile. If the dividend rate on the preferred shares or the interest rate on the notes approaches the net rate
of return on the Fund&#x2019;s investment portfolio, the benefit of leverage to the holders of the common shares would be reduced.
If the dividend rate on the preferred shares or the interest rate on the notes plus the management fee rate exceeds the net rate
of return on the Fund&#x2019;s portfolio, the leverage will result in a lower rate of return to the holders of common shares than
if the Fund had not issued preferred shares or notes. If the Fund has insufficient investment income and gains, all or a portion
of the distributions to preferred shareholders or interest payments to note holders would come from the common shareholders&#x2019;
capital. Such distributions and interest payments reduce the net assets attributable to common shareholders. The Prospectus Supplement
relating to any sale of preferred shares will set forth dividend rate on such preferred shares.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;In
addition, the Fund would pay (and the holders of common shares will bear) all costs and expenses relating to the issuance and
ongoing maintenance of the preferred shares or notes, including the advisory fees on the incremental assets attributable to the
preferred shares or notes.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Holders
of preferred shares and notes may have different interests than holders of common shares and may at times have disproportionate
influence over the Fund&#x2019;s affairs. As provided in the 1940 Act and subject to certain exceptions, the Fund may issue senior
securities (which may be stock, such as preferred shares, and/or securities representing debt, such as notes) only if immediately
after the issuance the value of the Fund&#x2019;s total assets, less certain ordinary course liabilities, exceeds 300% of the amount
of the debt outstanding (i.e., for every dollar of indebtedness outstanding, the Fund is required to have at least three dollars
of assets) and exceeds 200% of the amount of preferred shares and debt outstanding (i.e., for every dollar in liquidation preference
of preferred stock outstanding, the Fund is required to have two dollars of assets), which is referred to as the &#x201c;asset
coverage&#x201d; required by the 1940 Act. In the event the Fund fails to maintain an asset coverage of 100% for any notes outstanding
for certain periods of time, the 1940 Act requires that either an event of default be declared or that the holders of such notes
have the right to elect a majority of the Fund&#x2019;s Trustees until asset coverage recovers to 110%. In addition, holders of
preferred shares, voting separately as a single class, have the right (subject to the rights of noteholders) to elect two members
of the Board at all times and in the event dividends become two full years in arrears would have the right to elect a majority
of the Trustees until such arrearage is completely eliminated. In addition, preferred shareholders have class voting rights on
certain matters, including changes in fundamental investment restrictions and conversion of the Fund to open-end status, and accordingly
can veto any such changes. Further, interest on notes will be payable when due as described in a Prospectus Supplement and if
the Fund does not pay interest when due, it will trigger an event of default and the Fund expects to be restricted from declaring
dividends and making other distributions with respect to common shares and preferred shares. Upon the occurrence and continuance
of an event of default, the holders of a majority in principal amount of a series of outstanding notes or the trustee will be
able to declare the principal amount of that series of notes immediately due and payable upon written notice to the Fund. The
1940 Act also generally restricts the Fund from declaring distributions on, or repurchasing, common or preferred shares unless
notes have an asset coverage of 300% (200% in the case of declaring distributions on preferred shares). The Fund&#x2019;s common
shares are structurally subordinated as to income and residual value to any preferred shares or notes in the Fund&#x2019;s capital
structure, in terms of priority to income and payment in liquidation.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




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&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #1D1D1B; text-align: justify"&gt;&lt;span style="color: Black"&gt;Restrictions
imposed on the declarations and payment of dividends or other distributions to the holders of the Fund&#x2019;s common shares and
preferred shares, both by the 1940 Act and by requirements imposed by rating agencies, might impair the Fund&#x2019;s ability to
maintain its qualification as a RIC for U.S. federal income tax purposes. While the Fund intends to redeem its preferred shares
or notes to the extent necessary to enable the Fund to distribute its income as required to maintain its qualification as a RIC
under the Code, there can be no assurance that such actions can be effected in time to meet the Code requirements.&#160;&lt;/span&gt;&lt;/p&gt;

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&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Portfolio Guidelines of
Rating Agencies for Preferred Shares and/or Credit Facility.&lt;/i&gt; In order to obtain and maintain attractive credit quality ratings
for preferred shares or borrowings, the Fund must comply with investment quality, diversification and other guidelines established
by the relevant rating agencies. These guidelines could affect portfolio decisions and may be more stringent than those imposed
by the 1940 Act. In the event that a rating on the Fund&#x2019;s preferred shares or notes is lowered or withdrawn by the relevant
rating agency, the Fund may also be required to redeem all or part of its outstanding preferred shares or notes, and the common
shares of the Fund will lose the potential benefits associated with a leveraged capital structure.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #1D1D1B; margin-top: 0; margin-bottom: 0pt; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0.25in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;span style="color: Black"&gt;&#x25cf;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="color: Black"&gt;&lt;i&gt;Impact on Common Shares.
&lt;/i&gt;Assuming that leverage will (1) be equal in amount to approximately 39% of the Fund&#x2019;s total net assets (the Fund&#x2019;s
amount of outstanding financial leverage as of December 31, 2022), and (2) charge interest or involve dividend payments at a projected
blended annual average leverage dividend or interest rate of &lt;span id="xdx_902_ecef--AnnualInterestRatePercent_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_ziwP7djdAgwc"&gt;4.00%&lt;/span&gt;%, then the total return generated by the Fund&#x2019;s portfolio
(net of estimated expenses) must exceed approximately &lt;span id="xdx_90E_ecef--AnnualCoverageReturnRatePercent_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_z1fJuaJqiSw6"&gt;1.57%&lt;/span&gt; of the Fund&#x2019;s total net assets in order to cover such interest
or dividend payments and other expenses specifically related to leverage. Of course, these numbers are merely estimates, used
for illustration. Actual dividend rates, interest or payment rates may vary frequently and may be significantly higher or lower
than the rate estimated above. The following table is furnished in response to requirements of the SEC. It is designed to illustrate
the effect of leverage on common share total return, assuming investment portfolio total returns (comprised of net investment
income of the Fund, realized gains or losses of the Fund and changes in the value of the securities held in the Fund&#x2019;s portfolio)
of -10%, -5%, 0%, 5% and 10%. These assumed investment portfolio returns are hypothetical figures and are not necessarily indicative
of the investment portfolio returns experienced or expected to be experienced by the Fund. The table further reflects leverage
representing 39% of the Fund&#x2019;s net assets (the Fund&#x2019;s average amount of outstanding financial leverage during the
fiscal year ended December 31, 2022), the Fund&#x2019;s current projected blended annual average leverage dividend or interest
rate of &lt;span id="xdx_902_ecef--AnnualInterestRatePercent_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zsaXIReGjCH1"&gt;4.00%&lt;/span&gt; (the average dividend rate on the Fund&#x2019;s outstanding financial leverage as of December 31, 2022), a base management
fee at an annual rate of 0.50% and estimated annual incremental expenses attributable to any outstanding preferred shares of
approximately 0.01% of the Fund&#x2019;s net assets attributable to common shares. These assumed investment portfolio returns are
hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced
by the Fund.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

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&lt;tr style="vertical-align: top"&gt;
    &lt;td style="width: 40%; padding-left: 0.125in; text-indent: -0.125in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Assumed Return on Portfolio (Net of Expenses)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 12%; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;(10)%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 12%; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;(5)%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 12%; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;0%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 11%; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;5%&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 13%; text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;10%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt;
    &lt;td style="padding-left: 0.125in; text-indent: -0.125in"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;Corresponding Return to Common Shareholder&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_ecef--ReturnAtMinusTenPercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zaRPw1ma1197" style="text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;(19.37)%&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_ecef--ReturnAtMinusFivePercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zQcapflVlsZj" style="text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;(11.14)%&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_988_ecef--ReturnAtZeroPercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zx2soeleoBLk" style="text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;(2.91)%&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_ecef--ReturnAtPlusFivePercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_zeL1nA2JV771" style="text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;5.33%&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_ecef--ReturnAtPlusTenPercent_dp_c20230309__20230309__cef--SecurityAxis__custom--CommonStockMember_z6EPjHyMxt2i" style="text-align: right"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"&gt;13.56%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


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&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify; color: #1D1D1B"&gt;&lt;span style="color: Black"&gt;Common
share total return is composed of two elements&#x2014;the common share distributions paid by the Fund (the amount of which is largely
determined by the taxable income of the Fund (including realized gains or losses) after paying interest on any debt and/or dividends
on any preferred shares) and unrealized gains or losses on the value of the securities the Fund owns. As required by SEC rules,
the table assumes that the Fund is more likely to suffer capital losses than to enjoy total return. For example, to assume a total
return of 0% the Fund must assume that the income it receives on its investments is entirely offset by expenses and losses in
the value of those investments.&#160;&lt;/span&gt;&lt;/p&gt;

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at a discount to their net asset values and the Fund&#x2019;s common shares may trade at such a discount. This risk may be greater
for investors expecting to sell their common shares of the Fund soon after completion of a public offering. The common shares
of the Fund are designed primarily for long-term investors and investors in the shares should not view the Fund as a vehicle
for trading purposes.&lt;/span&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

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sell rights they do not wish to exercise. If investors exercise only a portion of the rights, the number of common or preferred
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
